“We sell the same products but I can’t figure out how he usually sells more than me!” thinks Steve a new entrepreneur in Nigeria.
“Who knows if he’s cutting corners, can’t seem to understand why customers keep running to his brand…”
News Flash!
You ‘might’ never figure it out if you don’t read through and see what your competitors are doing while you’re busy thinking about them and how to scale your business.
These guys won’t tell you the secret but here you are! Congratulations in advance.
Follow me, I will tell you every bit of it!
The Three Types Of Trend
The thing here is that, for entrepreneurs to identify business opportunities and grow their startups they must observe at least three types of trends—economic, social, and technological…this is the reason big businesses keep getting bigger and the startups keep struggling… These guys are burying their heads in trends!
By paying close attention to economic trends, they can identify areas that are ripe for new ideas. Social trends, like an increased emphasis on eco-friendly practices, can help them identify their customer’s behavior. Likewise, by looking at technological trends, they might be the first to learn about opportunities that will soon emerge which can open up other new business opportunities.
Simply observing social, economic, and technological trends, entrepreneurs can identify inefficiencies in the market. This can help them to bring together the resources needed to correct these inefficiencies.
The Technological Trends
As fast as a flash, technological change has become more rapid. Advanced and emerging technologies such as mobile apps, web pages, video creation & graphics designs affects virtually every aspect of business, culture, society, and the economy itself.
Well, technology is not necessarily the key to identifying entrepreneurial opportunities. However, it can help create business opportunities that satisfy basic needs and improve quality of life.
Take how modern consumer behavior prioritizes convenience…now by simply going mobile, you’re sure to make your goods and services more accessible and easy to use, and mobile apps make that available at the customer’s fingertips.
The Economic Trends
Economic trends update entrepreneurs with important information about the health and vitality of the economy, and also, the opportunities open to them.
Irrespective of whether the economy is weak or strong, there could be plenty of opportunities for entrepreneurial activity. When the economy is weak and people’s incomes decline, they are reluctant to spend and may shop off-price to save money. This trend offers opportunities for online learning platforms and entrepreneurs that develop products or services to enhance the learning experience.
When the economy is strong, people borrow and invest more and have more money to spend on items and experiences. They commute and travel more, and are more concerned about social and environmental issues. This could be a good time to invest in developing optional products/services. It could be an idea that suits the situation and solutions that can fetch you big money.
In addition to broad economic trends, entrepreneurs need to conduct an industry analysis to evaluate the state of the industry they are entering. They should look at things such as barriers to entry, competitors, and whether the industry is growing or slowing down. Very necessary!
Social Trends
As social trends affect the profile of customers, they also help entrepreneurs pinpoint business opportunities. As a rule, social trends cause changes in consumer behavior and reverse the way people set expectations and priorities.
Examples of social trends that affect how people behave are when people follow what others are doing at present, things like lifestyles, how people spend on things, things that make life easier, attitudes toward health, money, and business, etc.
Because of the speed-up of social life, for instance, many people will likely search for deeper personal meaning and work-life balance in response to a fast-paced, often-on society that continually brings new challenges.
Each of these social trends provides big opportunities for entrepreneurship but, just a few will notice and grab the opportunity!
Climax
In my venture, any entrepreneur who survey social, economic, and technological trends have a bombed chance of growing their startups. These trends are often interconnected and influence one another, so using forward planning is what really matters.
Smart entrepreneurs look at their industry trends and general ones, subscribe to channels that will help their growth (just like this one); and attend relevant seminars and events. They pay attention to economic trends and indicators such as consumer’s current demands, employment figures, consumer price, and how the global financial markets are performing to know their next move that will attract more customers thereby yielding more money to the company.
This is what will keep you at the top as an entrepreneur. This is what they don’t tell you. Once they get into their fierce research which is majorly in those areas I mentioned, like magic they’re able to market an irresistible offer that the consumers can’t withstand and they give up all their income just to get them.
Why? You may ask.
Why won’t they?!
They’ve analyzed and made research like witches monitoring people’s soul, and knowing what and what is needed and what’s not needed, the proportions, customers most needed “needs” in that particular season —in their area of brand, why their consumers are acting the way they do, how to get them, the customer’s state psychologically and more…
Finally, I recommend researching for tools that will help you in your research journey to always follow up trends.
Also, make sure you subscribe to this blog, that’s how you know your next step always as a business owner and, anytime you’re confused, our distinctive solution-based blogs here will sort you out.
When you need most of the services I mentioned above like mobile apps, websites, video creation, and the rest to kick-start, don’t forget to click here for the perfect choice.
See you at the top where the winners reside!
