For small entrepreneurs, upgrading their businesses might look challenging, especially after the difficult year it has been with the pandemic. And it was the small enterprises that suffered the most from the pandemic backlash. From devising strategies to sustain your business after the post-pandemic economy, mapping out growth plans, to preparing for such catastrophes, meticulous analysis and assessment of the market are needed.
Analyzing market trends for business sustainability has become more relevant than ever. With technological advancement, the world is changing faster than we can comprehend. One day a product is popular and on-demand only to be replaced by something better the next day. This constant fluctuation in consumer behavior and the market has made it mandatory for enterprises to keep track of the market trends. And this is true for both large and small businesses. If you are looking for ways to effectively keep track of and analyze market trends, here is a little rundown for you.
1. Monitor Your Competitors
Knowing the key players in your industry and their strategies has its perks. Analyzing your competitors is also mandatory when starting a business. Even if you are a strict believer in innovation and making your way, you also need to know where others failed so you can avoid those situations. Knowing your competitors can allow you to take advantage of their weaknesses, be it in marketing or consumer engagement.
Besides, tracking your competitors in business doesn’t have to be a costly venture. Analyzing your competitors’ content is one way to accomplish that. While content analysis is required for your business growth, it can also come in handy for monitoring your competitors.
You can even benefit by monitoring your indirect competitors. For instance, as the demand for long-distance air travel declined due to the pandemic, many flight companies are looking into how they can provide short-distance flights by monitoring the train and bus services and comparing their fares.
2. Follow the Major Influencers in Your Industry
With the rise of social media and promotional content, influencers are key drivers of the markets. Consumers follow the influencers’ advice and industries are making profits from that consumer base.
However, as an entrepreneur, you can also benefit. Need a quick industry update about trends and emerging products? Just follow the major influencers in your industry on social media! They can provide you a basic overview; you won’t have to go through a lengthy article about market analysis that talks only about numbers.
3. Investigate Industry Reports
If numbers are your thing, market trend analysis via investigating industry reports might be more up your alley. Whereas influencers might give you an overview of the market trends from the consumers’ point of view, analyzing the industry reports will provide a 360-degree view of the industry.
While it might take more time to read and comprehend some informative industry reports, this will certainly give you insight into the financial and production side of the business that no influencers can. Aside from the current trend analysis, you will also get insight into past market trends and future projections. There are many publishers and websites dedicated to industry reports, and you should be able to find one that focuses on your industry.
4. Learn from Your Customers
Consumers are the key players in the industry. While industry reports can give you quantitative information about the industry, you can get quantitative feedback from your customers.
By interacting with your customers, you can learn how they search for a product, what influences them to buy a product, and how they make a decision about any product. You can make this connection happen by conducting a qualitative survey, reaching out to them through email, or even taking interviews.
5. Use the Right Tools for Market Analysis
Thanks to technological advancements, entrepreneurs now have a myriad of tools available in their arsenal for market trend analysis. And anyone, even those without computer skills, can take advantage of these tools.
For instance, Google Analytics is a free, easy-to-use yet effective tool that can give you insight into consumer behavior. From searching keywords to rolling out a marketing plan, these tools can prove to be crucial for your business sustainability. With the right tools, you can reach out to your target audience and plan long-term business strategies.
The Bottom Line
A market analysis provides wholesome information about industries, market dynamics, competitors, and consumers. While it may sound intimidating and tedious with numbers and figures, it can open up some innovative business strategies that you otherwise wouldn’t have thought of. Whether you want to start a business, promote an already established business, or just want to stay afloat, market trend analysis should be on the top of your to-do list.
