Do you know what trends are driving your industry? Understanding the trends means that you can watch for trend changes and be on top of it in your business if you have to make a course adjustment to your business growth and sustainability.
Selling water filters may be based on the trend for healthy living, selling MRI machines for hospitals may be the trend of increased disease awareness and the drive for healthier living, and electric bikes may be driven by environmental concerns and the need to also continue with a healthy lifestyle.
In my business of coaching, speaking, and training I see a couple of trends that affect this market and increase the number of people doing what I do tremendously: the economy collapse and the need for education for people later in life.
In 2008 the collapse of Wall Street brought a lot of unrest and worry to the average person, not only in the USA but also in the global market. People were losing their jobs and their homes at an alarming rate. Getting support to carry on, build something new, apply to another industry, or go back to ‘the market’ is difficult and scary. Getting support from someone that can help find the path and keep you on it was one of the reasons coaching became more popular. A second outcome was that the people in that transition could also become a coach.
When people realized that to make a change and apply for a job they had never done before would require education, the education industry exploded. My understanding is that this is true in unstable markets were job loss and unemployment are high. Being a business expert and a coach meant that I could hit a market of people in transition, starting something new by creating a business for themselves, and needing education to make it last. This is the trend I watch.
Second – What are you going to be watching for?
Knowing the metrics, factors, purchasing habits, etc. are great, but knowing exactly what you will be watching and at what time you need to start looking for a new path is even more important. Businesses that are successful stay on top of the trends in their market. Google broke into an already crowded cell phone market a few years back by knowing that there was still room in the technology for growth and innovation. There was still a lot of people that did not own a cell phone and although the younger buyer may be set with their Apple purchase, the older consumer using Blackberry was now looking for something different. If Blackberry had been on top of this trend they would have released their own button-free, touchscreen phone years earlier and it would have likely helped their sales tremendously.
As the baby boomers continue to retire, many without the funds to live comfortably without work, there will continue to be a need for what I do. After that bubble passes my expertise may be in less demand and changing my marketing strategies as well as my services will be the first places I start.
Find out what the trend is that you are following, and look for new trends in your market so you can be prepared.