It is often said that the best time to buy a company’s shares is when it isn’t public knowledge. Buying your shares when the cab driver on the street knows about it will probably generate some returns for you, but it won’t give the same rewards as when you have ground floor access to a highly viable company’s stocks before it becomes public knowledge.
The same goes for identifying new and potentially profitable trends in business. A smart business organization or owner with incredible trend spotting skills will often be way ahead of the curve and will profit massively from identifying the opportunities early. And by the time the competition catches on, he would have moved on to more profitable ventures. This is why businesses –not just those in the fashion and creative industries- are seriously investing in spotting trends.
Little wonder the trend forecasting niche is called the new $50billion growth business and is responsible for fortunes made in different industries. So, if you’re new to spotting trends, the following tips should help.
Identify What’s Currently in Demand
The fastest way to spot new trends is to look at what is currently moving at the retail level. This is often the first place fashion trend setters and spotters look. Look out for modifications and improvements on what is currently selling fast or what people seem to be looking for. For instance, many businesses are dumping offline fax methods for online fax facilities.
It’s easier, it’s faster and you can access it on the go. You don’t have to be tethered to a location to do your business anymore. That’s a classic example of an improvement on what was once a staple in every office. So, look out for trends and products that can be improved upon.
Check Out Popular Trend Spotting Websites
There are many trend forecasting and spotting websites on the internet today. A quick search will provide you with a slew of such websites. If you need a few pointers however, start with Trendhunter.com, trendwatching.com, springwise.com and trendcentral.com. Combined together, these websites provide unlimited access to growing trends and markets all over the globe. They provide information and trend data on everything from lifestyle to tech trends.
Discern Between Fads and Trends
People often confuse the two. You shouldn’t. The difference between a fad and trend is often subtle. It takes a trained eye to notice the difference. As a rule, however, fads are short term while trends tend to grow and evolve long term. A good example is the Walkman VS Portable music players.
The portable music player trend started with the Walkman disc players (fad) which evolved over time into the iPod, iPad, and smartphones with music players embedded. The same goes for PCs and storage devices. Not too long ago, we were using floppy disks with a storage capacity of 1.44MB-2.0MB (fad).
Nowadays, we have 2TB+ portable external disks. And as the world consumes more data, we’ll need smaller sized storage disks with even more space (trend). These are just examples, but you hopefully, get the idea.
Ultimately, spotting excellent trends isn’t worth a thing is you aren’t going to do anything about it. So, find the trends and use them to your advantage.