We live in a world filled with ever-changing consumer trends and fads. With tastes moving faster than before, it can be hard to keep up, especially if you are looking at creating a start-up based on the current popular fields in the industry. However, it is not impossible, and many new businesses thrive off new trends. So, how can we build a successful business based on novelty items that could go out of fashion at any moment?
- Research the trend
If you’re looking into creating a business based around a trend, the chances are you have an idea about the product you’re looking to market. From here, you should research your potential competitors and make a note of how they operate – giving special attention to the aspects that you feel you could do better. Ask yourself the questions: How long have they been operating? What is their current selling price? How long has it been since the trend came into fashion?
This is relevant for products where their will always inevitably be an end date; such as the merchandise created for events such as the Olympics, Music Tours, and the World Cup. Eventually, all will end and then the consumer will move onto the next edition, or a new trend. From this, you can gage how much time to spend on the trend and govern the resources you use.
- Reviewing your trend target market
In order to get the most out of your business, you should find the target market and monitor their consumer behaviour. For example, if you’re looking at a trend like “fidget-spinners” you’ll be aware that the target market is going to be children and office workers. You’d then look at various methods as to how you will get the message across to them about the new product. In this case, TV advertisements and internet ads would be a great idea. For product trends such as “glitter makeup”, teenagers and young adults would be the main target market, especially during the summer when there’s an increased need for festival glitter. Reviewing your market is a vital part of getting your product to reach these audiences.
- Entering the market
As fads usually have a short lifespan, you’ll need to gain access to the market quickly. Too much time taken in the planning process could result in the consumer moving on to the next trend without the opportunity of seeing your product. For such a monumental task, it is essential you have the right backing behind you. Raising capital before you embark on your journey is crucial to ensure you can purchase the raw materials and invest in marketing methods. The best way to enter the market quickly and efficiently is to prepare a marketing plan, largely based on the way in which your competitors entered the market. You should have this information from your research into the trends.
- Raising awareness
Perhaps one of the most important elements of remaining relevant in a fast-paced industry is raising awareness of the product you’re trying to sell. It would be pointless creating a fantastic product if the consumers never get to see it. Raising awareness through social media can be a key way to get your product seen, sites such as Facebook and Instagram are still very much relevant when it comes to marketing.
- Keep up the good work
The climb to the top has never been easy, and so you should be prepared to work fast. This could mean early mornings and late nights. Time is never going to be on your side if you’re trying to infiltrate a market full of fad trends, so having a strong worth ethic is crucial if you want your business to succeed.
- In the long run
Depending on the trend and its relevance, you may be fortunate enough that it stays around for a while. Cosmetic surgeons have experienced a sharp increase in consumers looking for lip injections – a trend started on social media that has in fact proved it is here to stay. If your product was always designed with a short lifespan, then expecting longevity isn’t realistic. A sign of a great business is adaptability, so using your initiative to think of fresh ideas to shake up the market once again will ensure your company doesn’t get lost.