Why do Consumer Trends matter?
Looking for a competitive advantage? Understanding and staying ahead of consumer trends could be your path to innovation success.
As Michael Solomon so eloquently put it, ‘…a brand that aligns with a dominant value stands a much better chance of success. Because companies often need substantial lead time to launch a new product or reposition an existing one, it’s crucial to track not just where consumers are, but where they’re going. That way you can be there to greet them when they arrive’.
We define a consumer trend as a ‘fundamental shift in consumer behaviour’ and differentiate it from a fad or a style type trend e.g. the latest colour on the cat walk.
How do you use consumer trends?
Knowing and understanding consumer trends, provides you with an ideation framework for both product innovation and marketing communications.
The first step is understanding the trends and then, identifying those that make sense for your brand to focus on.
However, most importantly, you want to be able to action these trends. Specifically, if you’re innovating or working on a major brand campaign, you want to ensure you’re acting upon and tapping in to the consumer trends that matter most.
What are the trends?
At Potentiate, we bring to light 8 consumer trends that brands need to be aware of.
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