Building business strategies around market trends

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28.067924 60.868215 27.347656 62 L 6 62 L 6 60 C 6 53.397794 11.397794 48 18 48 z M 62 48 C 68.602206 48 74 53.397794 74 60 L 74 62 L 52.652344 62 C 51.932076 60.868215 51.065292 59.842395 50.078125 58.941406 C 50.62185 52.832416 55.754838 48 62 48 z M 40 57 C 47.153388 57 53 62.846612 53 70 L 53 72 L 27 72 L 27 70 C 27 62.846612 32.846612 57 40 57 z M 8 58 C 7.449 58 7 58.449 7 59 C 7 59.551 7.449 60 8 60 C 8.551 60 9 59.551 9 59 C 9 58.449 8.551 58 8 58 z M 12 58 C 11.449 58 11 58.449 11 59 C 11 59.551 11.449 60 12 60 C 12.551 60 13 59.551 13 59 C 13 58.449 12.551 58 12 58 z M 16 58 C 15.449 58 15 58.449 15 59 C 15 59.551 15.449 60 16 60 C 16.551 60 17 59.551 17 59 C 17 58.449 16.551 58 16 58 z M 20 58 C 19.449 58 19 58.449 19 59 C 19 59.551 19.449 60 20 60 C 20.551 60 21 59.551 21 59 C 21 58.449 20.551 58 20 58 z M 24 58 C 23.449 58 23 58.449 23 59 C 23 59.551 23.449 60 24 60 C 24.551 60 25 59.551 25 59 C 25 58.449 24.551 58 24 58 z M 28 58 C 27.449 58 27 58.449 27 59 C 27 59.551 27.449 60 28 60 C 28.551 60 29 59.551 29 59 C 29 58.449 28.551 58 28 58 z M 52 58 C 51.449 58 51 58.449 51 59 C 51 59.551 51.449 60 52 60 C 52.551 60 53 59.551 53 59 C 53 58.449 52.551 58 52 58 z M 56 58 C 55.449 58 55 58.449 55 59 C 55 59.551 55.449 60 56 60 C 56.551 60 57 59.551 57 59 C 57 58.449 56.551 58 56 58 z M 60 58 C 59.449 58 59 58.449 59 59 C 59 59.551 59.449 60 60 60 C 60.551 60 61 59.551 61 59 C 61 58.449 60.551 58 60 58 z M 64 58 C 63.449 58 63 58.449 63 59 C 63 59.551 63.449 60 64 60 C 64.551 60 65 59.551 65 59 C 65 58.449 64.551 58 64 58 z M 68 58 C 67.449 58 67 58.449 67 59 C 67 59.551 67.449 60 68 60 C 68.551 60 69 59.551 69 59 C 69 58.449 68.551 58 68 58 z M 72 58 C 71.449 58 71 58.449 71 59 C 71 59.551 71.449 60 72 60 C 72.551 60 73 59.551 73 59 C 73 58.449 72.551 58 72 58 z M 30 68 C 29.449 68 29 68.449 29 69 C 29 69.551 29.449 70 30 70 C 30.551 70 31 69.551 31 69 C 31 68.449 30.551 68 30 68 z M 34 68 C 33.449 68 33 68.449 33 69 C 33 69.551 33.449 70 34 70 C 34.551 70 35 69.551 35 69 C 35 68.449 34.551 68 34 68 z M 38 68 C 37.449 68 37 68.449 37 69 C 37 69.551 37.449 70 38 70 C 38.551 70 39 69.551 39 69 C 39 68.449 38.551 68 38 68 z M 42 68 C 41.449 68 41 68.449 41 69 C 41 69.551 41.449 70 42 70 C 42.551 70 43 69.551 43 69 C 43 68.449 42.551 68 42 68 z M 46 68 C 45.449 68 45 68.449 45 69 C 45 69.551 45.449 70 46 70 C 46.551 70 47 69.551 47 69 C 47 68.449 46.551 68 46 68 z M 50 68 C 49.449 68 49 68.449 49 69 C 49 69.551 49.449 70 50 70 C 50.551 70 51 69.551 51 69 C 51 68.449 50.551 68 50 68 z"/></svg> </a> </div> <main id="site-main" class="site-main outer site-main-post has-post-image"> <div class="feature-post-wrapper"> <article class="post-full post tag-community-led-growth featured "> <section class="post-full-content Community-Led Growth"> <header class="post-full-header"> <div class="post-full-header-wrapper"> <section class="post-full-meta"> <time class="post-full-meta-date" datetime=" 2024-07-02">2 July 2024</time> <span class="reading-time">7 min read</span> </section> <h1 class="post-full-title">Building business strategies around market trends</h1> <section class="post-full-meta"> <a href="/tag/community-led-growth/">Community-Led Growth</a> </section> <div class="post-author-with-linkedin-wrapper"> <div class="post-author-wrapper"> <section class="post-full-authors"> <section class="author-card"> <a href="/author/charley/"> <img class="author-profile-image" src="/content/images/size/w300/2024/07/Charley-Gale.jpg" alt="Charley Gale" /> <section class="author-card-content"> <h4 class="author-card-name">Charley Gale</h4> <div class="post-full-footer-right"> <div class="author-card-button">Read More</div> </div> </section> </a> </section> </section> </div> </div> </div> <div class="post-full-image" style="background-image: url(/content/images/2024/07/CLA_Framework_Tiles_member_context.jpg);"> </div> </header> <div class="post-content"> <aside class="toc-container"> </aside> <p>Trends are everywhere and constantly changing. They’re incredibly valuable tools for <a href="https://www.communityledgrowth.com/community-manager-jobs-101/">community managers</a> and <a href="https://www.communityledgrowth.com/what-is-community-marketing/">marketers</a> because they allow you to follow new opportunities, consistently change and improve your processes, and maintain your brand as something fresh and exciting. </p><p>But with these trends always evolving, how can you keep on top of them and continue to build your strategy around them?