How do you leverage industry trends to create competitive advantages and opportunities?

Definitely, the most important thing to do is keep up with daily information regarding the industry that you are working on, including the changes of trends local and international. Most of the time what is happening in another country, soon or later will be happening locally.

From my experience, I employ AI and Trend Reports to pinpoint emerging patterns, consumer preferences, and technological advancements. Additionally, I pay close attention to Chinese customer needs and market demands since they often set the pace. After grasping macro trends, I delve into specific micro trends within my niche. That works a lot for me. Once again, as I always say: you must keep in touch with important people from the industry. So I try to 'have a coffe' with CEOs and directors, so that make me have a good view of the running way...

To identify the key trends of your industry or category, you have to start from society level to consumer level to category level. Society level: So start analyzing the changing Zeitgeist, what are the changes in mentality, in values of our society. Consumer level: Then you translate the Zeitgeist shift to consumer / customer trends. Based on the new Zeitgeist, which consumer needs become more dominant? Category level: Translate the consumer trens into category trends. What does the rising consumer trends mean for your industry or category? Also scout inspiring examples, in different categories, to illustrates the trends, on these 3 levels.

One of the pitfalls fashion brands often fall into, especially in the startup space, is jumping on board a trend without considering how it impacts brand message & positioning. Given the need for sales (& cash) it can be tempting to add in product to fit a current trend, even though it is in contract to the brands aesthetic. Of course, fashion is an industry built on trends & most brands offer an interpretation of key trends within their ranges. Interpretation is the key word though. Interpretation through the unique aesthetic of that individual brand. Otherwise the message becomes diluted, market positioning is lost, customers are confused & their drive to shop from that brand is diminished. Staying true to a unique point of view is key!

Successful trend driven innovation starts with your brand. Otherwise you will have a nice trend driven innovation, but it will not build your brand and it will not be distinctive. For example the trend of sensorial pleasure (which has been dominant the last decade)is relevant for consumers, but the way you translate it to innovation (product, service, experience) and communication, will depend on your brand identity, on your BrandDNA. So sensorial pleasure will be different executed by Rituals than by Lush. This will make your innovation distinctive and will build your Brand position. So to be successful, your innovation should always be trend & brand driven!

Innovation is not a Hocus Pocus but a Focus Pocus process. Off course it is a creative Pocus process, of making new combinations. But you need also Focus to create relevant innovation. Relevant for consumers by the Trend Focus and relevant for your brand by the Brand Focus.

I would like to add the following: ? Desirability That stands for What is the unique value proposition? Do people want or need this product? Does this make sense for them? ? Feasibility that is concerned about it functional in the future? Is it working? ? Viability questions will be What is the cost? What the customer will pay for it? These are important consideration that should be analyzed, discussed and validate before considering the Trend changes.