Being able to cash in on a trend can be very lucrative. Learning how to spot trends that are taking off can put some serious money in your pocket.
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We could go down a list of current hot items in 2019, and that would be great. But, what happens if you’re reading this in 2021? Those items are more than likely not going to be hot then. It’s best to teach you instead how to spot products that are currently trending so you can get in on the ground floor when all the money-making potential is still there.
Where do you begin to find products that are trending?
Are you ready for a mind-blowing answer? You go where you’re selling stuff. That’s right, if you’re selling on Amazon or eBay, you go there and check out what’s currently selling like hotcakes. You’d be surprised by the number of people who don’t do that.
They search high and low except where they’re selling. You probably already have a niche that you work in. You should spend some time there daily going over all the hot items. That sounds overly simplistic, but the answers to most of life’s questions are right under your nose.
You should familiarize yourself with the movers and shakers in your industry. You want to keep an eye on how much they’re selling. Also, what they’re selling. People who are making large amounts of money tend to do quite a bit of research before investing in products. If they’re jumping on the bandwagon early, then it’s highly likely there’s a reason behind it.
While this may not be a foolproof method of finding products that are beginning to trend, it’s an excellent place to start. Anyway, you should be familiar with all of your competition and what they’re selling. Invest five to ten minutes a day poking around on your smartphone when you have a little free time.
There is one tool that will help you more than any other, and it’s Google Trends. The problem with using it is you’re going to have to dig through a lot of dirt to find a gem. You’re going to have to sit there and go through as many keywords as you can think of and follow the trends.
You may consider outsourcing this task to someone who works for cheap. There are plenty of virtual assistants who can live fairly cheaply around the world. You’re going to have to spend hours upon hours doing nothing but trying to find keywords or products that are currently on an upward trend.
Processing data is a very thankless job. People spend all day long analyzing data and trying to make sense of it. The process is tedious, and it’s not something you’re going to hit right off. You won’t pull a product out of thin air, and all of a sudden see that it’s on a sharp upward spike.
It doesn’t work that way. The difference between successful people and those who aren’t often lies in the amount of work they’re willing to do. Those people who are continually seeking short cuts are going to get the results they deserve.
Let’s step back and talk about the pitfalls of following trends
It’s going to take you quite a while to be able to learn how to spot trends. There’s an amount of guessing required to know if something is going to continue to spike. You have to be able to understand why something is spiking in the first place. In that sense, following trends is a little like investing in the stock market. It’s not good enough to only understand that a stock is going up in price. You also need to know why the price has gone up so you can make an educated guess to invest in it or not.
There is also a risk of entering the trend too late. Again, much like a stock, you may discover the rally was too late. Though, if you watch your competitors closely, this shouldn’t be a problem. You should be able to pick up on their movement; something is happening. If you see them selling something new, enter the keywords into Google Trends and try to figure out why they’re selling it. They may have just gotten a great deal on something, or there could be another reason why the items are showing up in their listings.
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Trends cool off before you know it
How fast did the world of fidget spinners explode? Take a look at all the people still trying to sell them. You’d think it was 2017 all over again. How do you know when it’s time to exit a trending product? Take a look around and see how many people are selling the items. Are your products any different than theirs? If not, then it’s probably a good idea to get rid of your inventory and move onto something else.
All trends have a way of cooling off, and nothing stays hot forever. Anyone alive long enough to witness one fashion fad go into another knows that this is the case. If you’re in doubt about whether or not a trend is peaking, then it’s not a good idea to invest in it. Uncertainty on your end rarely produces excellent results when trying to sell something. It would be better to save your money and invest it into something more solid.
The real danger of following trends
I debated on adding this part to the article for fear of sounding too negative. Yes, now I’m talking in the first person. I’m a real human being and not a machine. I want to talk about why I feel that it may not be in your best interest to follow trends. I only think it’s a good idea to follow trends if you can spot them quickly and find products. It takes a certain amount of know how to be able to pull that off. You need to have a process in which you find the product quickly and know who can produce them promptly
Chasing is rarely a good thing in the world of business
If you’re chasing, that means you are two steps behind everyone else. The reason I don’t think it’s a good idea to follow trends so closely is that you’re going to go from niche to niche. You will never have your feet firmly put into place and make a name for yourself. You’re selling fidget spinners one day and tea from Japan the next. There is no way for people to build a relationship with your brand. It’s difficult to achieve long term success if you can’t build up a customer base.
You need to be seen as someone within your niche that customers can trust. The effort to build long term relationships with customers through your brand is well worth it. You can’t do that if you’re following every trend. Your goal should be to have a business that grows based on word of mouth.
Your customers should like the products you sell so much that they refer their friends and family to them. You won’t achieve long term success chasing after every new hot product. If you want to make a rock-solid income ten years from now, it comes from being a leader in your industry. That will not happen if you follow trends.
Only a select few can follow trends
Those are the people who have the resources required to be able to go from trend to trend. For this to be done correctly, you’ve got to have a team assembled who can act on the drop of a dime. Time is of the essence when you’re chasing products that have a short lifespan. That’s the one thing that I hope you come away with. If you can’t act quickly, then you’re going to miss the boat. You don’t want to be left with a pile of yesterday’s trends that need to be heavily discounted to sell.
Build your brand and follow trends within your niche
Think of these as micro trends that happen in all niches. Someone comes up with a new design of cookware, and it’s a hit across the board. Color trends may be seasonal or something hot right now. These are small twists that you can do to make your products sell more quickly. Little trends like these are okay to follow as they still help you cement your brand in the mind of others. You’re not straying too far away from your niche.
Take a few moments and think of the brands that you know and trust. None of those brands follow fly by night trends. There is a limited amount of success to be had by anyone who wants to sell the new trendy gadgets. My hope for you is that you build a business that can grow and succeed beyond your wildest dreams. For that to happen, you’ve first got to build trust among customers. That will never happen if you keep popping up all over the place selling trendy items that disappear as fast as they appear.