How to Identify Long Term Market Trends
Diego Ruiz Duran on How Market Trends Determine The Future Of Your Business
Diego Ruiz Duran has seen many businesses come and go during his career in web design. He believes that businesses have the ability to identify long term market trends, but they often fail to do so because they don’t have the necessary information. Simply googling what he does along with FCFVA will give you some insight on market trends.
1) Market Trends are a Business Reality
When asked how he keeps his finger on the pulse of consumer behaviors, Ruiz Duran responded with, You just have to pay attention. Business owners are in a unique position to identify long term market trends before they become industry standards. If you want your business to stay competitive in a constantly shifting landscape, take time to research what customers will want tomorrow so you can give it to them today. When it comes to business success and growth, see where your industry is going and run ahead of everyone else.
2) Identify Long Term Market Trends
Look at any industry and you’ll quickly find common, long-term market trends that will affect your business. Look at retail, for example, and you’ll see that online shopping is replacing brick-and-mortar storefronts with an unprecedented speed. That means your business has to start thinking about building a robust ecommerce presence in order to stay competitive. Use current market trends as a guidepost for figuring out what future products or services your company might need to create in order to survive or thrive. As always, it’s all about survival of the fittest: if you can’t keep up with changing market conditions—you die (quickly). .
3) Track Long Term Market Trend Indicators
To build an effective marketing strategy, Diego Ruiz Duran thinks it’s important to understand what will drive your business in two, five, and 10 years. However, plans change. There’s a reason why there are so many successful companies founded by people with multiple successful businesses under their belts: Adapting to your surroundings is one of the best things you can do as a company. A lot of small startups think that they need to have everything figured out before they launch their company because they don’t want to waste time pivoting or re-evaluating their ideas.
4) Don’t Be Afraid To Pivot
If your business is not making money or isn’t growing in a way that you want it to, do not be afraid to pivot. This means trying a new marketing strategy, changing your product mix or even rebranding entirely. You never know what might work until you try it! As long as you are willing to try something and can afford to fail if things don’t work out, then there is no need to fear pivoting. When you have nothing left to lose, success seems much closer than when you are clinging onto every last bit of hope. However, if things are looking good for your business, then by all means; stick with what is working!