Mega Trend Strategy – Trend Advantage Part 1

Introducing DataKey’s Trend Advantage article series – learn how to recognize and capitalize on marketplace trends to accelerate your business!  [Part 1] | [Part 2] | [Part 3]

Companies that act now to analyze future mega trends are able build competitive advantage. Trend Advantage is a repeatable, reliable process to assess mega trends that are just starting to build today, and to design actions so that your company can profit over the long term. The entire process is based on three steps as shown below. This is the first in a series of articles that explains the steps in greater detail.

Turning Marketplace Trends Into Competitive Innovation

A mega trend is defined as a gathering of changes, changes which are slow to form but nearly impossible to reverse. Mega trends significantly influence the direction of the future with far and wide reaching impact on society and business alike. In 2010, Frost and Sullivan described dozens of high-impact mega trends[1]  that covered all areas of life and all geographies of the world.

While the timing of the business impact for your company may not be imminent, these mega trends cannot be ignored. Business strategists, general managers and R&D leaders that attend to the mega trends will create near-term actions to take advantage of the vast change that is inevitable, and that can carry a thriving and profitable company into the future.

Social media is a good example of a mega trend that has come upon us recently. It started small with Web 2.0 and built up over time to see mass adoption through companies like Facebook, LinkedIn, and now Pinterest. In the early days of social media when MySpace was dominant, the idea of social networking didn’t move far beyond the college campus. Today, companies are scrambling to take advantage of social media as a new avenue for customer engagement and to buffer competitors who seek to erode customer loyalty.

Now is the time to identify the next trends, those that are just starting to gain steam and that will change your business in the near future.  The question to ask is, “Which trends are out there that are most likely to impact my business? And, how do I identify them?”

1. Assess Impact Potential

Consider the business you are in right now. Compare your business to the Frost and Sullivan mega trends to see if there is a positive, neutral or negative impact. For example, “Smart” is the next evolution after “Green.” According to the Smart mega trend, devices will have embedded sensors and processors which can handle the basic processing of environmental information. Imagine that your home heating and cooling system automatically deciding if the A/C or heat should be on based on the temperature inside and outside of the house.  How could your business be changed with this kind of sensor technology?

2. Validate the Trend

Second, gather additional validation of the mega trends that you believe will have an impact. Research the technology, investment and demographic changes that are fueling the trend. Are all of these factors logically supporting the trends? If so, that’s a clear indicator that this trend may be worth investing in.  For example, in 2020, today’s Gen Y will be between 24 and 36 years old. They are the future corporate managers, business owners and purchasers. They are social, have a preference for video, and expect 24/7 internet connectivity. How well will your business serve their needs?

3. Focus & Gather Resources

Third, narrow your focus to the mega trends where your business could benefit most by a change in products or business model. Identify companies already working in this area and how your company can leverage their knowledge, products or services. Similarly, identify individuals in these companies and find ways to enter into their network so that you can become knowledgeable as well.

Understanding mega trends and their potential for strategic change in your company is critical to long term survival and profits. Take action today to start to identify mega trend impacts, validate your assessment of those impacts, and position your company to take advantage of the oncoming wave of change.

MegaTrends Word Cloud

DataKey Difference: Strategy is directly connected to tactical planning throughout the organization to ensure successful implementation. Generate inspiration towards a profitable and sustainable future for your company.  Don’t let mega trends catch you unprepared.  DataKey has the tools and experience your company needs to create effective strategies to interpret and evaluate mega trends, specifically tailored to your company’s industry, products and services. With DataKey as part of your team, take your long-term strategy off the back-burner and start building towards your potential today.

Ready to learn more?  Read the rest of the series [Part 1] | [Part 2] | [Part 3] or contact DataKey today!
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About datakeyconsulting
You may have experienced consultants who made high-priced recommendations followed by implementations that didn't "stick." DataKey’s founder vowed to form a different kind of company. DataKey has successfully completed hundreds of projects across more than 30 different industries for companies from mid-market to Fortune 500. As a measure of client satisfaction, over 90% of our clients engage in more than one project with our team. DataKey is one of the fastest growing management consulting firms in Westchester County, New York. Founded by Ted Miller in 2004, DataKey now has offices in New York and California. DataKey builds better companies; Accelerate Your Business Objectives!

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