How can you align trend forecasts with emerging technologies?

1 Identify key drivers

The first step is to identify the key drivers that are shaping the trends and technologies in your domain. These can be social, economic, environmental, political, or cultural factors that influence customer behavior and expectations. For example, if you are developing a product for the health and wellness sector, you might want to consider how the pandemic, the aging population, the rise of telemedicine, and the growing awareness of mental health are affecting the demand and supply of health-related products and services.

2 Scan the horizon

The next step is to scan the horizon for emerging technologies that are relevant to your product development goals. You can use various sources, such as industry reports, academic journals, online platforms, media outlets, and expert opinions, to find out what technologies are being developed, tested, or adopted in your field. For example, if you are developing a product for the education sector, you might want to explore how artificial intelligence, virtual reality, gamification, and blockchain are transforming the learning experience and outcomes.

3 Evaluate the impact

The third step is to evaluate the impact of the trends and technologies on your product development process and outcome. You can use various tools, such as SWOT analysis, PEST analysis, scenario planning, and customer journey mapping, to assess how the trends and technologies affect your product's strengths, weaknesses, opportunities, and threats, as well as how they influence your customer's needs, pain points, and satisfaction. For example, if you are developing a product for the travel sector, you might want to analyze how the trends and technologies affect your product's value proposition, differentiation, scalability, and sustainability, as well as how they shape your customer's travel motivations, preferences, and behaviors.

4 Align your vision

The fourth step is to align your vision with the trends and technologies that are most relevant and beneficial for your product development. You can use various methods, such as brainstorming, prototyping, testing, and feedback, to generate, refine, and validate your product idea based on the trend and technology insights. For example, if you are developing a product for the entertainment sector, you might want to create, iterate, and evaluate your product concept based on the trends and technologies that enhance your customer's entertainment experience and engagement.

5 Monitor and adapt

The final step is to monitor and adapt your product development strategy based on the changes and developments in the trends and technologies. You can use various metrics, such as market share, customer satisfaction, retention, and loyalty, to measure your product's performance and success. You can also use various channels, such as surveys, interviews, reviews, and social media, to collect customer feedback and suggestions. Based on the data and insights, you can adjust your product features, functions, and benefits to meet the changing customer needs and expectations, as well as to leverage the emerging technologies and opportunities. For example, if you are developing a product for the fashion sector, you might want to update your product design, style, and functionality based on the latest fashion trends and technologies that appeal to your customer segment and niche.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?