That’s a phrase I remember from Marketing 101. I never realized until recently how true it is.
Now that I have my own small business and am responsible for everything from product development and manufacturing to marketing and sales, I’ve learned to pay close attention to how the market is changing. Those who fail to recognize a trend will be left behind by it.
Don’t confuse a trend with a fad. One is silver; and the other gold. Certainly money can be made with fads – but not for long. Trends are brought on by changes in the very fabric of a culture, be they economic, psychological or sociological. Trends endure for five to ten years on average. Catch on to a trend early and you could have it made.
Trends are pretty easy to discern after the fact. For example, it’s clear that North Americans have become more security conscious after 9/11; that people have tended to stay close to home more and put more resources into making that home a safe and warm place. The trend watchers call it cocooning. Will people continue to cocoon?
Or are they ready to slough off the cocoon and try their wings? And what would that mean for your business? Less home dcor and other products for the home; more travel related and apparel items, perhaps.
How does one pick up on the coming trends? How do you decide when to switch products and what your next product will be? If you’re not paying attention to changes in your marketplace, you run the risk of investing time and money building up an inventory of “last year’s fad”. This is a real double-whammy because all that time and money spent on the “wrong” product could have been invested in making what the customer wants “this year”.
But you say you’re not a fortune teller. How can you know in advance what the market will want? You need to keep your eye on three key barometers: your personal marketplace; the general marketplace; and the trend watchers who make a living predicting what is just beyond the horizon. They’re not fortune tellers either, but frequently you can pick up on common threads. Sometimes you just have to decide which one to go with depending on your first two barometric readings.
This is Part One of a seven part series on how to recognize and employ trends in your craft or other small business. To read the rest of the series, please visit http://www.theartfulcrafter.com/craft-trends.html.
Eileen Bergen
The Artful Crafter
http://www.theartfulcrafter.com
