Why Entrepreneurs Need to Research Consumer Trends

As business owners and entrepreneurs, being aware of how consumer trends are impacted by individual actions is fundamental to building a company that can thrive.

Researching trends can reveal significant signs and psychological implications behind what makes customers make purchasing decisions.

If you are considering trying your hand at trend research, read on for an example of how a great trend can have both positive and negative results in trend identification.

It Won’t Matter If You Choose a Great Trend but Have a Defective Answer

Some keys to developing a successful product are to be aware of customer buying habits, addressing problems people are dealing with, and manufacturing products that provide answers, and then to test the product vigorously.

The Easy-Bake Oven began as an unquestionable sensation and is still the same to this day. However, after remodels in 2006, children were getting hurt and recalls began. The toy had caused children to somehow jam their fingers or hands in the hot openings, causing serious burns.

Customers were shocked at the disturbing 249 injuries that children had gotten from the toys in 2007, and Hasbro recalled nearly one million Easy-Bake Ovens. Consumers were primarily upset that it was a safety hazard, and it was doomed to be a failure.

Good trend, defective answer.

“There is little excuse for oversight in the manufacturing process. Consumers anticipate that the products they buy have gone through a safety inspection and won’t harm them,” stated Jason Hennessey, marketing consultant for a consumer help lawyer.

Despite the issues that can occur when a product is recalled, it doesn’t take competing products out of the running of being considered on trend.

Focus on Innovation, Even When a Trend Is at Risk

Look beneath the surface and recognize which preferences push trends and find a way to provide answers to the problems.

When considering how the example was a successful trend, it’s important to note that people were still buying the product, even though it had a bit of difficulty.

New manufacturers who were considering taking the trend even further also didn’t stop even though their audience was completely different than one in the first trend.

The Foodini was recently announced by Natural Machines, which is an electric food printer but uses natural ingredients so it actually encourages healthy eating. The concept uses the same technology as 3-D printing, but currently, it can only print the food. Future units will have the capability to cook the food completely.

Good trend, innovative answer.

Trends Don’t Have to Make Sense

It’s highly important for entrepreneurs to research trends, but when doing so they have to remember that trends don’t have to (and will rarely) make sense because human behavior is a factor.

Consumer behavior is constantly changing and can be predictable. For this reason, looking at common trends that may arise in your day-to-day life can inspire new product trends, and it may be wiser not to try and decide it.

Image: PEXELS

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Author
Founder of Tork Media; a combination of sites I own, a publishing company, and my rather large obsession with fitness (aka: Nanohydr8).

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