Understand Market Trends
Understanding market trends, enables you to adapt to challenges and opportunities your business faces as well as those impacting your competitors and customers. For instance, with a fuller understanding of the market trends impacting customers, you can adapt your messaging to address their pain points. On the other hand, by understanding of challenges that lie ahead for you and your competitors, you can plan how to move forward – determining whether partners are needed, manufacturing capacity should increase, financial resources are sufficient, etc. – to address the challenges or opportunities ahead that will impact your strategy.
Technology, the economy, and political and social environment are just some of the factors impacting a business. To better understand the trends impacting your business and target customer, use primary and secondary resources to research market trends. The following list of secondary resources is intended as a starting point; it should not be construed as an exhaustive list.