Be First In A Queue: Track Your Market

by Sonal Patil, Research Analyst at Market.biz

The only thing constant in life is change. Although this statement sounds paradoxical it is true. With the passage of time, everything changes including your industry. Now you can either remain ignorant and sit at ease in your comfort zone or keep up with the emerging trends in your market and continue to reinvent yourself. If you want to stay abreast in the industry which is marked by intense competition you must take the latter option – for evolving with the emerging trends is what will keep you ahead of the curve.

Here are some recommendations to catch up with the ever changing market trends, challenges and opportunities.

1.Read, listen and watch.

The digital world is flooded with written, visual and audio content. You should take advantage of the resources available to you and immerse yourself in these to keep yourself updated. Subscribe to trade journals and regularly follow publications that cater to your industry to be aware of all the current issues related to your industry.

Listen to or watch blogs and videos. There are lots of bloggers out there who are credible and at the top of their game. Keeping an eye on their work may prove to be informative ad helpful to you

If you are not a fan of e-reading and prefer paper then buy the latest journals, magazines, newspapers of your interest.

2. Follow influencers/prominent people in your industry.

It has never been easier to follow people with fame, power, and money than it is today – in the era of social media. All the influential people are easily accessible via social media. You can absorb latest opinions and information by following experts and industry people on various social platforms viz. LinkedIn, Twitter and Facebook.

3. Engage in forums or discussion boards.

Online forums and discussion boards can be full of customized information around specific topics pertaining to the respective industries. Members of industry groups often have discussions about upcoming trends. You just need some time to sift through the various topics to zero in on the ones that interest you. Many people join forums/groups but never read anything that is shared. You must contribute to discussions as well while you are learning from others and not only be a mute spectator.

4. Take advantage of industry research and trends reports.

One of the best and simple ways to track market trends is to read research reports and solution guides. The majority of industry leaders follow the practice of doing original research and compiling the results in a large report. By doing a detailed study of such reports you are bound to find some valuable and relevant inputs regarding the trends in your field.

5. Keep up with consumer magazines.

The idea here is to get inside the head of your customers. If you are reading a magazine relevant to your field of work then you will get a detailed insight as to how your industry is viewed from an outsider’s perspective. If you are reading something which is not specific to your industry, still you will get a fair idea about the changing trends among consumers. So it is a win-win situation either way.

6. Networking.

Find time from your daily schedule to attend conferences, industry events, and training sessions. Interact with suppliers, customers, and professionals who work in similar or related fields to get a broader understanding of your industry. This is an easy way to be up-to-date with all the latest stuff.

7. Observe your competitors.

From time to time you must keep a watch over your competitors to see what they are up to. This will sometimes help you figure out whether they are responding to what you see as an emerging trend. While at the same time you might pick a few things from them.

Hope you find these suggestions useful. If you have any additions to these let us know in the comments.

 

Sonal Patil is a Research Analyst at Market.biz, a market research report providing firm in industry. She is passionate in analyzing and working on market data which helps marketers for strategy planning.

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