One of the major challenges of product marketing is knowing what direction to take with the product – what is missing in the current market? what customers are looking for? what will actually sell?
There are many ways to get answers to these questions. However, there is one great tool that will provide you with priceless information about where the market is headed, and that is Product Trend Analysis.
In this article we’ll talk about what is Trend Analysis, how it can help brand innovation and explore the tools that will give you the best Product Trend Analysis.
What is Product Trend Analysis?
Product Trend analysis is an analysis of past and current consumer data related to a single product in order to extract insights about future market shifts and directions.
Product trend insights is used in order to identify the main market traits and the buyer persona’s related to each trait. This data can then be utilized to form the overall product marketing strategy and brand innovation plan.
Market trends are heavily influenced by customers’ habits and behaviours. Performing market research and collecting customer experience data is a major part of analyzing and understanding how the market is reacting and what are the primary needs and wants of the consumers. This kind of data driven trend analysis will let you know what a brand has to do to stay ahead of the competition.
What are the Benefits of Analyzing Market Trends
Identifying market trends has some great advantages –
- Set data driven marketing goals: Setting and focusing on a specific goal will help you create a more effective marketing strategy. So, when designing innovative marketing strategies, knowing what will attract customers is key. Identifying and addressing market trends gives the needed insight to set goals and create better marketing plans.
- Shape future content: Market trends provides insight into which content worked with potential and current consumers. Knowing how and why previous content worked will help you create effective and exciting new content. Optimize your content by focusing on what attracted and motivated consumers and avoiding what didn’t.
- Improve efficiency: Creating high quality successful marketing is often expensive and time consuming. Wasting time on marketing content or strategy that isn’t working can be detrimental for a brand. Trend analysis identifies what worked in the market, making brand innovation and marketing more effective and improving resource allocation.
So what are the 3 tips for Product Trend Analysis (PTA)?
We’ve explained what is product market trend analysis and discussed its benefits. Now, let’s talk about the two major things you should achieve in your analysis –
- Listen to your Customers
When you conduct market trend analysis you have to consider the needs, wants, desires and interests of your consumers. In order to stay ahead of the game you need to stay tuned in to what customers are telling you. For example, you can use Social Listening to find out what customers are saying about products, services and brands, gaining a clue into what they liked or missed in the current market.
Market research and identifying product trends allows businesses to understand their customers. Information extracted from customer feedback helps brands optimize their product or service to fit consumer needs and behaviors, improvements that will lead to better sales and earnings.
- Watch your competition
One major thing you should look for when doing market trend analysis is what are your competitors doing and worked or failed for them. In order to stand out and maintain market advantage it is vital to know where your competition is positioned in the market and what trends are they reacting to. It can be achieved by simply monitoring their website or customer review. Collecting and analyzing Voice of the Customer input about your competition can iluminate market trends to consider in a brands innovation process.
- Don’t lose track of time
This tip has two aspects. First, When collecting and analyzing data, think about when the data is from. Market data is influenced by world events and passing fashions. It’s important to seek the most up to date data and not to automatically assume that what previously worked is easy or worth replicating. Second, don’t forget to check for market activity times, meaning the times consumers were the most active. This information will help determine the best time to launch a new product or post new content.
Where does Revuze comes in? Now!
Basing your product and market trend analysis on highly granular CX analysis provides a much wider and more accurate view of the consumer market.
Revuze developed the first self-training, low touch AI technology that collects and analyzes customer feedback automatically and serves valuable insights. This innovative Artificial intelligenceI technology collects data from a variety of sources, such as online reviews, social media monitoring, emails, surveys, call center data, and more.
Revuze’s Self learning algorithms scan and analyze the data, providing highly granular customer feedback that helps measure and determine future product trends. leare more about Revuze Explorer here.