When a brand is in a position to effectively identify new trends, it has a competitive advantage. There are businesses that understand emerging trends while others were mainly found unaware during the coronavirus pandemic. This article guides you in identifying emerging trend opportunities and why they are important.
Consider the following statistics as you begin to think of ways to identify emerging trends:
- 43% of millenials would prefer to spend more for goods that are produced in an ethical manner.
- 40% of sales and marketing teams are of the opinion that success largely depends on data science driven by machine learning and artificial intelligence.
- 77% of consumers would be more willing to buy from brands that represent their personal values.
Trend analysis
A trend is a collection of themes that are similar and those that indicate growth and changes over a period of time. Trend analysis is the process used in tracking shifts in the conversion of surrounding market questions that are relevant in relation to a business or product.
A business can use a trend analysis to study and understand big ideas or macro themes that are building particular narratives in a talk. The main idea behind this is getting a strong understanding of the way topics grow with time and end up as a trends. Another aim is to give professional insight into the topics and how sustainable they are.
A good trend analysis should break down a wide topic in a way that uncovers emerging trends. This should happen through identification and answering of four important questions that uncover the following:
- The main narratives in the discussion
- The niche narratives in the discussion
- Major obvious trends in the narrative with time
- The trends that are growing and those that are not.
Main Narratives and their influence in Emerging Trends
As a business works on identifying emerging trends it is important to review multiple research as about the idea. Research is an integral part of any successful venture as it gives you knowledge and information that may equip you to make informed decisions. Remember that you are working on ensuring that the emerging trend you come up with is effective.
Review the findings from your research in Quid enterprise and begin the next steps in the process. From the search, get familiar with the network map to get a clear overview of the main narratives in the established conversation. In the network map, you will move through every cluster renaming them as required. You will rename the clusters depending on the main points from the articles of research and themes will start appearing.
From this procedure, you will get a clear view of the main narratives and also learn the popular concepts and themes. These are what will help you in identifying emerging trends as you continue with the analysis.
Niche narratives as the newTrends
On the network map, you will notice small clusters that are unconnected, stationed at the periphery. The clusters are left unconnected because they are not in line with the mainstream media in the main narrative. The unconnected clusters are, however, useful due to their technological breakthroughs. They also contain product news, rumors, key partnerships and research investments. The small clusters can be said to be where new trends can be found easily.
The small clusters represent the niche narrative comprising of evolving topics that can suggest what could happen in the future. They also help in identifying emerging conversations and come up with a saved opinion. New trends evolve with time and they allow you to put together similar clusters. This enables you to clearly know new trends with most similarity.
