4 ways to spot a worthwhile business trend - Xero & Tax Accountants Brisbane. Northern Business Consultants

4 ways to spot a worthwhile business trend

Five common mistakes startups make at tax time
July 13, 2017
Show all

Business trends come and go quickly, when investing it is important to verify if the idea will be able to stand the test of time. Here are four things to look for to evaluate if an idea is right for you and your business:

  1. It meets a basic need

When considering current trends it can be useful to think about it in terms of Maslow’s hierarchy of needs. Essentially this theory divides the elements of life into five categories in a pyramid structure, the base of the pyramid is comprised of fundamental components to human life such as: physiological and safety needs, as the pyramid advances the needs become more complex such as: belongingness and love, esteem and self-actualisation needs. When considering if a trend will be around for a long time you should consider how close to the bottom of this pyramid it is and if it meets a fundamental need.

  1. It is useful and relevant

Long-term trends are essentially driven by our consumer lifestyle. If the product or service provides little value in the life of the consumer it is likely to fade away much quicker than something that meets a specific need within the consumer’s lifestyle.

  1. It fits in with your current brand identity

If you are going to associate your business with a new trend then it is important that it is coherent with your current business objectives. For example, you don’t want to confuse your customers by investing in and associating something with your business that has nothing to do with the primary objectives.

  1. It is being discussed in various fields

If you can see the trend being discussed in various areas across society i.e. the media, university studies and papers and laboratories then this is a good indication that the trend will stick around. Part of this reason is because the trend may have proved its’ usefulness in various contexts and may start gaining traction in other fields.

 

If you would like assistance in investing within your business or advice on if a trend fits with your brand identity NBC have qualified advisors that can help, contact us for an obligation free consultation on (07) 3862 8777.


Tanya Clonan
Tanya Clonan
Tanya manages the marketing and social media of NBC. She has Bachelor of Business, majoring in Marketing and Management degree at Queensland University of Technology.