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Thursday, May 26, 2022

Capitalize on a Growth Trend

Growth trends occur when increasing numbers of people indicate an interest in certain industries or activities. You can capitalize on such growth trends by offering a product or service related to the growing industry or activity.

Some Examples

1. There is a growth trend toward personal fitness and health. To capitalize on this trend, several firms are manufacturing physical fitness equipment, while others are offering various types of fitness classes. One company developed and now markets digital jogging meters which monitor a person’s heart rate while running.

2. A woman who manufactured facial cream for women expanded her marketing strategy to include men, capitalizing on men’s increasing interest in skin care.

3. Travel continues to be a growth industry. A local businesswoman took advantage of this by establishing a school for travel agents to help meet the demand for travel agency staff.

4. Increasing numbers of people are becoming interested in personal enrichment, growth and development. Many companies and individuals provide seminars, conferences, courses, books, consultation and retreats to meet the needs of this market.

How to Do It

1. Identify growth trends by: reading books and magazines on social and economic trends; talking to community trend-setters; asking librarians to name the current most popular books; observing growth trends in other areas or countries, especially the United States, particularly, California; observing the expansion of new retail specialty stores; attending speeches by society’s innovative leaders, members of think tanks, or market analysts, and asking frequent travellers for their impressions of growing trends or factors in other places that may affect directions of local society.

2. Make a list of growth trends and select those which interest you most. Consider how your knowledge, experience and abilities could help you to meet the demands of new market trends.

3. Select specific growth trends to study in depth. Find out the causes, main issues, effects on society, and future possibilities.

4. Watch for opportunities to introduce products or services that fit into a trend.

5. Talk with potential customers to find out whether they would purchase the product or service you want to offer.

Warren Davies is a business management consultant based in Woodland Hills.

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