Many successful small businesses were started by entrepreneurs with an ability to find growth sweet spots. They were able to take their insight and capitalize on it in a new and creative way. Businesses from Uber and Lyft to Airbnb and HomeAway are just some of the most recent examples of entrepreneurs benefiting from emerging trends.
But just because it’s been done before doesn’t mean it is easy to find more growth sweet spots and capitalize on them.
Smart entrepreneurs are always looking for an edge. They want to know how they can identify trends and how they can use that skill to build and grow a business. Fortunately, there are steps you can take develop this skill yourself.
What are consumer growth trends?
A new behavior. A new attitude or opinion. A new expectation. Any of these can form the basis of a consumer trend. Underneath our definition lies a model that juxtaposes multiple dimensions of external change against human nature, which, at its most fundamental, doesn’t change.
Basic needs such us status, creativity, self-improvement don’t change. The way we address these needs through new products and services changes and forms the basis of a new trend.
Can you give an example of a fundamental trend that doesn’t change? – The trend changes. Basic needs stay the same.
But it’s not enough to simply understand a trend. You want to know where and how trends will emerge and crucially, which opportunities they will present to you.
The fundamental growth elements
There are three fundamental elements that drive all trends:
- Basic Needs
- Drivers of Change
- Innovations