Trend Forecasting for Better Business
Ever heard of trend forecasting? It’s basically listening to the market, observing consumer behavior and studying data to predict what consumers will want, and what brands should be doing to serve the needs of a specific market or a broader cultural phenomenon. It helps you navigate changes in consumer behaviour and create opportunities for growth – despite any disruption and uncertainty.
We love trend forecasting, and this is something I’ve personally learned in my advertising agency life, with a myriad of tools and online search tricks and that I’ve carried with me in my entrepreneurship journey. It’s such an essential tool for building your offer suite, understanding your audience and catering your marketing messaging accordingly.
We’ve posted some key market trends to keep an eye out for on our Instagram over here, but today, we wanted to go even further and identify the key groups that will become our future consumer. Here are the 4 profiles that you will be serving in the near future, and how best to do that:
THE PREDICTORS: A warped sense of time, emotional fatigue and economic uncertainty have taken a toll on this cohort. The Predictors desire stability, security and can only deal with optimal interference.
Quick wins: auto-refill product offers, subscription-based services, pre-order options
THE NEW ROMANTICS: Increased workloads and a deep need to reconnect with their emotions fuel The New Romantics, a cohort that is redefining community collectives.
Quick wins: ritual-rooted moments, holistic wellness, mental health solutions
THE IMPOSSIBLES: Fueled by the anger of 2020 and lack of institutional and governmental assistance, this cohort looks to use technology and their peer groups to create a future where anything is possible.
Quick wins: transcultural products, community support, ethical action
THE CONDUCTORS: Multi-dimensional, multi-talented and always multi-tasking, The Conductors are taking on new challenges and demanding new experiences.
Quick wins: virtual gifting, peer-to-peer interaction, on-the-road experiences
“Despite being on lockdown for most of 2020, we learned we are occupying two spaces full-time: the physical home and the digital world. Brands and retailers must follow this lead. We’ve surpassed omni-channel and moved into omni-interaction – a streamlined approach to break down the silos between physical and digital commerce. If you don’t meet your customers where they are, someone else will ”Andrea Bell, Director of WGSN Insight
If you’re interested in more consumer trends, or you want us to work on a custom insights for your industry and your business, we’d be happy to! We’re always excited to dissect the needs of future consumers and understand where our industries are going, so we’d love to help. Send us an email at email@example.com.
main source for this article: WGSN