Adapting to changing consumer trends is the key to long lasting success for any company.
This is especially true in times of pandemic when adaptation needs to happen faster than ever.
While integrating digital solutions is easier for some businesses than others, those who’ve predicted and prepared for these technological shifts are the real winners. For this reason, industry thought leaders are revered by journalists and competitors alike.
But how exactly does thought leadership give you an advantage when it comes to changing customer trends? Here’s how:
Discover untapped markets
As the early bird catches the worm, the first-mover captures the market.
Thought leaders use emerging consumer trends to identify potential new markets first, and then adapt their business to target this audience before their rivals do.
By acting like a thought leader – and closely monitoring changes in consumer behavior – you can open your business up to unfounded opportunities for growth.
In fact, according to an Edelman-LinkedIn research, nearly 60% of decision makers said that thought leadership directly led them purchasing a service.
This demonstrates that thought leadership can directly influence your sales – and even help to dominate the market.
Challenge the norm and disrupt your industry
While keeping a close eye on emerging new trends is a great start, being a trendsetter is even better.
Continuously bring new talent into your team with a fresh perspective that will challenge business status quo, and create spaces for innovation.
There’s always a need for new solutions that shape around the changing customer needs better than the old ones.
Let’s look at digital transformation in photography for example. Kodak was leading the market before the emergence of digital photography. Even though the need for adaptation for the changing market was apparent, Kodak wasn’t able to make the shift and went bankrupt.
Meanwhile, Nikon did the opposite. It focused into responding to changed consumer needs and used thought leadership in lens technology to secure its position as the industry leader.
The bottom line is : If something worked well before, doesn’t mean it’ll always work. Holding on to the past might repress your company’s growth.
Win the trust of your audience
Spotting new consumer trends and successfully combining them with your expert insights can help you gain the trust of your audience.
Take some of these new pain points such as increased financial insecurity, distrust of public transport or increased time spent online for example.
If you’re able to provide expert insights and solve these pain points, you’ll have a greater chance to connect with your audience and gain their trust.
Wrapping up
Adapting to changing customer trends is a continuous process that you need to prioritize in order to have long lasting success for your business.
Thought leadership is the first step as it helps you to prepare for the changes early and be the first one to tap into new opportunities.
So, how do you make yourself heard?
That’s where a tailored digital PR and marketing strategy comes in. By writing guest articles to top-tier industry publications, getting featured in a relevant podcast or earning other relevant media coverage will get the right people to hear your message.
Just free your inner thought leader and the rest will follow.
