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How do you stay ahead of trends in your industry?

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As an executive leader, you know how important it is to keep up with the changing demands and expectations of your customers, employees, and stakeholders. But how do you stay ahead of trends in your industry, especially when they are constantly evolving and disrupting the status quo? In this article, you will learn some practical strategies to help you anticipate, adapt, and innovate in a dynamic and competitive environment.

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Osarenren Igbinoba

Key Client Management | Business Development | Strategic Project Manager | Product Development & Innovation Enthusiast.
Simon Wright

15+ Years Transforming Ideas into Profitable Ventures: Your Growth Innovation Partner
Vaibhav Arora

Director Consulting @ KPMG GCC | Healthcare, Lifesciences, AI, Data

1 Scan the horizon

One of the first steps to staying ahead of trends is to scan the horizon for signals of change. This means looking beyond your immediate competitors and customers, and paying attention to the broader social, economic, technological, and environmental factors that could impact your industry. You can use tools such as PESTLE analysis, scenario planning, or SWOT analysis to identify the opportunities and threats that could emerge from these factors. By scanning the horizon, you can spot emerging trends before they become mainstream, and prepare your organization for different possible futures.

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2 Listen to your customers

Another key strategy to staying ahead of trends is to listen to your customers and understand their needs, preferences, and pain points. You can use various methods to collect feedback from your customers, such as surveys, interviews, focus groups, or social media. You can also use data analytics, customer segmentation, or persona creation to analyze and interpret the feedback and identify patterns and insights. By listening to your customers, you can anticipate their changing expectations and demands, and create products or services that solve their problems and delight them.

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Osarenren Igbinoba

Key Client Management | Business Development | Strategic Project Manager | Product Development & Innovation Enthusiast.
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Having a customer-centric business model cannot be overemphasized. The capability and intentionality to effectively and sustainably translate the voice, demands and needs of the customer into superior value offerings for the customer, is very critical to being not only succesful but ahead with industry trends. Doing this better than competition puts you in a position of leading industry trends.

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3 Learn from your competitors

A third strategy to staying ahead of trends is to learn from your competitors and benchmark your performance against them. You can use tools such as Porter's five forces analysis, competitor profiling, or market research to assess the strengths and weaknesses of your competitors, and identify their strategies, offerings, and innovations. You can also use tools such as mystery shopping, competitor analysis, or online reviews to evaluate the customer experience and satisfaction of your competitors. By learning from your competitors, you can identify the gaps and opportunities in the market, and differentiate yourself from them.

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4 Experiment and innovate

A fourth strategy to staying ahead of trends is to experiment and innovate with new ideas, products, or services. You can use tools such as design thinking, lean startup, or agile methodology to generate, test, and validate your assumptions and hypotheses. You can also use tools such as prototyping, MVP, or feedback loops to create and improve your solutions based on customer feedback. By experimenting and innovating, you can create value for your customers and stakeholders, and gain a competitive edge in the industry.

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Simon Wright

15+ Years Transforming Ideas into Profitable Ventures: Your Growth Innovation Partner
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One of the best ways is to get out of your comfort zone and actually use the new technology yourself. It's the best way to learn and understand where it could be used or how you could apply it to your own niche/business. Never stop learning.

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5 Foster a learning culture

A fifth strategy to staying ahead of trends is to foster a learning culture in your organization, where you and your employees are constantly learning, growing, and improving. You can use tools such as training, coaching, mentoring, or online courses to develop the skills and knowledge of your employees. You can also use tools such as feedback, recognition, incentives, or gamification to motivate and reward your employees for their learning efforts. By fostering a learning culture, you can build a resilient and adaptable workforce that can cope with change and embrace innovation.

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Vaibhav Arora

Director Consulting @ KPMG GCC | Healthcare, Lifesciences, AI, Data
(已编辑)
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For the success of any consulting team, it's critical to build a participative team culture. Members should feel empowered to question and challenge the output and thoughts of their colleagues and the entire team should welcome such interventions rather than feel threatened by their inputs. Each new certification, client appreciation and major milestone of a team member must be applauded as that automatically serves as a motivation to the rest. Consider yourself as having passed a test of leadership when the newest member feels emboldened to question or add to an initiative rather than nod in assent. (views expressed are personal)

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6 Collaborate and network

A sixth strategy to staying ahead of trends is to collaborate and network with other people and organizations that can help you achieve your goals and vision. You can use tools such as partnerships, alliances, or joint ventures to leverage the resources, capabilities, or expertise of other organizations. You can also use tools such as events, conferences, or social media to connect with other leaders, experts, or influencers in your industry or related fields. By collaborating and networking, you can access new ideas, insights, or opportunities that can enhance your performance and reputation.

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Vaibhav Arora

Director Consulting @ KPMG GCC | Healthcare, Lifesciences, AI, Data
(已编辑)
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Do not underestimate the need or value of internal networking. Large, matrixed transnational organizations are complex with many small pockets of activity that often don't do a great job of advertising their achievements. Remember the onus of reaching out is on you - you'd learn more and may just find that 'thing' you were looking for your next step.. (these are my personal views)

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7 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?

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How do you stay ahead of trends in your industry?

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3

4

5

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1 Scan the horizon

2 Listen to your customers

3 Learn from your competitors

4 Experiment and innovate

5 Foster a learning culture

6 Collaborate and network

7 Here’s what else to consider

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