Successful businesses know that it is critical to evolve along with their industry. Failing to respond to new developments and changes in demand can result in serious money being lost. Luckily, there are a few easy ways to keep up with trends in your industry. Here are our top five tips:
1. Pay attention to social media
One of the most convenient places to stay updated with trends is social media. When there are significant shifts in supply and/or demand, there is often heavy discussion on Twitter or Facebook. These issues are often caused by a change in the trend. You might also consider checking out “subreddits” on Reddit, a social media site fuelled by user-driven content. Locate the subreddit most relevant to your business and check it often, as these are regularly updated with breaking news and discussion about the latest trends.
2. Give industry newsletters a try
Another way to follow trends is to sign up for newsletters. It is possible that even big companies in your field are handing out information in their publications, much of which is typically tied to trends in the industry. Most newsletters are free too, so there is really no reason to avoid them! To find the best newsletter for your needs, turn to Google. Helpful search terms might include “newsletters” and “[your industry]”. A hospitality business, for example, might Google “newsletters” and “hospitality”. Once you are signed up, schedule some time to read the letters as often as they arrive in your inbox. Most newsletters are released according to a set schedule, so it should be easy to find the time.
3. Read interviews with industry leaders
Reading or watching industry leader interviews is another great way to stay up to date with news in the industry. These interviews are often quite common and are often published on websites related to the industry. LeapRate, for example, offers the latest news and interviews in the forex and fintech market, among other populations. This type of aggregate news website is a particularly easy way to stay on top of industry developments.
4. Use analytical tools
There are a few tools which have been developed specifically to help people stay up to date with the latest trends in their industry. One of the most popular of these is Google Trends. All you need to do is enter your industry name or a related search word and hit “enter”. The results will show you information about interest in the topic over time, where it is most popular in the world and what people are discussing about the industry.
5. Watch your competitors
Watching your competitors can also keep you clued into the latest trends. What are they offering, and has that changed recently? Remember that any trends you are able to find online are trends that they are seeing too, and sometimes they deem them important enough to act on.
One of the best things you can do for your business is to keep tabs on emerging trends. Try some of our tips and you’ll always be ready for changes down the line!