Market trends that matter are based on the drivers behind the industry and business. Trends are exactly that. They typically emerge and solidify over reasonable time periods, so it is critical to have market intelligence and competitive intelligence processes in place on an ongoing basis.
Then you can make a judgment whether an aberration in events is a one-off, or a step change in demand, and be pro-active in response. Market drivers vary from industry to industry. And it is fair to assume competitors that understand these dynamics thoroughly have developed an distinct advantage for themselves.
What can one do to develop soundly-based learning’s on demand driver trends?
- workshop meaningful demand driver options and trend assessment techniques with exec team
- scan all the trade press within verticals, plus upstream and downstream segments
- go overseas to major world-wide industry conferences and network with opinion leaders
- keep close to industry associations
- get some advice from MI/CI professionals on trend analyses processes
- develop relationships with share market/broker industry analysts
- make sure CRM programmes expose and deliver customer feedback to one promptly
- put responsibility for trend assessment in the job descriptions of the direct reports
- read the blogs surrounding the industry and competitors ( and one’s own business)