What are the best practices for conducting trend research on a limited budget?

Let's say you have ZERO Budget and you want to do trend research . This is how 1. Leverage Free Online Tools: Google Trends, for example, allows you to see what is being searched globally. Twitter and Instagram also have trending sections where you can see what is currently popular. 2. Start creating In-house customer profiles and journey data. If you don't have money to develop a data warehouse, excel would do just as nicely. take one hour every day and extract data from various silos in your organization and compile it manually. The idea is to start somewhere even if manually. You and your team will be surprised about what you can learn. 3. Create Online surveys using Google Forms and run them across your existing customer base

Si no tienes suficiente presupuesto, acota la investigación. Incluso, mientras mejor segmentado tengas a tu público objetivo, más relevantes pueden ser los resultados que obtengas.

The best trends are whispered in the shadows, not plastered on Google Trends. Want real insights? Be a fly on the wall in the right online communities. 😉 Trust me, it's where the magic happens. Most of those "trend analysis" platforms are just glorified keyword research tools with glitter. You'll be surprised what you can find with a little creativity and free elbow grease.

Three easy ways that gave me insights that had a positive impact on revenue almost instantly: 1. Good old data deep dives: get into the long term trend line on data that gives you consumer preferences over a slightly longish period. I find 5-6 years a good period to track. Discovered what was happening to some of the biggest brands in India in terms of penetration and salience among the most affluent consumers in India. 2. Facebook Groups: listen in to relevant interest Facebook groups. Trends on concerns of parents to be are drove sharpening of marketing messaging for a water purifier brand 3. Market Visits: A day spent visiting stores and speaking to the shop salesmen and the owners is a super powerful way to get trends quickly

If you are interested in product design features, messaging, and benefits (a critical component of this research) - visit the setting where it will be used. Observing and listening to discussions is best. For example: In understanding why a physician might prescribe a diagnostic test for pediatric patients, we heard that it allowed the MD to prescribe medications appropriately (viral vs. bacterial). This was a hidden benefit that we were unaware of prior to visiting the MD office and having a more profound discussion and watching how they interacted with mothers of kids.

Leverage Free Online Tools: Utilize tools like Google Trends, social media insights, and other free analytics tools to understand current trends and consumer interests in your industry. Monitor Social Media: Social media platforms are a goldmine for trend research. Follow relevant hashtags, industry influencers, and discussions to identify emerging trends.

A well-conducted desk research usually will lead to relevant information that is available for free. If you manage to do good "detective work", one source will lead to another and on and on it goes.

Network and Collaborate: Attend free webinars, online conferences, and industry events to gain insights from experts and peers. Collaborate with non-competing businesses in your industry to share insights and research efforts.

With or without a budget, learning from existing sources a mandatory is a starting point. regardless of budget, one MUST deeply understand the context and have a full picture of the research and work that has already been done. Otherwise, you risk "reinventing the wheel" and spending unnecessary money to reach conclusions that were already there.

Findings are usually validated with the Delphi method, with a panel of specialists who will discuss, complement and approve the final trends identified.

You can do magic with a short budget. I am usually quite shocked by the expensive/high-budget research with shallow results I sometimes find out there. Hiring a qualified consultant or a small specialized team for a project can be very effective. It's a matter of finding someone who manages to conduct good desk research, tailor an effective methodology under your budget; and then interpret the findings, organise the data and draw conclusions and actionable insights. Investing in a Trend Research/Analysis course or hiring a trend research mentor can be a starting point too.

Stay Curious and Observant: Keep an open eye for trends in everyday life. Sometimes, consumer trends can be spotted through simple observation and curiosity about the world around you. Remember, the key is to be resourceful and creative in gathering and analyzing information, and to continuously adapt your strategies as you gain more insights.