When starting a business, it is essential to have a clear and precise business strategy. The goal is to avoid losses and to ensure continued growth. That’s why the ability to read consumer trends is very important. Here’s a complete explanation.
Every entrepreneur wants success and consistent growth each year. This can only happen with careful preparation from the very beginning. That’s why business planning is a top priority — so your business can survive and thrive amid growing competition and rapid changes over time.
So, if you’re planning to start a business, make sure you're ready to organize strategies while also thinking creatively and innovatively. One of the first essential steps in building a company is to understand consumer trends.
Also Read: Reach Success More Effectively with These Powerful Business Development Strategies
Faisal Ardan, an online selling practitioner, explained in the 2021 “Kelas Pak Untung” Webinar held by Youtap Indonesia:
“For those of you who want to start selling online, it’s super important to understand market trends. Because in my opinion, online business moves fast and evolves based on data, and there are so many rapid changes.”
Following up on Faisal’s explanation, here are several steps he took to succeed in the online business world:
In any situation, when you want to do something, you must first understand the issue at hand. This principle also applies when starting an online business. However, many people face challenges due to difficulty understanding certain topics, especially in the business world.
“I’ve been there — I studied so many things, but still didn’t get it. And even if I did understand, it took a long time,” Faisal shared.
To overcome this issue, Faisal shared a method he learned from Jim Kwik called FAST (Forget, Active, State, Teach):
It may sound unusual, but the first step is to set aside what you already know about a topic. Jim Kwik recommends this approach when learning something new — so you can absorb new information without bias.
To learn effectively, you have to be actively involved.
“When we’re actively asking questions, we end up learning even more,” Faisal explained.
Your emotional and physical state matters. Make sure the environment you're learning in makes you feel comfortable and focused — this helps maintain concentration.
Finally, try learning through teaching. When you teach what you’ve just learned to others, you’ll find yourself more engaged and motivated to understand the topic deeply. After mastering how to understand things more quickly, the next crucial step is learning how to read consumer or market trends.
Also Read: 5 Tips for Navigating Market Trends in the Ever-Changing Business World
The purpose of reading consumer trends is to ensure that your business can grow in line with current developments. If your business falls behind market trends, it will directly impact your monthly revenue and profits. Faisal also shared a more effective way to read consumer trends in the digital era:
“When it comes to the online world, to read market trends, you need several sources to validate those trends — it shouldn’t just be based on your assumptions.”
In his explanation, he mentioned that tools like Google Trends can be effective and valid tools for understanding market or consumer trends.
“With Google Trends, you can track trends over the past five years and analyze whether a project is on the rise or starting to decline.”
Additionally, you can discover the latest trends by using hashtags across various social media platforms such as Instagram, YouTube, TikTok, and Twitter.
Also Read: Building the Largest Digital Business Ecosystem, Youtap Launches Two New Features
Once you've identified current consumer trends in the online market, digitalizing your business becomes essential. This is because consumer behavior has shifted — many people now prefer shopping online. To enter the world of digital marketing, you must first prepare a few things.
There are four key points to consider when digitalizing your business:
By going digital, it becomes easier to expand your business and reach new customers or markets. This is supported by increasingly advanced technology, which allows your store to be accessed online by anyone, anytime.
Also Read: What is Social Media Advertising and Its Various Platform Types
For those of you who are planning to start a business, Youtap offers a wide range of integrated platforms as the best digital solution to manage and grow different types of businesses — from MSMEs to large enterprises.
For MSMEs, Youtap presents the Youtap POS, an online cashier application equipped with complete features tailored to your business needs, making it easier for entrepreneurs to manage their operations. In addition, Youtap BOS, a B2B marketplace platform, is provided as a wholesale shopping solution for business supplies.
Download both Youtap POS and BOS apps on Google Play Store or App Store now!
As the demand for business solutions continues to grow, Youtap continues to innovate by offering services as a software house, specializing in developing systems and platforms tailored to the needs of both internal and external clients. These include payment systems, integration with banks or e-wallets, white-label POS solutions with additional digital kiosks, and even loyalty programs for customers.
What are you waiting for? Visit https://www.youtap.id/contact-us or connect directly with the Alisa Youtap team by clicking the banner below to inquire about Youtap's products and services.
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