Activity

As a small business you should be aware of the trends occurring within your market so that you can assist you with your future business and marketing plans. Identifying industry trends which will affect your company allows you to gain a competitive advantage by identifying future opportunities before your competition, protect yourself against possible threats in your business and most importantly identify ways to better meet the needs of the customers now along with the longer term.

A trend is any significant switch to your market (both negative and positive) that your particular business should reply to. For instance, a trend inside the market can be a move to low GI products on account of a rise in health consciousness amongst consumers. A trend inside the accountancy market can be a proceed to clients wanting additional services for example management consultancy.

The effect of specific trends will vary considerably by market or industry therefore it is crucial that you only get the trends that will affect your business performance in the foreseeable future. Trends which could impact your company include changes to:

Customer demographics eg. modifications in age, marital status or income

Customer needs eg. customer attitudes and/or behaviour eg. changes to customers purchasing habits

Products or services benefits and features eg. innovations

Market pricing eg. go on to discounting or permanent price reductions

Technology eg. internet usage, electronic ordering, global access or production improvements

Economic factors eg. changes to exports, imports, employment, inflation, economic growth or rates

Government regulations and policies eg. taxation laws, tender processes, pricing restrictions or alternation in government

Global factors eg. terrorism, wars, free trade agreements or developments in Asia

Social behaviour eg. changes to health, safety, environmental concerns, multiculturalism or workforce make-up

Kinds of media people use eg. internet, pay TV, changes to readership and viewing patterns or introduction of new media including websites

Cyclical patterns (one industry affecting another) eg. a modification of housing demands impacting the construction market

When attemping to identify industry trends which will effect on your small business it’s useful to look at overseas information and find out which trends are occurring within an equivalent industry to yours. Trends can happen a year possibly even ahead within an overseas country and knowing about them now permits you to arrange for the longer term. Unless you currently have usage of overseas information, the world wide web is a great place to start your pursuit.

Trends may also be recognized by profiling your customer and looking at what their demands and desires are and just how they’re likely to change. Doing a survey along with your existing customers that specifically covers these complaints allows you to start identifying your market trends.

To learn more about Wobbler de ban please visit web portal:

click for more.