It was revealed recently that Tiffany & Co., a bauble company with a brand once so sought-after for a name had become synonymous with jewelry, has experienced a sales decline for the fourth quarter of the 2015 fiscal year. The problem: the brand’s products don’t appeal to the millennial and teen generation of today, according to an article by Business Insider. It doesn’t fit well with the trends of the younger generation.
This is an example of how market trends can affect a business, regardless of size. It’s important for businesses, to keep up with trends because it can mean the difference between a successful venture and a failure. This is especially relevant with small businesses.
Keeping up with—and more importantly, adapting to—trends in your market is necessary in business for the following:
- It dictates decisions you need to make for future endeavors. To know what directions, you need to take your company in, you need to know what people need or want. Otherwise, to the consumer you are obsolete. The “next big thing” is what is going to decide how to move forward with marketing, production, and creation.
- It gives you an edge over your competitors. No matter what business you are in, there will always be a competition. Knowing ahead of time what your consumers are looking for will give you an edge over businesses that don’t keep up with trends.
It doesn’t matter how long you have been in business, or how relevant you are at any period of time; if you’re unable to keep up with what is trending, you won’t find long-term success. Realize the value of trending in the business world, because that is what will keep you on the map.