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The term trend is a general direction in which something is changing, developing, invoking, fashion, craze, or veering toward.
In the world of business, a trend is a pattern of gradual change in a process, output, or condition. It is an average or general tendency.
Marketing trends are compelling promotional and sales strategies that are adopted by businesses to get the most interest and attention from customers at a certain time.
They’re the tactics expected to have the biggest impact on businesses that adopt them.
Marketing trends are buzzworthy promotional and sales strategies. These are the methods poised to get the most interest and attention from customers at a certain time. They’re the tactics expected to have the biggest impact on businesses that adopt them.
What’s the value of marketing trends?
Many marketing trends today have staying power. Others may grow outdated and become replaced by other techniques over time.
This makes it easy to underestimate its value. But it would be to the detriment of your business to ignore them. Knowing and staying on top of marketing trends is important for these reasons:
- It put forward new ideas and opportunities
- It gives you a competitive edge
- It Keeps your Brand Fresh
- It increases the strength of your Brand Positioning Statement
- It improves business forecasts
- It improves spending efficiency
- It improves customer satisfaction
- It allows businesses to break the boundaries of the market
- It puts forward new ideas and opportunities
Knowledge is power, and staying abreast of marketing trends can mean the difference between success and failure for a business.
Marketing trends are like other current customs in business. Some will stay and some will go. But firms that jump on them at the right time stand to increase their profile and revenues. Plus, you don’t have to be an industry insider to get in on the action.
HOW TO STAY ON TOP OF CURRENT MARKETING TRENDS
1. Know Your Competition
Competition is a natural part of doing business. While it can often seem intimidating, it’s actually a vital component of doing business, that forces you to innovate and stay on top of current trends and tactics.
Understanding who your competitors are, and what they are offering, can help you to make your products, services, and marketing stand out.
It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
Knowing your competition in business is critical to success. After all, how can you expect to survive in an industry if you don’t understand who the major players actually are?
Competitor analysis can help businesses cut through the noise, establish a unique selling point and formulate an effective business strategy.
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IMPORTANCE OF KNOWING YOUR COMPETITORS
- Knowing your competitors will give you clarity on who your competition with
- It helps you map out your competitive advantages
- It helps you avoid costly mistakes
- It increases your opportunities and gaps in the market
- Enhance your communications plan to maximize your advantages
2. Embrace Customers Feedback
There has been a regular trend of “Content is the key” but over time it’s been reviewed that “Customers are the king” because decision power lies in their hands irrespective of the kind of content that has been put out and the prosperity of a business is also determined by what the customers have to say, and that is why It’s always a good idea to keep a close watch on your direct competitors so you make sure they don’t get ahead of you in relating to customers.
Customers’ feedback is a great way of counteracting the effects of negative comments and can help to increase your business’s performance.
92% of consumers say they read testimonials and customer reviews when they are deciding to make a purchase.
IMPORTANCE OF CUSTOMERS FEEDBACK
- customers’ feedback helps improve the products and services rendered
- It Helps Identify Customer Preferences
- It Helps You Spot Market Trends
- feedback helps in taking better business decisions
- It brings about quality delivery of products and service
- Provides a clear understanding of your customer journey
- Customer feedback helps you measure customer satisfaction
- Getting customer feedback shows you value their opinions
- customers’ feedback can be used for marking
3. Get Familiar With The Industry trends
You can’t advance your career if you don’t have your finger on the pulse of what’s happening in your industry.
Staying informed on trends is important to help you build credibility and value and to show that you know where your field is heading in the future.
Successful people spend time every day keeping up with the latest news and developments in their field, so make time in your day for these strategies. Furthermore, there are several ways to increase industry knowledge.
Read also Why Following Market Trends is Important For Small Businesses
TIPS TO INCREASE YOUR INDUSTRY KNOWLEDGE
- Increase your network
- Desire mentorship from people ahead
- Make relevant research related to your industry
- Seek knowledge concerning your industry
- Be open to change
4. Increase Your Network
No matter what profession you’re in, networking is the fuel that accelerates success. Not only is it useful for learning directly from individuals, you meet, but the benefits of association and growing your own authority are just as powerful.
We have always heard the saying; Your network determines your net worth
In today’s world, networking is a necessity. A mountain of research shows that professional networks lead to more job and business opportunities, broader and deeper knowledge, improved capacity to innovate, faster advancement, and greater status and authority.
Building and nurturing professional relationships also improves the quality of work and increases job satisfaction.
Read also How Small Businesses Can Improve Their Customer Experience
TIPS FOR NETWORKING
- Develop a monthly networking lunch schedule to broaden your network
- Develop a Listening skill
- Always stay positive in your attitude
- Attend events that can boost your network
- Watch out for news things you can learn
5. Understand Your Customer’s Needs And Interests
However good your product or service is, the simple truth is that no one will buy it if they don’t want it or believe they don’t need it. And you won’t persuade anyone that they want or need to buy what you’re offering unless you clearly understand what it is your customers really want.
Know your customers better because only they can help you get more leads and more business. Understanding customers is the key to giving them good service which in turn results in strong customer relationships and new sales through positive word-of-mouth
recommendation.
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TECHNIQUES TO HELP YOU UNDERSTAND YOUR CUSTOMERS
- Always put them in your shoe
- Ask them what they think
- Create a Buyer Personas
- Get closer to them
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6. Subscribe To News Relating To Your Industry
Reading a business magazine is an excellent way to keep up with the ever-changing world of business. One can learn about new inventions in technology, how companies are using social media to their advantage and what kind of innovations are happening in the industry.
Industry players are encouraged to subscribe to relevant industry publications and set aside time to go through them, notwithstanding their busy schedules. Industry publications are more informative and focus on specific industries and professionals.
5 REASONS WHY YOU SHOULD READ INDUSTRY PUBLICATION
- Keeps you up to date with the information
- It helps you place your focus on your ideal client
- Helps you enhance your knowledge about your industry
- It enhances your business growth
- You get to be updated on the current trend
Finally, this might sound obvious, but it’s important all the same: a trend can only be definitively determined with the benefit of hindsight.