As a new business owner, understanding trends following within your industry is essential to succeeding in the modern economy. The ability to stay up-to-date with industry trends and use them effectively can be incredibly beneficial for any business’s growth. However, there are also risks that come with subscribing too fervently to these trends—especially when it comes to social media.
The Pros
The biggest pro of following trends in your industry is that it allows you to keep up with changes in technology, consumer behavior, and other areas that can significantly impact your business—even if those changes seem small or only affect certain subgroups. By being aware of the latest trends in your field, you can stay ahead of the competition and capitalize on opportunities as they arise. Additionally, keeping up with the latest trends will help you better understand customer wants and needs so that you can tailor your products or services accordingly.
The Cons
On the flip side, one con of following trends too closely is that you may be investing time and capital into something that ultimately turns out to be a passing fad—leaving you without any return on investment at all. You may also be tempted to invest disproportionately in certain areas or ideas simply because they’re popular right now—without considering how they could impact your goals long-term. Doing this frequently is ultimately unsustainable.
The Breakdown
Social media carries its own unique set of pros and cons when it comes to staying up-to-date with industry trends. On one hand, platforms like Facebook, Twitter, Instagram, YouTube, and TikTok offer unprecedented access to information about what’s happening right now in various industries. This makes it easier than ever before for business owners to stay informed about current events or market shifts that could affect their bottom line. At the same time though, relying too heavily on social media for trend information carries some risk; there’s always a chance that what you find is wrong or misleading. Additionally, it’s not uncommon for businesses to spend huge amounts of money trying to get “viral” content onto social media platforms only to find out later that such strategies don’t work as hoped—which translates into wasted resources for those companies involved.
The Takeaway
Overall, understanding the pros and cons associated with following industry trends is an important part of navigating today’s competitive business landscape as a new entrepreneur. While there are definite advantages available when done thoughtfully (such as having greater insight into customer wants/needs), there is also substantial risk involved if not done properly (i.e investing resources into something fleeting). Social media platforms also present both opportunities and pitfalls when trying to track current developments; while these sites grant easy access to data on various topics related to running a business successfully (like customer feedback or emerging technologies), their user bases are often fickle—making it difficult at times for businesses attempting savvy marketing tactics online. With careful consideration, and by making sure research includes both online sources as well as traditional ones, businesses should be able take advantage of existing outcomes without sacrificing returns from their efforts over time.
If you need guidance on social media content on strategy, reach out to APS Marketing Group today to learn more about our Digital Marketing services!