Trend analysis is used across practices to predict everything from stock prices to the weather. It helps companies to adapt to market changes and to stay ahead of competitors. But just knowing these trends isn’t enough. Companies need to be able to apply them in order to drive change and innovation.
Over the years we’ve seen numerous examples of companies who were once industry leaders, such as Nokia, Kodak, and Yahoo, lose their titles due to failure to innovate. While a known fact to CEOs, this is still happening4. Although most firms believe they are “picking up on signals of change” that might disrupt their lines of business, 42% admit they’re unable to act upon these signals.
Applying trends to your business doesn’t always need to be in the form of a 360 redesign, but can also be done in incremental changes. From unmet consumer needs and consumer behaviors to competitor activity and market trends, discover 6 usable market trends you can track and apply to ensure your company remains relevant to consumers.