As a former consultant in Sanger, California, Robert K Taylor understands business trends. From critical thinking to motivation, his unique understanding of the business world and its trends is valued by many.
What’s The Difference Between A Trend And A Fad?
Staying current is more vital than ever for businesses in any industry. Since online marketing has become one of the strongest ways to predict a business’s success, search engine optimization is key. Robert K Taylor believes that staying on top of new trends is one way to stay relevant in a fast-paced world.
Both a fad and a trend are newly popular ideas, services, or products that significantly influence a community. While they both appear quickly, one is more valuable than the other.
Understanding a Fad
A fad is a short-term event that becomes popular but fizzles out soon after. It is often popular in one industry and rarely crosses the line into other business markets. Fads often describe specific fashion that is no longer worn, such as parachute pants. A style can also be considered a fad. The backward baseball hat capitalizes on how something is used rather than the individual product or service.
The ability to capitalize on fads is achievable. When it comes to investing in a popular business, fads have the potential to gain a significant amount of income. However, since fads are short-lived, it is very hard to tell when to invest and withdraw.
Understanding a Trend
Trends are slightly different. A trend signifies a long-term development in the way people are behaving. According to Robert K Taylor, trends mark a change in human perception. Because of this mentality, trends are not short-lived and can lead to the long-term formation of something new.
Paying attention to new trends is always wise in business. Even if a company or industry decides not to adapt to a trend, researching will help businesses stay current.
Why Businesses Keep Track Of New Trends
Entrepreneurs who immerse themselves within their industry have a higher likelihood of success. By following significant trends, a specific pattern can be tracked for long-term growth. If people react similarly to one type of trend, predicting one for the future becomes easier.
Forecasting future trends by following current trends will help entrepreneurs become better leaders. While it may feel counter-intuitive to pursue another business’s idea, understanding their market and target audience creates a competitive advantage. Through research, business leaders can manufacture new ideas that can shape how the market is handled.
Understanding the competition is crucial. Robert K Taylor has found competition to be a positive force for business because of its ability to motivate individuals. A business that is stagnating will not gravitate toward change unless it’s necessary. Seeing others in the same industry move forward is a way to gain momentum and push harder through a comfortable but not necessarily productive period.
The Impact Of Trends
Trends tend to happen in segmented age groups. These generational shifts impact not only the current business market but the future as well. The potential for a trend becoming a lifestyle depends on how popular it is and its demographics.
Currently, Americans over 65 make up 20 percent of the United States. Since the baby boomer generation is a large demographic, new trends may surface for this age group. The number of people, however, is not the only statistic that counts. Smaller demographics that include wealthier individuals may still play a key role in the emerging trends.
Trends that follow generations impact businesses on both a social and financial level. Financially, specific products that may be more or less expensive to produce can affect the bottom line. Financial markets and the overall economy can also hurt businesses.
The social impact of trends can affect how business is conducted. In newer generations, sexism and equality roles have changed. This can greatly impact offices that are not aware of new and popular policies. Mental health awareness has also affected business. Both of these trends are not likely to disappear anytime soon and are therefore not considered fads.
Privacy trends change frequently and depend on technology and new software. These terms and conditions directly impact how information is stored and distributed to and from businesses.
Many people do not trust their electronic devices. Due to global hacks and video editing and data sharing, and murky surveillance laws, individuals are increasingly concerned about their data and privacy. Cyber insurance has become a new trend to help customers gain trust in more companies.
Technology trends that are simplifying devices are also popular. Transparent data management is one trend that is rising across generational lines.
Discover New Opportunities
New trends are a way to discover new products and services, but there are other possibilities. Networking is especially critical when new trends are circling an industry.
Networking events are technically available everywhere. Business leaders can network on an elevator or at a newsstand without any formalities necessary. Professional networking events, however, may grow stale after several months of the same people. A popular trend has a way of bolstering enthusiasm to generate new ideas and form connections.
Working with other business professionals in the industry helps both parties involved. Industry talk that generates ideas can form partners and mutual growth for the future.