Ask about pain points, purchase behavior, trusted sources, and the “why” behind their choices. One caveat here is bias, forgetfulness, misattribution, and even accidental lying. Think of all the times you blurted out that you read the Wall Street Journal even though you haven’t had a subscription in years. Tools like Ahrefs, Moz, or Semrush can help analyze competitor SEO and content strategies.
- When you don’t base business decisions on data, you risk wasting your budget on campaigns that don’t resonate, incorrect pricing strategies or misaligned messaging.
- Now that you have a solid foundation in understanding the types of trends, it’s time to delve deeper into the various methods used for trend analysis.
- Customer satisfaction data should be used to inform business decisions and improve customer experience.
- By embracing these innovations, businesses can gain a significant competitive edge.
You can also explore the most popular tweets of the moment on the Trending section of the platform and filter the results by country and region in the settings. — YouGov (UK)YouGov is a very visual tool that shows the results of regular polls and surveys on public opinion in the UK, covering a wide range of topics. Heatmaps and click tracking tools show you where users click, hover, or scroll on your website or app. These tools provide visual insights into user interactions and can highlight areas that need improvement.
Why should you conduct a market trend analysis?
Retailers use trend analysis to understand consumer behavior and optimize their business strategies. By analyzing sales data, they can identify seasonal buying patterns, determine the effectiveness of marketing campaigns, and forecast future demand. This enables them to adjust inventory levels, pricing, and promotional efforts accordingly.
A standalone trend analysis tool, Exploding Topics helps you find new and upcoming trends. It does this by utilising and analysing Google Trends and Google Adwords API to identify keywords that are seeing a lot of growth on the internet. Explore our help file on trend analysis of survey data to learn how to use this survey feature for your market research with current and historical data.
Related topics
Nick joined Attest in 2021, with more than 10 years’ experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth. Recognizing shifts in consumer behavior and industry patterns can inspire innovation. You and your business can identify gaps in the market and develop new products or services that align with emerging demands. Understanding customer needs and preferences allows brands like yours to tailor offerings to meet demand.
- Analyze the insights you’ve collected, identify trends and use them to make data-driven improvements.
- We have composed this article with everything you need to know about this type of trend analysis so that you can start using it in all your research projects.
- For a deeper dive into optimizing your workflow, check out our resource library on market survey tools and best practices.
- — Global Barometer Surveys (GBM)The Global Barometer Survey (GBS) is a joint research initiative of five regional barometers, listed below.
- Without a well-defined goal, research can become unfocused and overwhelming.
- Within the tool, you can enter up to 5 competitors’ websites and uncover details on the audience’s age, gender, location, employment status, education, and social media platform use.
Revising their messaging to focus on benefits (not features) results in a 32% increase in conversion rates from target prospects. Usability testing evaluates your website or app’s user experience (UX) to identify obstacles or pain points. Area charts are similar to line charts but provide a visual representation of the area beneath the lines.
The future of this relationship is set on the basis of the trend in the past and thus known as trend analysis. Businessmen get a fair idea about the future market trends with such an analytical research strategy. Trend analysis facilitates businesses and organizations in making strategic decisions or financial statements to expand their business.
Choose the right research methods
It can be a challenge, but following the tips and best practices above can make the task easier. Live interviews can be time-consuming, but they can also be a goldmine of information and insights. You can ask more detailed, nuanced questions and follow up on any talking points that require clarification.
For business leaders and entrepreneurs, this data gives a competitive edge and allows them to identify new product and service opportunities to meet future demand for their customers. For investors and entrepreneurs, market trend analysis provides insights that guide them toward the most profitable markets and businesses to invest in. As these priorities continue to shape purchasing behavior, businesses must establish how to do trend research goals that not only drive their own success but also contribute positively to society and the environment. At Capgemini, we call this dual focus Business for Planet—a principle that informs both our client partnerships and internal initiatives.
Future of research
If Facebook had identified these market trends earlier and pivoted to implement the aspects of TikTok that users love (short, funny videos), it might have retained this market share. Market trend analysis assists your demand calculation by providing an overview of historical consumer interest, which you can use to forecast future demand. Understand real impact with consumer insights that mimic consumer behavior. The market direction will drive the trend which can either rise or fall. If the market is headed towards a particular direction, logically, the trend analysis in research will suggest that the longer the market moves in that direction, the better it is to set a trend.
How market research helps measure customer satisfaction
You can use it to find trends in business, culture, design, fashion, food, health, home and garden, real estate, retail, technology, and travel. Trends.co is a premium newsletter started by people at The Hustle that covers the latest trends in business, technology, and culture. You can use it to see the latest trends in your industry, read insights from experts, and stay up-to-date on the latest news. Beyond just content, it also offers insights into who is sharing the content and how it’s being shared. You can use it to find out what topics are popular in your industry, see what your competitors are tweeting about, and get a sense of the broader conversation around a topic.
Retail Sales and Consumer Behavior
Trend analysis helps identify the areas in which the business is performing well and duplicates the strategies for business expansion. Trend analysis is instrumental as an indicator in identifying the underperforming areas of the business. Most organizations conduct customer satisfaction surveys to identify trends, promoters, passives, and detractors. If there is a sharp rise in the number of passives and detractors, they might have concerns with product quality, service, delivery, or customer support.
Ensuring each audience receives relevant and compelling content helps improve engagement and conversions. If a significant portion mentions that a specific feature or limited-time discount sealed the deal, that insight can guide future marketing and sales strategies. It also helps you understand what touchpoints worked well, including where friction exists in the journey.
To give you an example of what powerful data you can uncover by looking at certain trends, we’ll show you three examples of our own market trend analysis we’ve done recently. Finally, scenario planning and forecasting help businesses prepare for multiple possible futures. By developing scenarios that account for best-case, worst-case, and most likely outcomes, researchers can map how micro-trends might grow into macro movements. This strategic foresight ensures that brands remain adaptable in the face of market shifts.
This market analysis will help you get a better understanding of how your business fits into the larger picture and how competitive the space is. This imbalance underscores the urgent need for retailers and brands to reduce operational costs. At the same time, they must rethink the supply chain not just as a cost-saving function, but as a competitive differentiator.