How to Identify Industry Trends

Using Tools and Analytics

Implement Excel to assist in keeping track of statistics and records. Microsoft Excel is a widely used analytics tool, mainly to learn the basics and make the work easier. Use Excel to summarize data, visualize data, and manipulate basic data. Additionally, there are tons of tutorials and free resources to help you learn and implement analytics. By using Excel, you can get track and map data to give you a sense of where your industry is heading. For example, track all of your gross income each month. Then, use graphs and charts to map out your predicted gross income increase month-to-month. This way, you can see where your company is heading. Excel can also be very useful for regression analysis. You must purchase and install Microsoft Office in order to use Excel.

Try using Google AdWords to get data about your business. Google AdWords is an online service developed by Google to help advertise and offer services. It is very helpful with bringing new visitors to your website, growing online sales, and increasing brand awareness. Google AdWords is free to try, as you only pay when a customer engages with your ad. Using Google AdWords helps identify industry trends by showing what customers are engaging with. To start using Google AdWords, visit https://adwords.google.com/home/#?modal_active=none. There is a variety of metrics to use, depending on your specific industry, audience, goals, and size of your company.

Use Moz to assist you with inbound marketing and analytics. Moz is a software as a service company that offers inbound marketing and analytics software subscriptions. It is popularly used for its search engine optimization and analytics tools. They offer a free 30-day trial, and after the trial you can purchase their subscription services to optimize your business. Moz helps identify industry trends specifically by focusing on marketing to your clients. For more information on Moz, check out https://moz.com/.

Utilize Sage Live to assist with accounting services. If you have a small or mid-sized business, Sage Live is a great idea to help create and send invoices, accept payments, record receipts and sales, and pay bills. Sage Live is a cloud-based platform, and it supports many different currencies and banks. Using Sage Live helps identify industry trends by providing you with specific data regarding sales and finances. In addition, you can integrate Sage Live with Salesforce CRM, another helpful program.

Use Chart.io to easily make charts and graphs. This program is a drag-and-drop graph creation tool. Use this on either your tablet or laptop to build connections to databases, including MySQL and Oracle. Type in your relevant data and effortlessly create scripts for data analysis. Graphs make it easy to visualize trends within your industry and business. You can make charts such as bar graphs, pie charts, and scatter plots.

Try Domo to get analysis on all business-level activity. Domo is a cloud-based management suite that works great for small businesses and large industries alike. To use, simply track things like gross income, total revenue, and payroll. Then, convert your data into statistical analysis, such as top selling products, forecasting, return on investments, and cash balances. By converting your data, you get a sense of overall industry trends. Domo also offers visualization tools including charts and graphs to best understand the data. Domo provides instant access to company-wide data through custom dashboards.

Hire a professional analytics company to provide thorough analysis. There are many professional analytics companies that offer their services. To find a company, search online and contact the company you are interested in. A good analytics company has a variety of services available with a knowledgeable, professional staff. Review the company website, read about their rates and packages, and familiarize with the staff members. Then, call them for a consultation to discuss the services in more details. Most companies offer a variety of analytics packages based on your particular needs. Using an analytics company is a great way to keep up with industry trends in much more detail than individual programs. Once you find a company, they will offer a service contract listing the rates and service agreements. Sign this copy, and keep a copy for yourself to reference later.

Consulting Industry Research

Read industry reports to learn about up-to-date industry research. Search online for industry reports in your particular field. Industry leaders do research and compile their findings in a written report, and reading through their reports is very helpful when looking for new trends. Read a variety of reports to get a good sense of where business is heading. For example, you can read through trends in content marketing, or you can skin through specific reports. Once you review the reports, you can use this information to ensure you are leading your company in the right direction. Do this by giving a speech on your findings or changing your current approach.

Follow blogs and publications to keep track of industry influencers. If you can, spend 15-30 minutes each day skimming publications or blogs in your industry to familiarize with current and new trends. There are many articles that reference detailed reports, so you can get the information quickly and succinctly. This is a good idea if you don’t have time in your schedule to read through an entire report.

Research your competition’s approach to compare to your strategy. Take a look at your customer’s website and social media to get a sense of their marketing position. Pay attention to anything that may be an emerging trend by looking for new ideas or innovations. This way, you’ll have an idea of what is working for other businesses in your industry. You can also review any customer reviews. Look for what is both working and not working when analyzing your competition.

Keep up to date with business news to familiarize with overall trends. In addition to reading published business reports, you can also read general business news articles. These offer overall information on specific industries and trends. This way, you'll have an idea of big-picture industry trends. Read business news from organizations like Google or BBC, for example. Some news stories explain current affairs and stock market data, for example.

Talking to Others in the Industry

Talk to your customers to get their opinions about your services. Ask your customers what is working and what needs improvement. Having an open and honest dialogue with your clients can give you valuable insight about industry trends in general. Without taking to your customers, you may have no idea what other needs they may have. For example, take a client out to lunch and ask them how they imagine their business’ next 5 years. Ask questions tailored to your particular service to find out what they need from you along the way.

Surround yourself with smart, driven professionals to keep informed. If you want to evolve as a company, being around intelligent peers is a great way to keep motivated and on top of current affairs. Discuss industry trends that they notice and implement, and ask for advice with your coworkers and others in your industry. In addition, you can share reports or helpful articles. All of this helps you keep up with industry trends by maintaining a professional network. To meet smart business peers, attend local and regional marketing or entrepreneur conferences, for instance. You can also introduce yourself to other people in the office and reach out to business professionals on LinkedIn.

Keep a close-knit group of advisers to help you understand trends. Your advisers can be your friends, peers, or business partners. These individuals provide a wide variety of business perspective, helpful when maintaining current industry trends. Your advisers can put new trends on your radar and give you an idea of what's to come. You can also share your industry findings with your group of advisers to build a business community.

Embracing the Changes

Keep a flexible, accommodating attitude when leading your business. To succeed in business, you must be willing to step out of your comfort zone and change things up. This way, you can follow new and future trends to maximize your success. If something is not generating the success you desire, use industry trends to modify your approach and try something new.

Don't get too comfortable in your current business routine. Since industry is always changing, it is important to keep an open mind and look for innovations and improvements to get ahead. If your business is already doing well, it may be hard to want to change things up, but it's important to keep up your success. If you get too comfortable, a competitor may beat you to the next trend. For example, your company may have a great profit margin. To keep up with competition, perhaps you implement additional products and services or lower the price of a product as the demand increases.

Be patient when implementing changes to see the bigger picture. While industries change often, this change takes time to implement. When adopting a new business practice, give your employees several weeks to get used to the new system, and understand it may take some time to see results. If after 2-3 months you are unsatisfied with the changes, try something new. For example, if you are providing a new service after understanding what is trending in your industry, don't expect instant success. It may take several months for the new service or product to take off and generate revenue.