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Business Trend Research : Sniffing Trends Out
As your business grows, change will be inevitable and entrepreneurs should constantly look ahead and shake things up. Marketing trends, finance trends, management trends — the more you have your finger on the pulse of relevant business trend research, the better your chances of success.
But finding a good crystal ball these days is difficult. What are some key trends facing startups? Who has good trend-tracking information for specific industries? And how can you tell the difference between a fleeting fad and a true trend?
Owners of new and growing small businesses today know one thing for sure: conditions change so fast that each day seems to bring a new technology, marketing strategy or buyer mood. Is that hot new trend you heard about the wave of the future - or will it be forgotten in a heartbeat? Chasing fads can be costly. Ditto if you miss a key trend.
Louis Patler, a trend analyst and market research guru for companies such as American Express and Dell, has spent a lifetime tracking emerging trends and studying their impact on business. He says the key to successfully piloting a business in the years ahead will be embracing new ways of thinking, including these:
- Forget about sticking to what your business does “best.” As you grow, valued business traditions and processes can hold you back.
- Customers are not always right. Offer savings and specials to your most valuable and loyal customers, and let the rest shop elsewhere.
- Don’t expect loyalty fro...
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