How to track trends in your industry (and why you should)

As a small business owner, it’s important to strike a balance between staying focused on the goal ahead of you while also remaining agile in order to stay ahead of the competition. One way to do this is by tracking trends in your industry. This helps you to predict the future of your market share and also shift your focus to meet consumer needs.

Discover three simple ways you can start tracking industry trends to one-up your competitors.

Get to Know Google

Google has several different tools available to help you identify new trends that are relevant to your business. If you do any search engine optimization, or SEO, you may have already found top keywords through Google Ads. However, you can also set up a Google Alert to get regular emails with brief summaries of news articles on specified search topics. Google Trends is a tool you can use to gauge the interest level of a particular keyword. Thinking about launching a new product? First, track its popularity over time to determine whether or not it’s on the upswing.

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Read Industry Publications

Depending on your industry, these can be expensive—but worth it. Billionaire Mark Cuban is known for saying, “Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world.” A great way to do this is by reading research and reports that impact your business. Also look at key influencers in your area, including those on social media and podcast presenters. It’s also vital to stay on top of what your competitors are doing.

Remember to Network

Running a small business can certainly keep you busy, but don’t forget to get out and meet people in your industry. Networking events, trade shows, and conferences are all excellent ways to get your company name out there while also soaking in upcoming trends. These outlets can also be inspiring to think of new creative ideas that could take your business to the next level.

Whether you want to grow your company or simply maintain the status quo, you can’t do either without tracking industry trends. Change is inevitable, and technology is only making it happen faster every single day. Choose to be a leader in your field, even if it takes a bit of working capital to make it happen. Once you do, you’ll prove to your customers that you’re the go-to place for everything related to your industry.