The Secret to Predicting Trends in Any Industry
Things can change in the blink of an eye in any industry. Take fashion as an example - fast fashion and social media influencers have changed the entire retail game.
What is deemed in style and current today can be old news in a matter of weeks.
In my work as a researcher, this situation frequently occurs for my clients and they often ask me about the best way to stay massively informed on - even predict - the trends of their industry.
My answer: Attend conferences and review conference proceedings.
Almost every industry has at least one major conference that is held annually - many are even held semi-annually.
These events can give massive insights into current and future trends. Here's my reasoning:
Predict Trends
Many speakers will discuss current projects or ideas in their pipeline based on their own experience. For example, medical researchers will present projects that are about to begin or explain their intended use for a grant they were recently awarded.
Startups also use these conferences as a way to present their product and find potential investors and partners.
Identify Thought Leaders
Notice who is speaking at these events - these are the business leaders, entrepreneurs and academics that are changing the game and making movements in your industry.
You can then follow these thought leaders on social media, listen to their podcasts (and guest spots) and read their published material, interviews and commentary to stay updated on their perspectives and future movements.
Find Partners
Of course, networking is the key motive behind attending a conference. Even if you are unable to physically attend (more below), you can identify new partners by reviewing presentations and sponsors that you may not have been previously aware of.
Stay Updated on Competitors
In the same vein, conferences give you an opportunity to identify burgeoning competitors or stay updated on your main competitor's movements.
If one of your competitors presented at a conference, what were they speaking about? Perhaps a startup purchased an exhibition booth to market a new product or service that could potentially disrupt your industry.
Newer players will commonly become a lower-level sponsor of a major conference. Keep an eye out for any new sponsors of conferences to identify up and coming competitors.
Can't physically attend or afford the registration cost? Here are some options:
Attend Online
Many conferences provide opportunities to virtually attend at a lower registration rate. This way, you can still view sessions and listen to the same great speakers from any location of your choice.
Review Webcasts
Many conferences and conference speakers will post webcasts of past sessions. You can find these on the conference website, a speaker's personal website or via a simple YouTube search.
Review Published Agendas
Even if a conference does not release full session proceedings, you can still review the conference agenda. These are often archived on a conference website and are extremely easy to access.
By looking at the titles and speakers, you'll be able to spot themes and notice who is at the forefront of innovation and future trends in your industry.
Volunteer
Perhaps you’re just starting out and the cost to attend a conference is out of your reach.
Tim Ferris, author of The 4-Hour Work Week and host of The Tim Ferris Show, regularly discusses his practice of volunteering at conferences. On top of being able to attend conference sessions and keynote addresses, he also had the opportunity to network with business leaders and potential partners.
Action Plan:
- Identify the most popular conferences in your industry.
- Download recent sessions or find sessions on YouTube.
- Follow your favorite presenters on social media and create alerts for their newly published thought leadership.
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Custom Research Project: Perfect for ad-hoc research needs including market research, general research, trend identification and competitive reviews.
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