In the increasingly competitive business sector, it is becoming more and more important for companies to stay ahead of trends and operate as leaders in their field.
Those businesses that are constantly on the back foot will struggle to make an impression on modern consumers. Due to the vast wealth of information being shared via media platforms, audiences are now more informed than ever before and thus are also more discerning.
These consumers expect businesses to have the knowledge and answers for any industry-relevant issues. Therefore, any company that fails to anticipate for or react to industry trends will soon see their competitors racing ahead.
Fortunately, there are some simple tools available to help businesses not only adapt to and acknowledge trends, but also predict them.
Media monitoring to predict industry trends
One of the most important considerations is media monitoring. By collating information gathered from newspapers, social media, television, radio and various other channels, businesses can potentially receive forewarning regarding any major industry trends.
Already, media is being used to forecast popularity trends related to movies, music and other entertainment options. By monitoring the independent discussions regarding particular movies, for instance, studios can gain insight into which films will be popular based on word-of-mouth alone, and which may require more extensive marketing.
In 2013, Google claimed it could predict whether a film would be successful at the box office with 94 per cent accuracy. It did this by tracking the number of searches for the movie trailer in the four weeks prior to its premiere - which could then accurately reflect on the movie's opening weekend revenue.
It's about who and what you know
Essentially, media monitoring can help you keep track of what consumers are interested in and what problems need to be solved. This can give you valuable information regarding the kinds of services and products you can develop to meet these needs.
Additionally, by keeping track of what more authoritative sources - such as official newspapers and national radio channels - are discussing, you can also keep tabs on how your competitors and industry as a whole are performing.
In some cases, this can lead to important insight regarding potential falls and gains in your own business - giving you time to adjust your strategies to better suit the changing market. For instance, if one of your competitors announced plans to invest in a new product, you need to be aware of how and why they are making this move in case their decisions impact on your own performance.
Media monitoring is therefore crucial for any businesses wanting to remain a leader in their field. To ensure you are ahead of important industry trends, talk to iSentia about our media intelligence reports.