{"id":42691,"date":"2022-05-18T10:59:25","date_gmt":"2022-05-18T14:59:25","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=42691"},"modified":"2022-05-18T11:02:14","modified_gmt":"2022-05-18T15:02:14","slug":"what-is-trendspotting","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/what-is-trendspotting\/","title":{"rendered":"What is Trendspotting?"},"content":{"rendered":"

\"What<\/p>\n

Every day there seems to be a new buzzword flying around the marketing world. Today\u2019s focus? Trendspotting. Trends can take on many forms: there are fashion trends, trends that relate to movement or direction (\u201can upward trend in sales\u201d), or trends as they relate to social media (\u201cwhat\u2019s trending on Twitter?\u201d). Trendspotting<\/a> essentially relates to all forms of the word itself and is essentially the identification of new trends.<\/p>\n

Business owners\u2014and marketing types in particular\u2014need to be effective trendspotters in order to keep their business ahead of the competition. Consumers tend to lean on the stores they shop in and the restaurants they frequent to help them identify what\u2019s in style, whether it\u2019s clothing and accessories or cocktails and appetizers. Trends are ever-evolving, which makes it all the more critical to stay on top of them\u2014it also makes it all the more difficult to keep up with. Businesses that are able to identify and adopt new trends are also the ones that will see the most growth. In addition to spotting an upcoming trend, business owners also need to be able to spot things that have trend potential. <\/em>As they say on Sproutsocial<\/a>, \u201cthe ability to identify trends represents a significant competitive advantage versus companies playing catch-up.\u201d <\/em><\/p>\n

So how does a business owner acquire this trendspotting skillset? There\u2019s really one main action: pay attention<\/strong>. Not just to what\u2019s happening in your own industry, but in the small business industry as a whole. You should be able to see behavior patterns in customers and have a unique understanding of economic and environmental shifts and their impacts on consumerism. In short, you must have an idea of how customers react to changing trends\u2014how do they reevaluate their spending habits or preferences in the face of ever-evolving trends? If you have these abilities (and practice makes perfect!), you\u2019ll eventually be able to predict trends on your own.<\/p>\n

You should also always talk to your customers<\/strong>. They\u2019re the heart of your business anyway, so what types of things are they looking forward to? What do they expect from your business?<\/p>\n

Additionally, make sure you\u2019re keeping an eye on what your competitors are doing. You don\u2019t want to turn yourself into a relentless spy, rather monitor the types of campaigns they are sending out and their progress. Compare and contrast your marketing methods.<\/p>\n

Rest assured that trendspotting is never easy. There\u2019s definitely a huge benefit to getting in on the ground floor of a trend, but there are always risks involved. Going after a trend is an investment\u2014in time, money, and resources. You\u2019ll definitely want to do a cost-benefit exercise to make sure you\u2019re dedicating your business to the trends that make the most sense.<\/p>\n

For the latest news and advice on everything small business, make sure to stop by the Financial Pantry<\/a>\u2014ARF Financial\u2019s blog that covers marketing ideas, finance questions, and more. If you\u2019re looking into securing a small business loan, we\u2019re also your one-stop shop for seamless access to just the capital you need. Whether you\u2019re looking to revamp your storefront, invest in a new property, or hire additional staff, we\u2019ve got just the loan product for you\u2014and the expert partners to work with you through the entire process. Take a look through our testimonials<\/a> and see why so many business owners nationwide turn to ARF Financial!<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Every day there seems to be a new buzzword flying…<\/p>\n","protected":false},"author":5,"featured_media":42692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,128,112,698],"tags":[398,402,400,399,443,386,578,535,220,213,345,116,173,536,117,597,594,516,401,224,222,172,226,142],"class_list":{"0":"post-42691","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-financing","8":"category-day-to-day-business-operations","9":"category-marketing","10":"category-small-business-financing","11":"tag-affordable-business-loans","12":"tag-affordable-small-business-growth","13":"tag-business-expansion","14":"tag-business-growth","15":"tag-business-line-of-credit","16":"tag-business-loans","17":"tag-covid-19-pandemic","18":"tag-equipment-leasing","19":"tag-flex-pay-loans","20":"tag-line-of-credit","21":"tag-restaurant-expansion","22":"tag-restaurant-financing","23":"tag-restaurant-funding","24":"tag-restaurant-leasing","25":"tag-restaurant-loans","26":"tag-restaurant-reopening","27":"tag-restaurant-reopneing","28":"tag-restaurant-trends","29":"tag-small-business-expansion","30":"tag-small-business-financing","31":"tag-small-business-funding","32":"tag-small-business-growth","33":"tag-small-business-loans","34":"tag-working-capital"},"acf":[],"yoast_head":"\nWhat is Trendspotting? 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