If you can identify a trend and learn how to tap into it, you are on the road to developing a successful business with incredible potential. Knowing what your client will want in the future is a stepping stone to success. According to Celente & Milton, in Trend Tracking, ”A trend is a definite, predictable direction or sequence of events”. A trend can last over ten years.
Trend information provides us with data about the past and the future. Trend forecasting is accomplished by using different methods, depending on who is doing the forecasting.
How do you predict trends?
You have two options to help you recognize trends that are occurring. You can read one of the numerous books out in the market, written by futurists, or you can learn how to identify a trend yourself. Either way, the following tools should be considered:
- Demographic data: shifts in the statistics relating to the population
- Changes in the make-up of the population (ie: baby boomers)
- Changes in society: habits and values
- Economic indicators: inflation, unemployment levels, etc.
What you are looking for in a trend are indicators that there will be a large enough segment of the population who have similar needs to support a business venture.