Types of Market Trends and When to Track Them in Industry Research

Keeping up with market trends is never an easy task. It is, however, a crucial aspect that can be leveraged for business profitability. Understanding market trends can help your organization to map its business strategy and align it with the general direction of your industry. To do so, you need to compare industry data collected over a certain time period. Consumer preferences and behavior generally have a significant impact on market developments. You can identify trends to figure out how they could have a direct impact on your company's performance. While it can be challenging, analysis of market trends need not be a terrifying task. Industry research services can help your company achieve its business goals. In this blog, we will discuss the various types of market trends and how and when to track them to turn your market research program into a fruitful endeavor.

The Importance of Market Trend Analysis and its Benefits

The market is constantly evolving, irrespective of the industry in which you operate. You must be able to change with the times to get the benefit of long-term planning, stay ahead of the curve, and outperform the competition. It all becomes easier when you opt for proven industry research services. Market trend research allows you to detect potential future changes in your market, as well as devise strategies to keep your business one step ahead of the competition. Once your organization has valuable data in hand, you can find ways to develop and deliver services or products in a way that matches and satisfies changing customer requirements and desires.

3 Types of Market Trends

Here are the three main types of market trends that every business must keep an eye on:

Short Term Market Trends

Short-term trends, as the name suggests, are short-lived, spanning over a few hours or days. Such trends include events that happen based on breaking news and current affairs, social media trends, or sales occasions like Black Friday and Cyber Monday, among others, as far as marketing or commercial positioning is concerned. For instance, if a certain news story breaks that is related to your industry, you must produce content around the topic to grab your customers’ interest before the trend fades.

Intermediate Market Trends

The duration of intermediate trends ranges from two to eight weeks. In the world of business, it can sometimes be simple to identify intermediate trends. For instance, upcoming holidays, elections, tax season, and deadlines for industry-specific compliance are a few instances of events that can influence your industry in as far as intermediate trends are concerned. Sometimes these trends are driven by social media influencers.

Long-Term Market Trends

Long-term trends generally persist for years and can even stretch across decades. These include significant societal changes, such as those brought on by technology such as AI; health crises, such as the COVID-19 pandemic; and certain cultural upheavals. Long-term trends can have a significant and enduring impact on your organization’s business processes. You must actively be on the lookout for these trends and adapt as quickly as possible. Your responses to these trends should be more planned than impulsive.

Things to Consider While Tracking Market Trends

While keeping an eye on trends is important, your organization shouldn’t try to appeal to everyone, as your message might not stand out amid the general buzz created by your competitors. Customers may find you through social media or Google search results based on short-term market trends, however, it's how you utilize long-term trends that will turn them from casual observers to loyal customers. The key here is to know how to detect market trends and when to respond. You can do so in the following ways:

• Read industry publications and reports: Read the publications and trade magazines that are covering hot topics within your industry.
• Utilize analytics: You can get a birds-eye view of your market, your audience, what they are searching for, and how their preferences relate to the overall economy, by using digital analytics tools to generate consumer behavior insights.
• Check your competitors: Of course, this one is a no-brainer. Nevertheless, you must decide whether you should follow your rivals blindly and replicate whatever they are doing. The best approach would be to keep an eye on your competitors, analyze their actions, figure out market gaps, and develop a superior product based on those insights.

Final Word

Understanding market trends can be crucial for the success of your business. It helps provide a comprehensive and logical means for your business to stand apart from the competition. It helps to work with a reputable global market research agency that offers world-class market research services. When looking for a proven online survey company, you can never go wrong with Unimrkt Research. Our dedicated in-house team ensures undivided focus to bring valuable data and insights to your projects. Unimrkt Research is one of the leading global online survey companies offering multi-industry research services, including food industry market research, chemical market research, energy market research, retail market research, and healthcare market research. We are proud recipients of ESOMAR and ISO certifications, making us your reliable partner for market research. Call +91-124-424-5210 or email [email protected] to discuss how our market research services can help grow your project. You may also fill out our contact form, and we will get back to you at the earliest.