Tracking Business Trends

Keep your finger on the market pulse to boost your bottom line
By Linda Formichelli, Freelance Writer You notice that everyone is wearing pink breast cancer ribbons, or that all the coffee shops are selling free-trade organic coffee, or that obesity has become an epidemic, or that lines in the airport are longer than ever. Don't just notice – capitalize! Every trend represents a new opportunity for you, so keeping on top of trends should be a part of your business. By tracking business trends, you can:

1. Create and tweak products and services to suit shifting tastes.
2. Reach emerging markets before they're over saturated with offerings similar to yours.
3. Create a marketing campaign that will resonate with new markets.

Ask Uncle Sam

If there's one thing the government is good at, it's churning out information - much of which you can use to pinpoint social, economic and business trends.
Try:  Every year the U.S. Bureau of the Census conducts nearly 100 surveys that supplement the decennial census. State Economic Development Agencies include information on local business trends; for example, New Hampshire's Department of Economic Development Web site has a "Forecast of Summer Visitor Season" that discusses what tourists do in the state. The Census Bureau's AmericanFactFinder website offers the American Community Survey -- an ongoing survey that provides data about your community every year.

Go back to the futurists

Futurists are professionals who predict trends in various areas. Many of them have Web sites, newsletters, and books full of emerging trends they're tracking.
Try:  The website of futurist Jim Carroll has free tips, a blog and articles, as well as books for sale. On Iconoculture's website, sign up for Iconowatch, the organization's weekly e-newsletter about consumer trends.

Keep up on industry news

No matter what your business, there are trade magazines for your industry -- and your target market's industry, if you sell business-to-business products and services. Trades offer business profiles, industry news, and trends that affect their readers. Own a pizza joint? Try Pizza Today. Run a print shop? Modern Reprographics is for you. Target Marketing is the preferred read of marketing professionals. Trade magazines are sometimes offered gratis to people in their target industry because they're supported by advertisers.
Try:  Find trade publications by industry at Eudora.Tradepub.com.

Follow the business news

Business news magazines, business Web sites, and newspapers dedicated to business topics abound. Scan through these to read about business trends.
Try:  Read magazines like Forbes, BusinessWeek, and Fast Company. Subscribe to the Wall Street Journal, either online or in dead-tree form. Hoovers offers access to news collected from 3,000 newspaper, press release, and industry journal sources; they also offer a 7-day free trial of their service.

Track press releases

Press releases give you the news before it hits -- well, the news. New products, research studies, and business start-ups are typically announced to the media through press releases. And you don't have to be a member of the press to get your hands on releases -- just know the sites where the press goes to find them.
Try:  PRWeb is a service that distributes press releases to the media, and you can also check out the latest releases by category on their site. Businesswire lets you access news by industry.

• Once you've identified an emerging market, figure out what products and services you can offer to it. For example, say you notice a growing French population in your area. If you own an ad agency, you can offer advertising that targets French speakers. If you own a materials handling company, investigate creating baguette management machines.
• Tweak your marketing to make your current offerings appealing to new markets you've uncovered.