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Lesson 2 - The Process On How To Spot A Trend

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52 views3 pages

Lesson 2 - The Process On How To Spot A Trend

Uploaded by

John Paul O. Cagadas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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THE PROCESS ON HOW TO SPOT A TREND

(HUMSS_MCT12- Ia-b-2)

What’s In
In the previous lesson, you have defined trend, megatrend, and microtrend. You have
also learned that trend doesn’t only reflect on fashion, pop culture, and entertainment but in all
dimensions. Moreover, you have learned that megatrend and microtrend are the two
classifications of trend. In this lesson, we are going to identify the process on how to spot a trend.
Alright! You can do this. To unlock this lesson, you need to perform first the next activity.

What Is It

―Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers
and the first sharp rise always finds sellers. – Alan Farley
It is important for us to understand that trends do not go straight up or straight down. They tend
to zigzag back and forth from a new high back to a lower high, then to a higher high and go
down. Thus, it has no consistency on its own manner.
Trend is considered as a collage of present circumstances that extend current patterns
into the future (Cornish, 2004 and Canton, 2006). However, an examination of these phenomena
and speculation on the likely impact they will have in the future is called trend analysis. In
addition, the practice of collecting information and attempting to spot a pattern, or trend, in the
information is also known as trend analysis.
Sanders, Soper, and Rotwell (2002) stated that ―an examination of trends phenomena
and speculation on its likely impact in the future is called as trends analysis. Moreover, trends
analysis grants ―future vision. It allows populations to be proactive in response to future events.
Furthermore, trends analysis is the widespread practice of collecting information and attempting
to spot a pattern in the information. It will be used in predicting future events or estimating
uncertain events in the past, and distracting present events just to promote new ones.
The process of identifying of trends is called trend spotting. Rehn and Lindkvist (2013)
define trend spotting as attempting to see the future in the present situation. On the other hand,
the people who notice and report on new fashions, activities that people are starting to do is
called as trend spotter. Conversely, an act that assumes the future that will be a logical
extension of the past is defined as act of projecting trends. Thus, projecting trends will be
based from the past, present and what will be in the future regardless of defined and undefined
factors that contribute from its changes or development.
FIVE (5) WAYS TO SPOT AND CAPITALIZE ON TRENDS
Many successful businesses were started by entrepreneurs with an ability to see a trend
before everyone else. They were able to take their insight and capitalize on it in a new and
creative way. Businesses from Uber and Lyft to Airbnb and HomeAway are just some of the
most recent examples of entrepreneurs benefiting from emerging trends. But just because it’s
been done before doesn’t mean it is easy to see trends first and find ways to capitalize on them.
The keen competition around the market regardless of its kind and the rapid change of
customers’ behaviour, smart entrepreneurs are always looking for an edge. They want to know
how they can identify trends, and how they can use that skill to build and grow a business for
them not to be eradicated from the market place. Fortunately, here are five ways in spotting
trends and capitalizing on them before your competition does, and these will help you a lot the
moment you apply and develop these to your business.

1. Anticipate change
The constant thing in this world is change. Assume that change is coming and look for it.
Change can be either social -- as in the rise of socially responsible business -- or technological,
as exemplified by the growth of gadgets. Sometimes change can be both. The great example of
it is social media.
Don’t forget the cyclical, up-down, back-forth nature of business while you are searching.
Change doesn’t have to be permanent to provide a viable opportunity for business creation and
growth. Remember, the nature of trends has no consistency.

2. See it coming
The basic tools of the trend tracker are seeing, hearing, smelling, tasting and touching.
In other words, every sense that can be used to get information about the world should be
employed in seeing for upcoming changes. Start by reading and watching everything you can.
That should include general interest news outlets, trade publications, blogs, government reports
and casual conversations overheard in elevators. Be updated of problems people are talking
about. Be proactive as it comes.

3. Distinguish between short-lived fads and long-term trends


Strive to identify big changes that create lasting problems that many customers will be
happy to pay to solve. The idea is to wind up with a business model in which revenues are larger
than costs for a long period, not one that limps by on slender profit margins before competitors
take even that away.
To filter out fads, talk to the potential buyers of the solution to the problem. The more
frustrated they are, the more likely they are to pay for a solution. In extreme cases, potential
customers may be willing to fund the development of solutions. With this, it is not hard for you to
win them. Another way around is by talking to experts.

4. Make sure your solutions are realistic


Again, it’s relevant to talk to target customers. Make sure the solution you envision is one
you can realistically provide with features. Costs must establish alternatives will compare
favourably.
It is not all about your desire product to proposed, it’s about their problem to be solved.
What you can do conveniently and inexpensively may be of little value to customers. The sweet
spot for a trend-exploiting start-up is at the intersection of business capability and customer’s
need.

5. Create a competitive advantage


To get the biggest benefit, be the first doer. Be courageous! It is uncommon for any single
entrepreneur to be the only one who sees an opportunity. Most will hesitate and not move at all.
Many others will not move quickly enough. Lasting competitive advantage usually goes to the
first entrant to stake a market out and capture customer loyalty. Those who come later usually
have to settle for slimmer profits and more competition.
Being first is not sufficient, of course! Business history is besieged with well-financed
start-ups directed by well-regarded leaders who committed too much, too early and in the wrong
place. So test before committing. Again, look for revenues that overwhelm costs and customers
who are overjoyed.

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