On the Lookout
Best practices to anticipate consumer behavior
By KIRAH BRADLEY | Contributing Writer
You don’t have to be psychic to anticipate what the next wave of consumer behavior will be.
But it’s important to understand that trends stem from the interest of emerging generations—so predicting the next big thing is not for the weary. While you’re making new products with expiring interest, the top retailers are doing their homework on future trends.
This is the brains of the operation. Thorough research reveals what consumers are demanding and expectating. These market details empower you to tailor your approach accordingly. When retailers study what consumers want, they discover what their competitors aren’t providing.
Competition is more beneficial than you might think. Your competitors do some of the work for you and your market research will identify their weaknesses, helping your brand to innovate on their behalf. Testing, however, is always required to ensure that your product is indeed an upgrade from your competitors.
Competitor research can actually be beneficial for
Getting feed back about your product before launch is critical, so be sure to sample your new product with a portion of your targeted population. As your focus groups interact with your product, they’ll acknowledge unmet needs and provide valuable insights. This step is so significant that Fortune 500 companies are spending 70% of their market research dollars on focus groups, according to the Marketing Research Association.
Anticipating the next wave of consumer behavior means being research-oriented. By finding the holes in the market, you can help make your next idea a trending product. In return, consumers will appreciate this solution-based approach.