How To Use Consumer Market Trends to Build Your Product-Based Business 

podcast • May 8, 2024

When you are creating your products how do you know what will resonate with your customers?

How can you create products and stay two steps ahead of your competition? 

Consumer marketing trends! This is going to be your secret weapon when it comes to creating products that are going to leave your customers wanting to buy more and keep you two steps ahead of your competitor! 

Today I’m collaborating with Dwayne Jeffries. Dwayne is an innovation-driven leader with over 16 years as the Creative Catalyst of Austin Found, where creativity, strategy, and quality converge to transform ideas into profitable products.  Dwayne has worked with big name retailers such as Tractor Supply, Walmart, Cracker Barrel, Target and more.  

Quote graphic with Dwayne Jeffries headshot photo and quote reads "You need to really understand the motivation behind what's causing the buyer to buy... because the insight gives you an advantage over your competitors."

Importance of paying attention to consumer market trends as a new or established product-based business 

A big part of what you do as a product-based business owner is the art of what you create.  

But a lot of times, when you’re creating products, you need to have your hand on the pulse of what your customers are looking for, what they’re responding to, what they’re being influenced by, and you then need to tailor your offerings to the needs of those customers.  

And that’s where marketing trend reports are really critical because you can start to identify what’s important to your customer, the customer that’s buying your products.  

It’s really critical to take our own bias out of it and see what the trends are telling us. 

Using iterations of your products to grow your business 

Sometimes you may only focus on one specific type of product, and that’s okay.  

But you do need to figure out ways to iterate your product because it costs a lot of money to acquire a customer vs retaining that customer that has already purchased from you. 

So, at the end of the day, you have to have other things that you want to sell to them. 

And that’s iterations of your product, and marketing trends is a perfect way to figure out how to iterate a current product or assortment that you have created. 

Where do consumer market trends come from? 

When we’re looking at trends in general, we are taking into account socioeconomic trends, meaning discretionary spending. How much money people have to spend, inflation pressure, and what the value of their dollars might be.  

We also look at geopolitics. What’s going on worldwide, what’s going on in the US in the landscape politically.  

All of those benchmarks or dots on a map start to show you a picture.  

In that picture, it’s like reading a stock chart in some ways.  

As you start to look at the micro and macro trends, you can see where things are going. 

You have to look at the trend and do a little bit of a deep dive, understand the people that you’re trying to sell to.  

You really need to understand the motivation behind what’s causing the buyer to buy and that is why you want to subscribe to some form of trends or trend forecasting so that you have insight because that insight gives you an advantage over your competitors. 

So, in a world of product-based businesses, keeping up with trends and forecasts is crucial to staying ahead of the curve 

Connect with Dwayne Jeffries – 

Find out more information on innovation and trends by reading Dwayne Jeffries’ blog on discovering trending products with Trendhunter.

Curious to learn more about consumer marketing trends to build your product-based business? You can grab your exclusive copy of the 2024 Trend & Marketing report for product makers inside the She Sells Differently Coaching community! Learn more about the community here. 

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