Paying 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.
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.
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.
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.
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.
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?
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:
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.
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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