Business Chops Tip #55: How Good Are You at Trend Spotting?
Trends are simply patterns in the marketplace, and they are a ever-changing. Astute managers keep a close eye not only on existing trends but on emerging trends. Future trends may even look like outliers, or exceptions to prevailing patterns, as they emerge.
Categories of trends to track include 1) customers, 2) competitors and how they are positioning themselves, 3) technology, 4) economic, 5) legal/regulatory, 6) suppliers, 7) markets, by product category, applications, venues, and 8) culture. The firms who do the best trend spotting take a systematic approach involving the whole team in the effort. What¹s your firm's market intelligence IQ?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.