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Like a small enterprise it is important to be aware of the trends occurring within your market to be able to advise you regarding your future business and marketing plans. Identifying industry trends that will impact on your small business enables you to gain a competitive advantage by identifying future opportunities before the competition, protect yourself against possible threats in your business and above all identify how you can better meet the needs of your respective customers now plus the near future.

A trend is any significant plunge to your market (both bad and the good) that your business may need to react to. For instance, a trend from the food market can be a go on to low GI products because of an increase in health consciousness amongst consumers. A trend in the accountancy market could be a proceed to clients wanting additional services for example management consultancy.

The effect of specific trends vary considerably by market or industry so it will be vital that you only identify the trends that may affect your business performance later on. Trends that may impact your company include changes to:

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

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

Products or services product or service benefits 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 interest levels

Government regulations and policies eg. taxation laws, tender processes, pricing restrictions or difference 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

Types of media people use eg. internet, pay TV, changes to readership and viewing patterns or introduction of latest media such as social networking websites

Cyclical patterns (one industry having an influence on another) eg. a modification of housing demands impacting from the market

When trying to spot the market industry trends that will effect on your company it is often useful to take a look at overseas information and find out which trends are occurring in an equivalent market to yours. Trends can happen a year possibly even ahead in a overseas country and being aware of them now enables you to arrange for the longer term. Unless you now have use of overseas information, the web is a good place to start your search.

Trends can also be identified by profiling your customer looking at what the requirements and desires are and just how these are prone to change. Using a survey together with your existing customers that specifically covers these complaints allows you to start identifying your market trends.

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