Whether your industry changes often or is a little slower, industry trends need to be monitored to make sure your company stays competitive.It can be difficult monitoring trends because often information comes to you in abstract ways. It is up to your intuition to pinpoint a trend so your company can benefit at the right time.
However, there are some things you can do to make trend- monitoring a lot easier. You can check industry prediction resources either online or in print for other people’s insights. Keep in mind that this doesn’t mean the predictions are accurate. Though, most of these people make a living offering predictions so the likelihood that they will be accurate is greater. Check on both the local level and both the national and international levels.
It also helps to understand which factors can affect the trends. Things such as real estate, the economy, and the gas prices can all affect your industry. Make a list of all the factors and be sure to monitor them regularly.
Competitive Intelligence