Trend spotting and how entrepreneurs achieve it

Описание: Define trend spotting and describe how entrepreneurs achieve this one.

Definition:Trend spotting refers to the recognition of the latest market trends. It helps the entrepreneur to bring changes in their products or services in accordance with the trends prevailing in the market. The success of the enterprise depends on the effectiveness of the trend spotting.

Entrepreneurs identify the trends themselves or with the help of the trend-spotter. In general trend spotting takes places through one of the following activities. It includes bet not limited to.

Reading the trends: Entrepreneurs spot the trends by reading through various sources like
Online resources like websites, influential bloggers, e-mail newsletters, websites etc
newspapers, magazines and other publications like industry publications.
thought leaders who are experts in a particular industry or sector
Usually these trends originate from international cities like London, Paris and Tokyo. So entrepreneurs keep an eye on the changes in the trend taking place in these places. Not all trends will be useful. Entrepreneurs use their discretion to make quick decision regarding accepting or discarding these trends.

Discuss about the trends: Entrepreneurs discuss about the trends with
Entrepreneurs who have similar interests : In-person discussions usually take place at their industry specific trade association events or conferences etc. In addition to this they also participate in social networking sites, forums, discussion groups, smart phone apps etc. Usually they take advantage of the existing networks. It is also possible that they start their own online discussion platforms.
Discuss with the customers : They discuss with the customers both online and offline. Customer inputs are procured through social networking sites, surveys, forums, discussion groups. The trends are also spotted by observing consumer opinions in the ratings and reviews sites.
Watching the trends: The trend among the consumers can be perceived by visiting the frequent hang out locations of their consumer group like
a shopping mall
eateries
trade shows
cinemas
college campuses
marriages

The entrepreneurs spend time watching what their consumer group is eating or drinking or wearing or showing interest in.

Think of a new trend: All the information gathered through reading, discussion and careful observations is analyzed. This help the entrepreneur to build trend-spotter-brain. The analysis will open up connections between different observations which will help in coming up with a potential entrepreneurial opportunity by improving an existing product or service or coming up with a new one altogether.

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