What's your strategy for picking the perfect market trend for your research?

1 Define your objectives

Before you dive into the data, you need to have a clear idea of what you want to achieve with your market trend research. What are the questions you want to answer, the problems you want to solve, or the opportunities you want to explore? How will the results of your research help you make better decisions, improve your products or services, or create value for your customers? Having specific, measurable, achievable, relevant, and time-bound (SMART) objectives will guide you in choosing the most suitable market trend for your research.

2 Scan the environment

The next step is to scan the external and internal environment for any signals, indicators, or drivers of market trends. You can use various sources and methods to collect and organize information, such as PESTLE analysis, SWOT analysis, Porter's five forces, competitor analysis, customer feedback, industry reports, media outlets, social media platforms, online forums, blogs, podcasts, webinars, and more. The key is to look for patterns, changes, gaps, or emerging issues that might affect your industry, niche, or audience in the short, medium, or long term.

3 Evaluate the potential

Once you have identified some possible market trends, you need to evaluate their potential impact, feasibility, and suitability for your research objectives. You can use criteria such as relevance, size, growth, profitability, sustainability, uniqueness, compatibility, and risk to rank and compare the market trends. You can also use tools such as trend maps, matrices, curves, or scenarios to visualize and analyze the market trends. The goal is to select the market trend that offers the most value, opportunity, and advantage for your research.

4 Validate the evidence

The final step is to validate the evidence and assumptions behind the market trend you have chosen. You need to verify that the market trend is real, reliable, and consistent with the data and information you have collected. You also need to test that the market trend is aligned with your research objectives and meets the expectations and needs of your customers. You can use methods such as surveys, interviews, focus groups, experiments, or case studies to gather feedback, insights, and opinions from your target market and stakeholders.

By following these steps, you can develop a strategy for picking the perfect market trend for your research. Remember that market trends are dynamic and evolving, so you need to monitor and update your research regularly to keep up with the changes and challenges in the market.

5 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?