There’s no need to just guess at what’s next for the market you’re in.
Instead, carefully gathered data can take the guess work out of your future thinking.
Predictive trend spotting can now be used within businesses to understand what is next for them, and in our latest guide we explore a whole range of ways that businesses can keep track of future-telling indicators.
Here we’ll discuss how trend spotting will enable you to predict demand, manage crises, and understand how emerging trends can impact your industry. But, if you’re looking for more details, examples, and ways to predict trends, make sure you check out the guide itself.
Let’s take a look.
Predicting demand
Predicting demand has always been a challenge for companies of all kinds.
Without the right data, inventories can be left full to the brim or customers miss out when not enough of the product is ready to go on sale.
By gathering data from online sources, it becomes easier to predict the level of demand.
The general discussion around products can be dissected into positive sentiment and mentions which suggest an intention to purchase, which can be used to predict the levels of demand around a product.
With this data, you can map out how much demand there will be (even breaking things down by location), and plan accordingly.
As one example in the guide shows, demand for products to come back into stock is often more likely to be discussed on social media than in other forms of contact with brands.
It’s also important to look at other forms of online data, like search data, and to blend online data points with other sources to see which factors affect demand.
Check out our trend spotting guide for some great examples of this.
