Once you have a solid corporate innovation strategy in place, the next important step is to conduct a comprehensive trend analysis of the market. However, it often becomes too much to handle tons of information from hundreds of sources. Moreover, it is tricky to identify the technology trends that will truly impact your business in the future. But — trend analysis is still worth the effort. Let’s explore how data-driven trend analysis drives innovation, gives you a competitive edge, and makes sure your business stays ahead!
How does Trend Analysis drive Innovation?
1. Enables You to Better Understand Consumer Needs
It’s a no-brainer that companies develop new products and services to cater to the needs of their consumers. That is why understanding their pain points and requirements become very crucial. For this, you need to thoroughly analyze current technological trends. This analysis gives you a comprehensive picture of what consumers are responding to, in what quantity/frequency, and for how long. All this information enables your innovation team to understand consumer trends and frame an effective development strategy for your company’s next game-changing product or service.
2. Allows You to Identify New Business Opportunities
If you can align trend analysis data with your company’s goals, it becomes a powerful tool to create multiple innovations. Moreover, it might disclose trends that can be applied across all industries. For instance, at StartUs Insights, we recently conducted a trend analysis that reveals building products and services driving sustainability are a major trend. This opens doors for new business opportunities in almost every industry. For example, if you are an automotive company, you can move towards developing electric vehicles. Similarly, if you are working in the energy sector, you can consider replacing fossil fuels with renewable sources of energy such as solar energy, wind energy, tidal energy, and so on.
3. Lets You Track the Changing Market Dynamics
To thrive in today’s ever-evolving market, organizations need to gather and analyze technology trends to track changing market dynamics. Let’s say, the sales of a particular product are dropping. This is a warning that you need to step up your game to avoid profit losses. In such cases, a thorough trend analysis provides an evaluation of the situation to understand the reason for the product’s downfall and subsequently look for suitable alternatives.
We offer an AI-led Trend Intelligence solution that empowers you to make informed decisions in these critical scenarios. Using Big Data in combination with human expertise, we provide regular updates on recent developments through Trend Intelligence Reports and comprehensive Innovation Maps. Don’t forget to check it out!
And now, let’s hear from you — do you also think trend analysis drives innovation? If yes, how? Get in touch & let us know!