</p><h2 id="what-is-market-trend-analysis"><strong>What is market trend analysis?</strong></h2><p>Simply put, market trends analysis is the process of researching and assessing past and current shifts within the industry. This is in an attempt to spot patterns and notice any potential opportunities for future changes to your business strategy and growth for your organization.</p><h2 id="why-market-trends-analysis-is-important"><strong>Why market trends analysis is important</strong></h2><p>There are a plethora of different reasons why researching and keeping up to date with market trends is important.</p><h3 id="helps-you-to-make-unbiased-decisions"><strong>Helps you to make unbiased decisions</strong></h3><p>Researching market trends gives you greater foresight on what the consumer wants, and helps you to make more informed decisions around your solution based on what is currently popular and in demand within the market.</p><h3 id="widens-your-innovation-and-creativity"><strong>Widens your innovation and creativity</strong></h3><p>Consistently keeping on top of trends makes improving your product more efficient, and offers a wider variety of directions to take it. Plus, you’ll be able to identify how marketing strategy is changing, giving you more ideas for how to market your product and stand out to your potential customer.</p><h3 id="staying-ahead-of-the-curve"><strong>Staying ahead of the curve</strong></h3><p>If you’re in a market that’s fast-moving and constantly changing, you must be able to anticipate your competitors’ next move and try to stay ahead of the crowd. By keeping up to date with the latest trends, it’ll be a lot easier for you to predict things that’ll likely happen in the future based on emerging patterns.</p><h3 id="product-and-company-growth"><strong>Product and company growth</strong></h3><p>It’s never a good idea to remain stagnant in a constantly changing market environment. You want to be continually finding new ways to improve your product and move in more fun and exciting directions. <a href="https://www.communityledgrowth.com/maximizing-community-retention-for-sustainable-growth/">Growth</a> within a company is one of the most important outcomes for continued success.</p><figure class="kg-card kg-bookmark-card"><a class="kg-bookmark-container" href="https://www.communityledgrowth.com/the-best-competitive-strategy-for-each-stage-in-the-business-lifecycle/"><div class="kg-bookmark-content"><div class="kg-bookmark-title">The best competitive strategy for each stage in the business lifecycle</div><div class="kg-bookmark-description">We take a look at the best competitive strategies for businesses in the startup, growth, or maturity phases of the company lifecycle.</div><div class="kg-bookmark-metadata"><img class="kg-bookmark-icon" src="https://www.communityledgrowth.com/content/images/size/w256h256/2021/12/CLA-logo.png" alt=""><span class="kg-bookmark-author">Community-Led Alliance</span><span class="kg-bookmark-publisher">Alex Walton</span></div></div><div class="kg-bookmark-thumbnail"><img src="https://www.communityledgrowth.com/content/images/size/w1200/2023/07/The-best-competitive-strategy-for-each-stage-in-the-business-lifecycle.jpg" alt=""></div></a></figure><h2 id="how-to-identify-market-trends"><strong>How to identify market trends</strong></h2><p>So we know market trends are important to ensure you’re keeping ahead of the competition, but how do you identify them?