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Spot The Next Hot Trend
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Article 5: Keeping Up With Trends
Trends are so numerous and exist beneath the radar for so long that it helps to know where to go to find them before your competitors do. Here are some ideas.
For consumer trends, check out Trendwatching.com, www.trendwatching.com. This outfit uses a global network of 7,000 spotters to identify emerging consumer trends. You can sign up for a free monthly e-newsletter that offers entertaining insights.
For market trends in general, good places to monitor are the Business Wire (http://www.businesswire.com) and the PR Newswire (www.prnewswire.com). Companies hoping to attract attention with new products or services tout them there.
But an earlier warning system is found in the reporting channels of your own industry. For example, specialized venues like Soap-Wire.com are watchful for such esoteric trends as “flavors and fragrances … forecast to increase 3.2 percent per year to $4.4 billion in 2009. Gains will be supported by an increased consumer interest in more complex and authentic flavors and fragrances.” You don’t find scoops like that just anywhere.
For keeping tabs on technological trends, every type of product has its own industry monitors. But for generalized leading edge computer news, EE Times online (www.eet.com) reports on “global news for the creators of technology.” For a more consumer-oriented eye to the future, consider PC World magazine online (www.pcworld.com) for up-to-date reviews of the latest consumer computer-related technology, which often includes forecasts for market niche trends.
Demographic trends can be more problematic, only because even when they are known it can be difficult to project what they may mean in terms of supply and demand.
The federal Bureau of Labor Statistics and the Census Bureau can give you mounds of information on labor markets and population growth and characteristics. But before you extrapolate too much from this kind of raw data, it’s wise to know the fine points of distinction, such as those that separate registered nurses from home care attendants.
There are numerous trend categories potentially profitable for small-business owners. Next, we examine three types: market, technological and demographic trends.
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