Being able to know how markets are changing is a very useful skill, on which several resources are spent all the time.
The analysis, if correct, can tell us which is the best University to attend, which subjects we should learn, how we should complement our academic learning with practical experience and which jobs will be in demand in the future.
Beyond this, it can guide us to choosing a house to buy, or something to invest in and most importantly – the strategy for the growth of our business.
If we take a snapshot of the markets or countries within the EU, as they currently are, we get a very clear picture: we can see the populations, the demographics within them and the wealth distribution. This information is however static, it represents only that time and gives us no indication on how it is changing. This is why we need to look for trends, robust data that describes these trends, reasons for the trends – and of unique importance – predictions of how trends will change, how new trends will begin and grow, and evidence to back these up. If accurate, this enables us to plan for the markets of the future, take a long-term approach and begin to position our business so that it can be the first and the best when the market changes.
Though it is vital to understand our market as it exists today, as this can be backed by evidence, when you are developing your strategy, working on your products/services and defining your target market there are great rewards in understanding the market of the future. Deciding how to do this requires careful thought, significant experience and a level of intellectual creativity that turns the information into potential developments.
The core of all market knowledge, and the decisions that follow, is research and analysis.
Do not make assumptions and try not to use vague justifications to confirm what you want the research to show.
If you want to practice and improve your skills, conduct some smaller projects that try to identify a new trend, build the data that backs your hypothesis and prepare a simple but clear report – people will be interested in what you have to say if it comes true and you can always review your predictions, how accurate they were and how you could have improved them!