Understanding Parallel Trends and How to Profit from Them

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aying attention to trends within your business is an important way to increase your profit. If you’re not aware of parallel trends within your business, then it’s time to look into them. An example would be if your business is DIY (doing it yourself) re-purposing furniture, there might be a trend within the business of redoing garbage finds found on the street into usable furniture and decor. This would be a parallel trend. If you’ve kept ahead of your industry, you’ll be one of the first to jump on this new trend within your area of business.

How to Keep Ahead of Your Industry

Create a Google Alert

Using keywords, industry names, movers' and shakers' names, and so forth, create alerts that will come straight to your inbox that you can use to notice and then profit from parallel trends.

Search Social Networks

Social media networks such as Twitter are terrific for identifying trending articles and information within any given business or industry. Do regular keywords searches within your area of business.

Use Innovative Tools

Using tools like Think with Google and The Internet Time Machine to learn about trends in your industry. These types of tools can help you notice trends sooner.

Here are my favorites:
Think with Google - http://www.thinkwithgoogle.com/
The Internet Time Machine - http://www.theinternettimemachine.com/
Answer The Public - https://answerthepublic.com/

Read Industry News

If you subscribe to industry blogs, newspapers and magazines, and observe the people within your area of business, then you’ll be able to see trends in advance of your customers and audience.

Poll Your Audience

What does your customers and audience want to know more about? Often, this is a great way to identify a parallel trend from which you can profit. Who better to help you identify parallel trends than the audience themselves?

How to Make Money and Profit

Once you identify a parallel trend within your business, then you need to use the information you know to increase your profit. Using the example above of DIYing garbage to usable furniture and décor, once the idea is identified you will:

  • Write blog posts about it – Where to find the garbage; what online sources to join to get free items to DIY, such as Freecycle.org, or Facebook groups devoted to giving away items.
  • Photograph examples – Do some DIYs from garbage yourself and take pictures of the process.
  • Teach others how to do it – Create lessons about how to DIY different types of potential garbage finds. Describe what makes good garbage finds to DIY.
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    Create plans to sell – Draw plans of every garbage DIY that you create.
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    Make videos of the process – Make videos of the entire process.
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    Curate other people’s work – Show examples of what others are doing.
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    Sell a how-to eBook – Combine everything into an eBook to sell.
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    Etc

Having identified the trends, go out and market them as much as you can. Since it is a trend, more people will be doing Google Searches for the trend because they’re going to see it everywhere. If you’re not writing about it, making products to help with it, and educating your audience about it, you’re missing out on huge profit potentials - not only in new products or services you can develop based off the parallel trend, but your regular products and services too.

About the Author Rich Thurman

Rich Thurman’s passion is helping small businesses realize their full potential. With twenty years of real world experience in both small and large business, Rich has worked for and with both global industry leaders and small-town family-run storefronts.

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