</p><h3 id="understand-the-difference-between-market-trends"><strong>Understand the difference between market trends</strong></h3><p>First, it’s important to understand the difference between market trends and what influences them. After all, you’ll need to be able to identify which trends are here to stay, ones that may build momentum over time that you can build off of, and which ones you should ignore.</p><div class="kg-card kg-callout-card kg-callout-card-purple"><div class="kg-callout-emoji">🏢</div><div class="kg-callout-text"><b><strong style="white-space: pre-wrap;">Macro trends: </strong></b>Macro trends are major shifts in consumer behaviorthat direct the competitive landscape and typically stay for longer than five to ten years. For example, in IT, cloud computing and the adoption of social media are considered macro trends.</div></div><div class="kg-card kg-callout-card kg-callout-card-purple"><div class="kg-callout-emoji">🔍</div><div class="kg-callout-text"><b><strong style="white-space: pre-wrap;">Microtrends: </strong></b>Microtrends are one-off, short-lived trends in specific markets or sectors. Despite the name, a micro-trend does typically still stick around for a while - around one to five years. For example, certain apps could be considered microtrends if they get popular very quickly, but then drop off after a few years as another app becomes available.</div></div><div class="kg-card kg-callout-card kg-callout-card-purple"><div class="kg-callout-emoji">🌎</div><div class="kg-callout-text"><b><strong style="white-space: pre-wrap;">Megatrends</strong></b>: These trends are huge, long-lasting, and take years to develop. They’re typically things that are very much here to stay and will affect the majority of people. For example, urbanization would be considered a megatrend.</div></div><div class="kg-card kg-callout-card kg-callout-card-purple"><div class="kg-callout-emoji">⏩</div><div class="kg-callout-text"><b><strong style="white-space: pre-wrap;">Fads: </strong></b>Fads are extremely important to look out for because they gain popularity quickly, but lose momentum just as fast. Fashion trends tend to be fads, because of the ever-changing nature of the industry.</div></div><p>After this step, it’s important to carry out market research to discover the different trends that are occurring within your industry…</p><h3 id="carry-out-online-research"><strong>Carry out online research</strong></h3><p>Social media websites such as Twitter, Facebook, <a href="https://www.linkedin.com/company/community-led-alliance/">LinkedIn</a>, and Instagram will give you a close look at what’s trending amongst your target audiences. From these interactions, you’ll be able to see what’s popular, how people are reacting, how other brands are reaching their audiences, and so on. This type of research is going to help you make informed decisions based on what your customers want.</p><p>Also, conducting research on other online sites, like blogs, and forums will help you to receive similar information from your target audience and offer insights into different companies as well.</p><h3 id="do-your-competitive-intelligence"><strong>Do your competitive intelligence</strong></h3><p>Watching your competitors and observing how they’re moving within the market will help you see what patterns are occurring, and how you need to act to ensure you’re moving along with them.</p><p>Carrying out competitive intelligence is going to help you identify what trends they’re going with, and how they’re performing. This then gives you a better indication of what’s most popular, and how you should be implementing new changes into your strategy.</p><figure class="kg-card kg-bookmark-card"><a class="kg-bookmark-container" href="https://www.communityledgrowth.com/the-power-of-competitor-research-online-communities/"><div class="kg-bookmark-content"><div class="kg-bookmark-title">The power of competitor research for online communities</div><div class="kg-bookmark-description">Online communities are treasure troves of wisdom. For businesses, communities are gold mines of customer intelligence. In this article, we explore the transformative potential of competitor research for online communities.