You're navigating the franchising industry. How do you spot emerging consumer trends?
In the fast-paced franchising industry, identifying emerging consumer trends is crucial for growth. Here’s how to stay ahead of the curve:
- Analyze market data regularly to spot shifts in consumer behavior and preferences.
- Engage with your customers directly to understand their evolving needs and desires.
- Monitor competitors and related industries for innovative practices that are gaining traction.
How do you keep your franchise at the forefront of consumer trends?
You're navigating the franchising industry. How do you spot emerging consumer trends?
In the fast-paced franchising industry, identifying emerging consumer trends is crucial for growth. Here’s how to stay ahead of the curve:
- Analyze market data regularly to spot shifts in consumer behavior and preferences.
- Engage with your customers directly to understand their evolving needs and desires.
- Monitor competitors and related industries for innovative practices that are gaining traction.
How do you keep your franchise at the forefront of consumer trends?
-
what i have found most useful is to create product sessions and product feedback flow from the franchisees themselves. There are normally key product opinion leaders within your chain and their input is the most useful, efficient and practical as they already have a brand understanding and necessary sensitivity.
-
AI is a fantastic source; set Google alerts, read IFA-related content, and follow industry thought leaders. There is so much content available online that it is impossible to keep up with trends.
-
To catch new trends in franchising, analyze your sales, listen to customer feedback, and read market reports. Watch social media for what's popular, check out competitors, and attend industry trade shows. Also, keep an eye on economic and demographic changes, and trust your instincts, if you really feel its going to be hot , then go for it .
-
Flexibilidade e Testes de Mercado Realizar testes de novos formatos, produtos ou serviços em ambientes controlados antes de uma expansão ampla, garantindo maior assertividade na adaptação às tendências.
-
Look at the generation before your current consumers. What are the buyers 5-10 years younger than your current audience doing/caring about/valuing? Solve for them and you'll solve for your growing consumer audience's trends.
Rate this article
More relevant reading
-
FranchisingYou’re a franchising professional. How can you adapt to new consumer trends?
-
Retail MarketingWhat are the best practices for developing a franchise marketing plan for a luxury brand?
-
FranchisingYou're overseeing a franchise with supply shortages. How can you ensure consistent inventory levels?
-
FranchisingWhat do you do if your franchising suppliers are not responding to your communication efforts?