Contents
- What is a trend?
- Why should companies monitor trends?
- Types of trends
- The life cycle of a trend
- How to track trends?
- Which trends should marketers follow?
What is a trend?
A trend is a sustained direction of development that encompasses various areas such as economics, marketing, business processes, design, and art. In the context of SMM (social media marketing) for 2024, several key trends are highlighted, including short videos, situational marketing, and augmented reality. The difference between a trend and fashion or hype is that hype represents a short-lived wave of interest that soon fades, while fashion has a longer duration but can also change over time. Trends, on the other hand, develop gradually, become part of consumer behavior, and, as practice shows, can have a significant impact on the market.
Why should companies monitor trends?
Trend tracking, known as trendwatching, plays an important role in the strategies of successful companies. In large organizations, special positions for trendwatchers are even created, responsible for market analysis, competitor research, and assessing consumer preferences. This allows companies to address numerous business challenges, such as:
- Creating relevant products: Understanding current trends enables companies to develop in-demand goods and services that meet market needs.
- Building an image: Brands that communicate values aligned with global trends attract a more loyal audience.
- Developing strategies: Long-term plans and promotion strategies are formed based on current tendencies.
Examples of such initiatives can be seen in companies looking to implement gamification in their processes. For instance, Burger King uses a gaming platform for employee training, which enhances their engagement and effectiveness.
Types of trends
Trends can be classified by scale and influence:
- Megatrends: Global phenomena that affect humanity as a whole, such as globalization and technological development.
- Macrotrends: Encompass various social groups and areas of life, such as automation in business.
- Microtrends: Short-term phenomena that lack cyclicality but can generate significant interest.
It should be noted that these trends can intersect and influence each other, forming new directions and ideas.
The life cycle of a trend
The life cycle of a trend includes three main phases:
- Accumulation: The trend is just beginning to develop, and its acceptance depends on a group of innovators willing to try something new.
- Distribution: The trend becomes more widespread, reaches a broad audience, and starts to be integrated into everyday life.
- Completion: At this stage, the trend has reached its peak, and its influence begins to wane, giving way to new trends.
An example is the popularity of artificial intelligence, which has gone through all these stages, starting from initial skepticism and ending with the active use of AI technologies in business.
How to track trends?
Trend analysis should be conducted not only before launching a new product but also on a regular basis. The stages of the tracking process include:
- Defining goals: Understanding what tasks need to be solved using trends.
- Gathering information: Studying news, analyzing expert opinions, and identifying signals that may herald the development of a new trend.
- Tracking trends: Connecting the collected information and forming an overall picture.
- Formulating hypotheses: Generating ideas based on the collected data.
- Analyzing solutions: Assessing the impact of implemented solutions on business results.
This approach will enable companies not only to respond to changes in a timely manner but also to anticipate them.
Which trends should marketers follow?
For successful business management, marketers should monitor the following global trends:
- Artificial intelligence: The integration of neural networks into all areas of life.
- Ecology: A sustainable interest in environmental initiatives and care for nature.
- Online education: The development of courses and programs that offer gamification and ease of learning.
- Automation: The optimization of business processes through digital technologies.
Following these trends will help marketers not only stay afloat but also attract a new audience, thereby providing competitive advantages for their company.