Trend analysis is something every company striving for success should be conducting. That’s why we decided to base the most recent #MarketingMinds chat around trend analysis and tips and tricks for completing one.

Q1. Why is it important to conduct trend analysis and monitor changes in the market?

@sambibby explains that trends represent opportunities and companies that conduct a trend analysis will be the ones fastest to react to change, thus increasing the chances of gaining a competitive advantage. @AdotIdotspace agrees, stating that a trend analysis helps us to progress as a company and expand our horizon.

@tandrsolutions and @ThinkSEM add that a trend analysis can also allow us to keep up with the customer’s mind set, for example the fact that millennials are increasingly interested in social and ethical issues, we can then adapt our messaging to accommodate such trends and ensure relevance. Moreover, @ThinkDesignbuzz adds that a trend analysis can also help us with market segmentation and to anticipate market demand, and as @ScottPValentine points out a trend analysis can also help to align our offering with customer value.

In addition to the above, @PeterLingua comments that we can also boost engagement by using insights from a trend analysis, as this makes for a great conversation starter.

Q2. How can we keep up to date with market trends?

@ThinkDesignbuzz suggests that we conduct a trend analysis by researching up to date news. Moreover, webinars are also a great source for trending topics. @AdotIdotspace explains that it’s all about data and the use of this to implement and execute new learnt insights. Media intelligence tools such as those offered by Meltwater are able to cut through the noise of trillions of conversations happening online to show us a bird’s eye view of the trending themes around a particular topic. Below is an example of trends within content marketing. We can also see posters featured in the conversation cloud that can be used to point us in the direction of authors and posters to monitor.

Q3. Offer one example of a market trend occurring in your industry.

@tandrsolutions ensure they stay on top of market trends by conducting a trend analysis and have identified one trend in their industry- older companies re-branding to satisfy the growing force of new businesses. @PeterLingua observes how the digital marketing industry has seen a rise in video as the world becomes more stimulated with visual content, something that @AdotIdotspace also pointed out. @ThinkSEM adds that audio is also on the rise with more of us opting to listen to podcasts.

Q4. _______is a company that is great at keeping up to date with market trends because_________.

@sambibby offers KPMG as a company who does a great job in the B2B space, especially with #WEFLive. On the other hand, @ScottPValentine’s top brand is Evernote because they understand their customers and continuously work to enhance value through innovation.

Q5. How should we act on market trend insights?

@EnamMakafui suggests that we use trend analysis data by implementing strategies and resolving issues raised from the gathered insights. For example, social media makes for the perfect focus group; by listening on social we’re able to find new opportunities and threats to our industry. Data may change the direction our company is moving in; although this may seem scary it can be essential for survival.