Choosing the right trend to ride is one of the most significant strategic decisions a company can make. Trends are not all the same; they can be categorised into four types: Pacing trends, which are slow but transformative; High-impact trends, which are rapid and disruptive; Emerging trends, which are not yet fully formed, and; Uncertain trends, with unclear future impact.
Understanding these categories can help companies make informed strategic decisions. Riding the right trend can lead to exponential growth, while missing out can result in stagnation or decline. To illustrate this, consider the smartphone trend; Apple rode it to success, while Nokia missed it and suffered.
Yet, it’s crucial to note that not all trends are worth pursuing. Companies must assess the potential impact and relevance of a trend to their business before deciding to ride it. They should also be wary of trend exhaustion, where a trend has reached its peak and is about to decline.
Lastly, companies need to consider their capabilities and resources when deciding which trend to ride. They should not simply follow trends blindly but should instead consider which trends align best with their strengths and strategic objectives. This approach will increase the likelihood of success and enable the company to achieve sustainable growth.
Go to source article: https://www.linkedin.com/pulse/why-trends-you-ride-biggest-choices-strategy-chris-bradley/