</div><div class="kg-bookmark-metadata"><img class="kg-bookmark-icon" src="https://www.communityledgrowth.com/content/images/size/w256h256/2021/12/CLA-logo.png" alt=""><span class="kg-bookmark-author">Community-Led Alliance</span><span class="kg-bookmark-publisher">Hannah Wesson</span></div></div><div class="kg-bookmark-thumbnail"><img src="https://www.communityledgrowth.com/content/images/size/w1200/2023/07/Decoding-the-competition-The-power-of-competitor-research-for-online-communities.jpg" alt=""></div></a></figure><h3 id="talk-to-industry-experts"><strong>Talk to industry experts</strong></h3><p>Experts aren’t experts for nothing! Opening a dialogue with people who’ve established themselves as experienced and credible professionals within your industry will help you to identify certain ideas and knowledge that you perhaps hadn’t considered.</p><h3 id="go-to-in-person-events"><strong>Go to in-person events</strong></h3><p>In-person events such as conferences and summits will allow you to talk to others within your sector to get a sense of how they work within their own companies, and perhaps pick up some tips and tricks on how to improve your own strategies.</p><p>Events such as these are bound to carry a lot of information around industry news and other important material that you can use to your advantage.</p><p>Check out our in-person and online events to see what’s coming up in your area.</p><h3 id="carry-out-customer-interviews"><strong>Carry out customer interviews</strong></h3><p>Customers are incredibly valuable sources of information. After all, you’ll be able to speak with a wide variety of different people about what they’re looking for or what they perhaps are drawn to within the current market. This way, you’ll notice patterns and trends within these answers, and it will give you a solid understanding of what is going to drive them to purchase from you.</p><h3 id="how-to-build-a-business-strategy-around-trends"><strong>How to build a business strategy around trends</strong></h3><p>A strategy is built and developed from researching, gathering, and identifying pieces of information and data that will then help you to decide the best route to achieve your objectives.</p><p>So, the steps to building a business strategy around market trends aren’t going to stray too far from how you would develop any other strategy. But let’s lay it all out anyway, so that you have a clear idea of what you’ll be working towards.</p><figure class="kg-card kg-bookmark-card"><a class="kg-bookmark-container" href="https://www.communityledgrowth.com/empower-your-employees-by-building-a-culture-that-values-every-customer-interaction/"><div class="kg-bookmark-content"><div class="kg-bookmark-title">Empower your employees by building a culture that values every customer interaction</div><div class="kg-bookmark-description">Discover how to build a culture that values the importance of each customer interaction and empowers employees to provide the ultimate service.</div><div class="kg-bookmark-metadata"><img class="kg-bookmark-icon" src="https://www.communityledgrowth.com/content/images/size/w256h256/2021/12/CLA-logo.png" alt=""><span class="kg-bookmark-author">Community-Led Alliance</span><span class="kg-bookmark-publisher">Grace Gupta</span></div></div><div class="kg-bookmark-thumbnail"><img src="https://www.communityledgrowth.com/content/images/size/w1200/2023/07/Empower-your-employees-by-building-a-culture-that-values-every-customer-interaction.jpg" alt=""></div></a></figure><h3 id="research-your-industry-and-the-state-it%E2%80%99s-currently-in"><strong>Research your industry and the state it’s currently in</strong></h3><p>Identify which trends are currently popular within your industry, what products are already on the market, how popular these are, and how your product can fill a gap they’ve left. Without this information, you’re not going to know how to effectively market your product so that it stands out from the crowd.