Big brands stay on top because they are able to anticipate upcoming trends in the marketplace.
An article by CNNMoney reported that Netflix CEO Reed Hastings’ main fear was that his company would “get slow and stodgy.” In recent years the once mail-based company has emerged as one of the largest providers of on-demand internet-streamed video content in the United States.
Hastings and his team have done well since Netflix’s founding in 1997 by anticipating how the trends of technology and the changes in consumer demand would affect the growth of their business. Adapting to the ebb and flow of the marketplace is difficult, but it can be done.
Successful companies thoroughly know their customers. Correct anticipation happens by communicating with them and understanding how your products affect their lives. Be open to suggestions while staying true to your company’s mission. Keeping an open dialogue with your clients may give you all the information you need to know about when to take the next step.
Identify key areas in your industry that are growing and watch them. Industry-based organizations, publications, and social media outlets help you keep an eye on what is going on in your field. Consistently offer improvements that enhance your clients’ experience.
Stay engaged with your audience and industry. The more knowledge you gain about your subject matter, the more likely you are able to spot future trends. Like in fashion, trends in all industries have a tendency to repeat themselves. The more you know about the history of your industry, the more likely you will be able to spot trends in the future when they reemerge.