What is Microtrend

Definition:

Microtrends

are unique and short-lived trends in specific markets or sectors. They are characterized by renewing themselves at a faster rate than macrotrends, so they usually have a local reach.

What is microtrend?

Microtends are business and economic trends that are associated with specific market sectors. They are updated more constantly than trends of a higher impact. They tend to have a more local character.

The impact of microtrends on the economy or the entire market is indirect, not direct. Trends of this type can have a much greater impact after these trends have subsided, albeit in subtle ways.

How to identify microtrend?

To know the microtrends that are being produced in the market are the following:

• Leverage industry research. There are companies that are dedicated to them. These companies offer original research in each and every segment of the industries, making it an invaluable tool. The only thing to do is to see how to apply to the business.
• Lend to industry thought leaders and influencers . It is very important that industry influencers are taken into consideration. Not only because they know the current trends but they are the ones that cause changes. They are usually respected people in their sector and therefore have influence on companies.
• Know what trends will continue. The fear that they will not last in time, that it is only a fashion. It is important to risk and respond to trends, even temporary, can reap long-term benefits. Time should not be an impediment for a company to engage with them.
• Collect data. In these times, data collection is paramount. While we do cases with opinion leaders, it’s even more important to know what’s going on in the business. The business will not perfectly match the data trends of the entire industry. That is why it is essential to analyze the data, because this analysis will offer information that will make the company more competitive. It will be possible to generate customer service strategies that other companies will not have thought about yet.