In a constantly evolving business world, keeping up with trends has never been more essential. Trends are cycling faster through the seasons today than they ever have in recent years. Before technology and social media, trends would leisurely pass through compared to today where they zip on by. For small business owners, staying in the know about the latest trends can genuinely make the difference between thriving and simply surviving.
Nike, for example, consistently evolved its branding and product lines to remain at the forefront of the fitness industry. However, they also understand that their clientele values fashion just as much as fitness. We can also look at a smaller company such as Glossier, a beauty brand that started as a blog in 2010. Their popularity exploded in staying ahead of the trends in the beauty industry. Instagram-worthy picture packaging and investing in vegan formulas for their products separated them from the rest of the market before the other brands caught on. Glossier took advantage of trends that aligned with its brand by investing in visually appealing aesthetics and environmentally aware products before it became the norm in the beauty industry. Another great example is Dollar Shave Club. They flipped the traditional shaving market on its side with an affordable, direct-to-consumer approach. By keeping up with consumer preferences and interests, Dollar Shave Club was able to build a loyal customer base and eventually be acquired for $1 billion.
These successful businesses created a new niche, and they went viral in real life. Don’t be afraid to experiment, be a trendsetter, and experiment small to find new engaging marketing strategies. Perhaps a marketing niche can work within your community.
On the other hand, some businesses have failed to keep up with trends. Probably one of the most famous cases was the iconic company Blockbuster. They failed to anticipate the rise of online streaming. Blockbuster was the leader in the movie rental business. In 2000, Blockbuster rejected buying Netflix for only $50 million, a huge miscalculation on their part. The CEO believed that Netflix was a niche business, and the internet hysteria would blow over. Netflix later became their biggest competitor in 2007. In 2010, Blockbuster filed for bankruptcy and Netflix is now worth $190 billion. Instead of adapting and investing in online services, they doubled down on physical stores instead. It was not only the convenience of Netflix that would heed their downfall; but also, the costs of rent, maintenance ,and available time to rent movies. While their competition was available 24/7. Lesson: Be open-minded to the changing trends of society. You may disagree with a trend, but if your customers love it, then have an open mind to learn more about it, and maybe just test it to see if it leads somewhere.
Lessons to Learn
- Keep up with consumer preference and interests
- Consider exploring a niche your business can specialize in
- Don't be afraid to experiment - it can start small to find new engaging marketing strategies
- Explore a trend if your customers love it - even if you disagree with the trend
- Be open-minded to new upcoming trends
- Test and play around with new trends to see if it leads somewhere
How to Keep Up with Trends
So how do small businesses make sure they are not swept away by the ever-changing trends of today? One approach is to stay on top of consumer trends by constantly monitoring the market which includes staying active on social media, attending trade shows, and researching emerging industries and products. Another strategy involves investing in market research, which can help small business owners gain valuable insight into consumer preferences, buying habits, and industry trends.
In-house research can also lead you in the right direction. Surveying customers, talking to them, learning their pain points, and finding ways to solve them. Most people got tired of not knowing how much a cab ride was going to cost, especially if they didn’t know the flat rate, and ended up getting overcharged. Will the driver be nice? Will it be clean? Where do I even grab a cab? Uber took care of those pain points swiftly. It’s also important to have an agile and flexible business model that can quickly adapt to new trends, and more importantly opportunities.
Staying up to date with trends is essential for small businesses to succeed in any competitive market. By looking at examples of successful companies that have mastered trend-watching and failed companies that missed the mark, small business owners can learn important lessons on how to adapt and stay relevant. Never forget to check your progress. What is the competition doing? Is it working? What are companies in other communities doing? Incorporating these lessons and strategies, small business owners can increase their chances of long-term success and growth.
