Getting ahead of customer demand is central to staying ahead in business. Get it wrong, and you can miss sales opportunities and lose money.
As consumer trends move at speed, how is it possible to predict what customers will want next? The five strategies below should help you make savvier stocking choices moving forward:
1. Analyze what’s trending and what your competitors are offering
Keeping your eye on what’s selling well in your industry—and related industries—can show you what your customers are interested in spending money on.
For example, if you notice an uptick in transactional searches for the best non-stick pan without Teflon, it’s a sign people are generally looking for healthier non-toxic solutions in the kitchen specifically, and in the home more broadly.
You can track these things using tools like SEMRush, Google Trends to monitor search interest patterns, and Jungle Scout to analyze marketplace sales data and product performance. Social listening platforms like Brandwatch can also help you spot emerging consumer preferences and purchasing behaviors.
Money is tight for many people at the moment, so identifying where they want to spend that money is incredibly helpful as you pursue new options for stocking your business.
2. Leverage the consumer data you already have
Your existing customers are already giving you a goldmine of information. What are they spending money on? What are they buying quickly? What aspects of your bestsellers could you look for in new products you could stock?
By utilizing data you already have and making the most of additional opportunities to gain more insights—such as offering surveys and feedback options for customers—you can start to make informed choices about the direction you choose to go next in your buying and design decisions, ultimately better understanding what customers will want next.
3. Don’t underestimate the power of social media
Around 80% of consumers will buy a product based on a friend’s social media post. Trends on all the main social media channels can give you an excellent idea of what is popular, especially if you keep an eye on not only what is going viral, but how that item was advertised on social media.
Do be careful, though. You don’t want to assume one hot product is something to replicate, as the fad can be over as soon as it’s begun on social media. Ongoing trends and patterns can provide a better insight into long-term changes in what consumers want, and how they want to find out about new products on these platforms.
4. What are search engine users asking for?
Nearly half of global consumers start their search for a product on search engines. If you can research the most commonly asked questions on search engines, you can get a huge clue as to not only which products are popular, but also where there might be gaps in the market to bring something new to your target consumers.
5. What do people care about?
As the world economy changes, what people care about changes too. Things get way more expensive? Consumers might be looking for more affordable or economic versions of products they usually buy. Climate change in the news more? More people might want eco-friendly products, or vegan products. Lots of coverage for a particular event? People might want themed items for that event.
This is such an important part of understanding your target market—understanding what motivates them to buy. Getting to the heart of their spending habits not only helps with choosing new products to stock, but it will also provide tons of invaluable information on matters like pricing, ordering preferences, marketing preferences and more.
Stay ahead of the curve
There are many routes to staying ahead of the curve as a business. Keep changing and refining your approach, and you will stay a step ahead of the ever-changing demand of your target market, anticipating what customers will want next, enabling your business to thrive in what is a challenging and changeable global economy.
