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Learn the best tools for monitoring your industry, competitors and emerging market trends.
Things are constantly changing in the marketplace, and business owners can’t afford to become stagnant. Tracking industry trends by staying on top of major news, events, and changes will make your company more versatile and competitive.
But, with so much information out there, finding the information you need isn’t always easy. These 14 recommended tools can help you cut through the clutter — no matter what industry you’re in.
There are many tools available to help you track industry trends, but not all of them are helpful or provide consistent results. Here are a few that work:
This service aggregates all of the stories, outlets, keywords and trends that interest you into one easy-to-manage list. This way, you can keep up with trends and news stories. Feedly can save you time from scouring the internet for the information you are interested in.
“We use … [it] to capture trends on how much traction our brand is getting in the marketplace,” Jared Brown, CEO at Hubstaff, told business.com. “Viewing the data alongside our competitors’ data lets us see our share of voice and pivot quickly if trends shift. Without having valuable trend data, we wouldn’t be running as efficiently or benefiting from strong growth rates.”
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Stratfor is a geopolitical intelligence firm that provides intelligence information and aggregates trends and articles from sources worldwide. This is an excellent resource for businesses that operate internationally. You can use it to help anticipate opportunities and events worldwide so you’ll have a better understanding of international developments.
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Facebook can also operate like a news aggregator. You can “like” industry publications and quickly review them via the Pages feed. The feed is useful because it combines pictures and enough text to know if the article is relevant to you.
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Slack is a workplace chat application that allows teammates to communicate easily. It acts as an internal social network where users can share a variety of content, including relevant news. Users can also have one-on-one conversations. “You can gain a lot of insight from real-time conversation,” Aly Jamison, senior PR manager at RAIN Group, explained. “Pay attention to discussions happening in Slack communities.”
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X (formerly Twitter) offers businesses a lot of value by allowing users to create private lists that you can manage and sort however you like. This is a great way to manage and organize a variety of industry-related information.
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The Moz Top 10 is a semimonthly email newsletter that shares inbound marketing news, insider tips and relevant links uncovered by the Moz team. This newsletter is a great way to stay current on internet marketing trends.
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This Week in Startups Ticker (formerly Launch Ticker) is designed to help entrepreneurs stay on top of news about trends and startup funding. Subscribing to the AM Daily newsletter is free, and the newsletter is an easy way to get important info in one location.
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LinkedIn is the world’s largest B2B social network, bringing together decision-makers, reps and recruiters across a vast range of industries to make connections.
Darcy Ann Flanders, CEO and founder at BaselineGroupNY, said her team follows clients, competitors and finance companies on LinkedIn. “By scrolling our LinkedIn feeds daily, we get news on new products, new hires and industry events,” she said. “A lot of the events come with new visual designs that inform us so we can see where others are going design- and branding-wise.”
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The Flipboard app’s user-friendly interface lets you quickly read and digest information from your chosen publications. It offers an easy way to identify industry-relevant sources and congregate that content in one location.
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One way to keep track of trends is to build a network of other business owners within your industry. Set aside time to connect with your network regularly to keep up with the issues and trends they are seeing.
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Google Alerts can help you stay on top of industry news, competitors and your own press. Google allows you to set alerts for any keywords. Whenever those keywords appear in a news article, Google will send you an alert with a link to the news source. You can choose how often you want to receive the alerts.
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Google Trends is a website that shows how often a particular search term is entered into Google. It’s one of the best options for companies focused on keyword research. You can use Google Trends to track search terms and receive detailed data analytics about the people searching for these terms. [Read related: The Small Business Owner’s Guide to Big Data & Data Analytics]
“I can predict when we’ll experience peaks in client interest, enabling us to proactively manage our workflow,” Jim Esposito, co-founder of PortaleItaly, said. “Leveraging these insights allows me to strategically allocate resources, ensuring my team remains responsive and effective, even during peak demand.”
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BrandMentions is a social listening tool that allows you to track mentions of anyone or anything. For example, you can monitor if your company, your products, or your competitors are trending on social media or appear in the print, broadcast, or digital news media.
This real-time capability is powerful in the influencer market, according to Clarabella Burns, founder and CEO of Living Motions Management, who can identify which influencers are driving meaningful conversations to target partnerships and enhance client campaigns.
“Trends often spark from emotionally resonant content that taps into something deeply felt by the audience,” she explained.
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Exploding Topics is a newsletter that provides a weekly overview of trending topics, and it includes expert analysis and commentary. You can sign up for the newsletter for free or invest in the paid subscription if you want even more information.
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Trend-tracking tools are software and other methods used to collect and analyze consumer data. These tools can help your company understand what your customers are looking for and where your industry is headed.
These tools include traditional market research methods such as surveys and focus groups, as well as software for social listening and analytics.
By staying on top of industry trends, you can anticipate customer demands. You might see a demand for a product or service before other companies do. Trend-tracking tools allow you to anticipate changes in consumer buying behavior.
Here are the biggest benefits of using trend-tracking tools:
Jeffrey Herzog, founder and CEO at Avenue Z, warned that leaders often assume they’re tracking the right trends. “Your trend-tracking is a product of your own curated reality, your feed, your past experiences and your settings,” he said. “You don’t know what you don’t know, and the smartest leaders gut-check their metrics with people they trust — on their team and in their core audiences, from customers to the board to the media.”
If you hear agreement from stakeholders like customers and employees that something is shifting, then it could be the time to act, according to Herzog. “The critical part of turning trend data into actionable business decisions is associating your brand with those trends in the right, most impactful, most relevant way,” he said.
Jared Koll, marketing director of Outsource Consultants, also advised companies to compare multiple sources of trend data. For example, he noted, there are platforms that businesses pay to promote “trending” topics or tags, which can hide organic trends that reveal better market insights. Rely on a platform that does this and you’ll make decisions on incomplete or biased data, overlooking real opportunities.
“It’s like having a mechanic friend who tells you which used car is worth buying because they’ve worked on all of them,” Koll explained. “You need an unbiased voice who can show you all the pros and cons so you’re not just hearing a sales pitch.”
Mark Fairlie contributed to this article.