Break the ice 🤔
Basic question. To be able to predict anything, it is essential to rely on a good monitoring system, wide enough to get a full view.
According to Marie Dollé from In Bed with Tech, to detect trends, two approaches must be combined:
- Data-driven: data is analyzed to highlight curves, weak signal constants that allow projections and predictions. ex. Google Trends defines how often a term is typed into the Google search engine.
- Powered by people: keep in mind that you can make data say anything; You have to plan for the brain that will analyze it. Someone therefore who necessarily has "market awareness", knowledge of the market, and sufficient expertise or curiosity to dig into a subject. A good analyst must be able to question his analysis, possibly his convictions, and therefore be able to compare his opinion, and call on experts when necessary.
The problem🕵🏻♂️
It is also important to know how to distinguish trends: an emerging trend or an exploding trend? The approach is not the same ... and so are the issues. A weak signal, or even an emerging trend, depends on the notion of a good time to market.
So, in order to invest in predicting trends, you might need:
- Valid sources
- A killer algorithm
- Lots of data to play with (quantitative and qualitative data)
- A data analyst that understands
- A content writer that will be able to share results in a clear way
The solution it provides💡
Back your digital or physical products intuitions with market data:
- Optimize product assortment & reuse retailer’s stocks and sells
- Forecast product quantities & ensure an effective production line
- Master product positioning with a clear analysis of your competitors