</p><h3 id="identify-your-target-customer"><strong>Identify your target customer</strong></h3><p>Finding your target audience is going to help you understand more about how your product or service is going to meet their needs, what trends they’re currently focused on, how they react to certain types of marketing strategies; how they like to be communicated with, and so on.</p><p>Understanding these elements and how to cater to your customer’s specific needs is crucial to bringing in engagement, a positive brand reputation, a wide customer base, and increased overall sales.</p><h3 id="understand-your-competition"><strong>Understand your competition</strong></h3><p>This perhaps fits in with the first step of understanding your industry, but carrying out competitive intelligence is imperative to a company’s success.</p><p>Understanding your competition, how they’re currently marketing their products, what features they have, and what trends they’re working within, are all going to boost your knowledge on what works and what doesn’t with your target market. From there you can better rake in more customers and sales, and effectively win your market.</p><h3 id="implement-changes-and-analyze-the-data"><strong>Implement changes and analyze the data</strong></h3><p>After you’ve discovered what you need to change/improve/refine with your business strategy, you then need to implement these changes. Don’t forget to set objectives for what you’re trying to achieve with these changes, and continue to use metrics to measure the outcome so you can see whether the change has been a success or not.</p><h3 id="communicate-your-dataintelligence"><strong>Communicate your data/intelligence</strong></h3><p>When communicating your findings to your teams, think about the following:</p><ul><li>Define your stakeholders.</li><li>Identify the most important aspects of the intelligence you’ve gathered.</li><li>Decide how you’ll use the information/data you’ve gathered moving forward.</li><li>Outline what you’ve learned from your findings.</li></ul><p>Working with your stakeholders on the outcome of this process will help make the adoption of the strategy go a lot smoother.</p><p>Giving everyone in your team the knowledge of its success, and how to implement it into their own strategy will enable your organization to collectively work towards overall success, reach your objectives of more sales, and ultimately increase revenue.</p><hr><p><em>Have you downloaded your free copy of our </em><a href="https://www.communityledgrowth.com/a-guide-to-customer-and-community-engagement/"><em>Guide to Customer and Community Engagement</em></a><em>?</em></p><p><em>In it, you get expert advice, definitions, how-tos, and case studies. Use the playbook to improve the way your community-led and customer marketing teams collaborate for growth.</em></p>  <script charset="utf-8" type="text/javascript" src="//js-eu1.hsforms.net/forms/embed/v2.js"></script> <script> hbspt.forms.create({ region: "eu1", portalId: "139496063", formId: "49265ccf-58d0-4fbd-8ffc-dbf32e3ebc34", sfdcCampaignId: "7013z000001rx4MAAQ" }); </script>  <p></p><p></p><p></p> </div> <aside class="post-upgrade-cta hidden-upgrade"> <div class="post-upgrade-cta-content"> <img src="/content/images/2024/07/android-chrome-192x192.png" alt="Community-Led Alliance icon" class="site-logo" /> <h2>Like what you see? 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No page unturned. </p> <div class="post-upgrade-buttons-wrapper"> <a class="button large primary" href="https://certified.productmarketingalliance.com/p/product-marketing-certified-core" target="_blank">Get certified</a> </div> </div> </aside> <section class="post-full-authors post-full-authors-with-bio"> <section class="author-card"> <div class="post-full-authors-content"> <p>Written by: </p> </div> <a href="/author/charley/"> <img class="author-profile-image" src="/content/images/size/w300/2024/07/Charley-Gale.jpg" alt="Charley Gale" /> <section class="author-card-content"> <h4 class="author-card-name">Charley Gale</h4> <p>Charley is a senior copywriter at The Alliance. She has a passion for creating new content for the community. 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