We have already discussed the importance of setting goals and quantifying performance in our previous blogs (Think big, think goals and Fear of Numbers: The no. 1 Factor Hindering Your Growth). The third important aspect of running a good business is staying updated with the market trend.
Why is “trending” important?
The words ‘latest’ and ‘trendy’ are of more importance to the seller than the buyer. Just like we may hay when the sun shines, it’s smart to sell products that sell like hot cakes. If people opt for oats more than for corn flakes, than a grocery store better stock up more oats.
It is never advisable to manufacture or sell anything that might be your choice but not the market’s trend. Sometimes you might like a design or product but if it’s not “in”, it shall get your sales figures down. For example, if you choose to sell bell-bottom pants and frill shirts for men, you can only sell to drama artists.
Therefore, always know the newest trend in the market. Period.
How to know market trends?
The obvious question you might have is: How to find out a trend? The answer is opting for a “First Talk then Show” strategy. Market trends are best understood by conversing with customers. These conservations can give you useful insights about the market and what’s available at your competition. Prioritizing the customers’ choice gives a better chance to showcase what you have best suited for their liking. We do not mean that you ape competition. What we mean is that you understand what customers want and then outdo what exists in the market. You can only be the best when you know what you have to leave behind.
Our advice in a nutshell: keep your eyes and ears open!
