How Tracking Trends Can Give You The Competitive Edge
in Insights - Last updated September 29th, 2022
Tracking trends, to draw ahead of the curve industry insights, is competitive gold dust.
By being able to predict the next big shift, from your own customer data, you can unlock the secrets to a competitive edge time and time again.
“Trend intelligence is the process of identifying emerging and latent trends that will impact an organisation’s long term competitiveness.”
For many businesses, all the pieces of the puzzle are already there.
The only problem is, they’re strewn all over the places, impossible to collate and investigate.
The Power Of Tracking Trends
When an industry undergoes tumultuous change, or is forced to drastically shift gear due to moving consumer patterns, there are always some businesses come out on top.
These are the companies that can lean on their analytics which point the way to a successful pivot.
Most companies have this knowledge within their reach, they just didn’t know where to look for it.
Taking the example of the pandemic, disposable income spending jumped dramatically from trips to the pubs and holidays abroad to home improvement and office renovations.
“40% of homeowners brought forward home improvement plans whilst 61% carried out AT LEAST one renovation project.”
Santander
A new and extensive, captive audience was created over night.
As the population rushed to accommodate their emerging requirements, those companies tracking trends were able to seize the opportunity, and plug the gap with their offering.
The rest were left behind.
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Tracking Trends Into The Future
The pandemic may be firmly in the rear view mirror for many, but the lessons learned can be carried forward as you investigate and interrogate your own data for a sign of opportunity.
Ensuring you’re monitoring the right analytics will allow you to see if and how sales rise and fall in line with current events.
“74% of companies desire to be “data-driven”, but only 29% won the game at connecting analytics to action.”
FORRESTER
Where a dip does begin to emerge, it could highlight a need to review processes and double down in optimal customer experience to ensure no opportunities slip through the cracks.
Likewise, if you’re finding success with a particular message or medium, identifying the peak in the data will allow you to fully maximise the opportunity at hand.
Whatever the outcome, analysing your own customer data will help you position your offering and match customer expectations.
There’s no need to guess what your prospects want if the data is at your fingertips!
Updated 29/9/2022
Ready to explore how Anthill can help you in tracking trends and unlocking revenue? Schedule a demo today.
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- September 29th, 2022