The Trend Whisperer: Mastering the Art of Spotting What's Next

In order to achieve sustainable growth and meet the evolving needs of customers, it is crucial to identify emerging trends in the business landscape. By keeping a pulse on the latest market developments, you can gain valuable insights into what your customers are looking for and tailor your offerings accordingly. This includes understanding their unique requirements and preferences, as well as anticipating their future needs.

Once you have a clear understanding of your customers' needs, you can take a number of steps to ensure that your business is positioned for success. For example, you can develop high-quality products that meet their specific demands, design marketing campaigns that resonate with their interests and values, and create clear and effective communication channels that allow you to stay connected with them on an ongoing basis.

Staying attuned to trends and customer needs, you can attract and retain loyal customers who are eager to engage with your business and help drive its success over the long term.

To identify trends in a market, it is important to conduct thorough research by speaking to customers and stakeholders. Becoming a subject matter expert in your field can help you execute plans and stay ahead of the competition. With the internet and other resources readily available, it has become easier to identify emerging trends in various industries. For instance, Mr Entrepreneur noticed that India is a milk-loving nation, and people here have a strong affinity for milk and milk products. This led to his discovery that milk-based start-ups have significant growth potential, and he saw several of them grow rapidly. He noticed this trend when he spotted a milk packet hanging on the handle of a door with a code number on it, which led him to realize that people today are buying milk online because they don't have time to stand in queues or visit physical stores. He also observed that more and more people are opting to order groceries online rather than buying them from stores. However, it is important to note that establishing a business model by learning from one or two customers and moving ahead with a trend are two different things. Therefore, it is crucial to conduct extensive research and gather enough data before making any business decisions.

The process of identifying and adapting to the changing trends is crucial for any business to survive and thrive in the long run. In the case of OYO, there were three significant ways in which they accomplished this goal.

Firstly, when OYO was launched, the founder believed that most of the customers would come through telephone and walk-ins. However, after closely observing the usage of mobile apps like Ola and others, he realized that the demand for such apps is rapidly increasing in the market. Consequently, he changed the business model and made the mobile app the primary source of business. This strategic shift proved to be instrumental in the growth and success of OYO in the long run.

Secondly, in the early days, small and medium businesses wanted OYO's sales team to interact with them and provide services to their employees. Initially, one or two sales agents were hired to cater to this demand. However, as the demand grew, a dedicated team was formed for corporate and small & medium businesses. This team has since then associated 6,000 such businesses with OYO, which has contributed significantly to its success in the market.

Lastly, the founder of OYO suggests that if you notice a trend of grocery businesses moving towards delivery, then you should also consider adopting a similar strategy. This implies that you don't necessarily have to hire people to sit in stores, instead, you can hire people who would go out and deliver your products. Moreover, it is not essential to take a lease on a high street, which can be quite expensive. Instead, you can opt for a low street location, as customers are more interested in the delivery service rather than the physical store itself.

By being mindful of these trends and adapting to them, businesses can stay relevant and competitive in the market.

Team from the local area

It is always a good practice to recruit a team of delivery agents from the local area. This is because they are well-acquainted with the area and can navigate through the locality with ease. Additionally, they are more likely to be aware of the shortest and quickest routes to reach the destination. By hiring local talent, businesses can ensure that their customers receive prompt and efficient service. This can be particularly beneficial during delivery, as customers often find it challenging to guide delivery agents to their precise location. A local team can quickly identify the location and deliver the package without any delay.

Research & Implementation to Attract Customers

As a business owner or marketer, it is crucial to keep a check on the latest trends and conduct research to understand what customers are liking and create innovative products or services that can go viral in the market. Staying updated with the latest trends can help you stay ahead of the competition and attract more customers.

For instance, let's take the example of a cosmetics company that created a viral advertisement for their well-known product, Fogg deodorant. The ad featured the dialogue "Fogg Chal Raha hai" which caught the attention of the masses. When asked about the idea behind the ad, Mr Patel, the man behind the campaign, revealed that during his research, he noticed a trend where store owners would say "Fogg Chal Raha hai" when asked about the popular products. He seized this opportunity and turned it into a viral ad campaign, resulting in the rapid growth of the business.

Therefore, keeping an eye out for trends and constantly checking what's new and famous in the market is crucial. There are three ways to notice trends: by interacting with the eco-system and customers, talking to your team, and using various tools such as tracking other websites, learning from competitors, and using Google Trends.

Google Trends is an excellent tool to track the most searched keywords and topics in a particular country or state. For instance, if you want to know which product or service is being searched the most during COVID, you can use Google Trends to conduct your research. You can also use it to track the popularity of specific keywords over time, helping you identify the latest trends.

Let's say you want to research board games, and you choose the country and a 12-month time period on Google Trends. You'll notice that the orders for board games have increased 100 times, and the graph has gone higher. On the other hand, if you search for gyms, you'll see that the searches have gone down, while the graph of fitness has gone higher. This information can help you make informed decisions about your business and add new services or products to your offerings.

In finding, keeping a check on the latest trends is essential for any business owner or marketer looking to attract more customers and stay ahead of the competition. By using the right tools and staying updated with the latest trends, you can create innovative products or services that resonate with your customers and help grow your business.

During the course of learning, I have come to understand some important aspects that can help in achieving success. The first and foremost being the ability to identify trends. It is important to keep an eye on the latest trends in the market, be it related to technology or any other domain. By doing so, one can stay ahead of the competition and make informed decisions.

Another significant aspect is the usage of technology. With advancements happening every day, it is essential to stay updated and incorporate technology in our work processes. It not only makes the work efficient but also saves time and money.

Working in a team is also a crucial factor that can lead to success. Collaborating and working together towards a common goal can help in achieving results faster and in a better way. It also helps in sharing knowledge, skills, and ideas, which can lead to better outcomes.

Learning from mistakes is another important aspect that I have come to understand. It is okay to make mistakes as long as we learn from them and do not repeat them. Analyzing the errors and working towards correcting them can help in avoiding similar mistakes in the future.

Google trends can be an excellent tool to understand the customer's pulse. By analyzing the favourite words and the search volume of words related to a particular product or service, one can gather insights on the customer's preferences and expectations.

In conclusion, the learnings have taught me some valuable lessons, which can help in achieving success. These include identifying trends, incorporating technology, working in a team, learning from mistakes, and understanding the customer's pulse through tools like Google trends.