How to Identify and Capitalise on Emerging Industry Trends
Entrepreneur Awards
Published May 10, 2023 By Aysha Sun
How to Identify and Capitalise on Emerging Industry Trends
Keeping up with emerging industry trends is essential for any business looking to stay ahead of the curve and remain competitive in today’s fast-paced market. In the technology fuelled business landscape of current times, trends can quickly come and go, making it essential to identify them early and capitalise on them before they become mainstream. We’ve put together some tips on how to identify and take advantage of emerging industry trends below:
Stay Informed
In order to identify emerging industry trends, it’s important to stay informed about what’s happening in your industry. This can include reading industry publications, attending industry events and conferences, and keeping an eye on what your competitors are doing. By staying informed, you can identify new technologies, products, and services that are gaining traction, and get ahead of the curve.
Conduct Market Research
Market research is another important tool for identifying emerging industry trends. By conducting surveys, focus groups, and other research, you can gather insights into what your customers are looking for and what trends are starting to gain momentum. This can help you identify new product or service offerings that align with emerging trends.
Experiment and Iterate
Once you’ve identified an emerging trend, it’s important to experiment and iterate to find the best way to capitalise on it. This can involve testing new products or services, experimenting with new marketing campaigns, or developing new business models. By experimenting and iterating, you can refine your approach and find the most effective way to capitalise on the trend.
One real-life example of a business that successfully capitalised on an emerging trend is Airbnb. When the company was first founded, it faced stiff competition from traditional hotels and vacation rental companies. However, Airbnb identified an emerging trend in the travel industry: a growing desire among travellers to have more authentic, local experiences. The company capitalised on this trend by offering unique, locally-owned accommodations that provided travellers with a more authentic and personalised experience. Today, Airbnb is one of the world’s leading travel companies, with a valuation of over $100 billion.
Just like Airbnb, by staying ahead of the curve and capitalising on emerging industry trends, businesses can gain a significant advantage over their competitors and position themselves for long-term success. By staying informed, conducting market research, and experimenting and iterating, you can identify emerging trends and find the best way to capitalise on them.
So don’t be afraid to take risks and try new things – it just might be the key to your business’s success!