Trend Analysis trend analysis

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Trend Analysis

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In market research, trend analysis helps gather and observe data to predict future customer behavior. It enables uncovering trends, recognizes patterns, and helps determine the impactful characteristics of the customers’ behavior.

What is Trend Analysis?

If you have a continuous survey that is running for a long time, it can help you evaluate your data effectively. By playing a pivotal role in calculating and comparing test or quiz scores, trend analysis enables you to keep a tab on your regularly distributed survey and identify the pattern in its data sets.

Example of Trend Analysis

Suppose a retail brand introduced a new collection of T-shirts for college-going students. They can use trend analysis to identify customer buying behavior and how the collection performs in different countries.

Trend Analysis trend analysis

Where is Trend Analysis used?

Trend analysis is mostly used in cases where researchers want to evaluate the changes in responses (which likely happen due to respondents’ perceptions) or stay ahead of the trend shifts. It also helps to uncover the potential issues related to products or services that can have a lasting impact on customer choices.    

It empowers the brands to identify their target customers and understand their needs which further lets them make required changes in their products.  As the perception of customers matters more than ever, it helps them rightly identify and analyze the factors that contribute to customer satisfaction. 

This plays a crucial role in determining long-term product planning. Also, it lets businesses focus on the financial drivers related to their products/services so they can stay ahead of competitors by introducing better products at a relatively lower price. 

Lastly, it also helps you gain insight into the performance of your marketing campaigns. You can identify which campaigns are performing successfully and which ones need to go. The analysis helps design a long-term strategy and reinforce the current campaigns to ensure business growth.

Read how Voxco helped HRI conduct complex research & accelerate insight generation.

What are the 4 types of Trend Analysis?

There are four types of trend analysis in market research: 

  1. Seasonal / Temporal 
  2. Consumer 
  3. Historical 
  4. Geographical

Let’s see what data you can gather with these four analyses. 

1. Seasonal/Temporal Analysis: 

This refers to the shift in customer behavior or market trends due to seasonal events such as weather, pandemic, natural disaster, holidays, etc. 

Holidays and weather are some of the recurrent trends. Businesses such as restaurants, hotels, merchandise, etc., use trend analysis to strategize for such seasonal events in advance using historical data. 

2. Consumer Analysis:

Marketers gather customer data, such as needs, preferences, buying behavior, satisfaction, etc., to find patterns among customer segments and create personas. 

To gather such data, you can collect customer feedback on their opinion, reception, and aversion to the products and services. 

3. Historical Analysis: 

It is called historical analysis when you use historical data to determine how certain factors may influence the present or future event. 

For example, comparing past sales during the holiday season, i.e., months of November and December, can help prepare for the holiday season of the current year. 

4. Geographical Analysis:

Studying and uncovering customer behavior based on geographic location helps businesses cater to the international market. 

You can use it to develop factual data to identify customers by their geographic location. It helps identify the common traits and differences between various geographical groups.

What are the advantages of Trend Analysis?

You can gain in-depth insights into your target market, which can help you plan your entry into the market and prepare your business for the long term. 

Here are some of the advantages of analyzing trends.

Future-forward Strategy and Plans: 

By keeping an eye on new opportunities and continuously checking newcomers in the business, trend analysis empowers brands to formulate specific strategies that help to secure their market position.

For example, if trend analysis reveals that customers prefer shopping online instead of brick and mortar stores, you can focus on improving your digital services. Leveraging an effective trend analysis can help you switch from conventional brick-and-mortar stores to e-commerce platforms and optimize your budget accordingly.

Low-performing Area Analysis: 

By recognizing the low-performing divisions of a business, trend analysis acts as an early warning indicator for them. 

While you can seamlessly identify the promoters and detractors for your business by conducting Net Promoter Score surveys, an effective trend analysis can help in case there’s an increase in the number of detractors. By identifying the problem areas and resolving their specific issues (related to the product/service), you can easily quantify the difference in results over time.  

Actionable Insights: 

It helps to know your respondents well and delve deeper into their perceptions of your product/service. This data can provide actionable insights for strategic decisions contributing to business growth.

Convert data to insights in real time with Voxco Analytics.

See trends with cross-tabs. Uncover behavioral patterns with segmentation. Visualize insightful data with charts. 

Using surveys to perform Trend Analysis

While you can perform this analysis in several ways, surveys help you gather a higher volume of data on a wide variety of subject matter. 

Surveys help you study every vertical of your business, such as the industry, competitors, target customers, brands, general population, buying behavior, purchase trends, etc. Moreover, you can run surveys in multiple channels and target a large population without any survey fatigue.

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