The ‘food trucks’, the ‘hipster’ barbershops and street sports are activities that offer many possibilities. To take advantage of them, we must analyze the needs of each market niche and identify the influencers. Urban Trends One of them.
There are more and more social, economic, and technological trends that influence not only the business but the tastes, behaviors, and purchasing decisions of customers. Talking about trends does not mean referring to the colors that will be used next autumn/winter, but to the changes that occur in society and global phenomena. SMEs that want to take advantage of these possibilities will have to analyze first the niche of the market they want to address, then observe how they will interact with it, and finally, study the influencers of that sector.
There is no top ten on the ideas that work best. What is clear is that in order to open and expand new lines of business, companies have to satisfy the need of specific public and know what their main motivations and concerns are. Food, creative, musical, and sports freedom are the most demanded. To turn a trend into an opportunity, SMEs must assess the following:
#1: Differentiate between fashion and Urban trends
The first is temporary, while the second is long-term, so organizations are less at risk. SMEs should bet on demonstrations that are already consolidated in the market. To avoid possible risks, it is convenient to be flexible to adapt to the changes of a day to another.
#2: Prepare a prototype
Before, when a company visualized an innovative idea, it set up the company first and only then checked if it worked. Today, it is advisable to do an experiment and adapt the project. That is to say; it is convenient to create a prototype of the product or service that is going to be offered, to see if it is received in the market. After doing several tests and knowing the reactions of the public, the project will adapt to their needs. It is preferable to try it first and look for resources later. It is not worth having money if the business plan does not curdle.
#3: Analyze the market
You can use traditional methods, such as sitting in a bank and see what it takes, what it consumes, and how people behave. Enter, look, and interact with customers who move in the environment in which your SME wants to enter is another option. However, looking out is not the best solution, because what works there does not have to succeed here. The habits of consumption and customs are different.
#4: Examine the value proposal
An SME that is dedicated to the restoration can come to the conclusion that selling food in vans that are on the street is a business opportunity. However, before you go for your nice truck, you have to think about its added value. That is to say, what differentiating element is going to contribute to the consumers so that they opt for their company and not for the competition. The proposal must be solid and coherent. If the public’s expectations are met, they will be willing to pay anything.
#5: Interact and educate the public
Once the company has adapted to a trend, it has to make it known to its target audience, whether through social networks, media or other mechanisms. Also, you must explain what your offer consists of. For example, if a barbershop offers a classic shaving service and makes ‘hipster’ hairstyles, you will have to justify to the clientele why getting ready in your shop is more expensive than in others. You can argue, for example, that the cut is a razor and hot towels are used in the old way.
#6: Search for ambassadors
The company must detect the ‘early adopters’, that is, consumers who acquire products and services, especially technology before they become massive in the market. They will help build and strengthen the business model. Likewise, it is advisable to identify the ‘influencers’, who will be the image and the main prescribers of the brand to the rest of the public.
#7: Choose the activity
The trend that aims to boost the SME does not have to be from the same sector. The important thing is that the organization takes into account its resources and competitive advantages.
#8: Risk
Urban trends are a business opportunity for SMEs, but managers must be careful not to fall in love with them as customers. You have to avoid getting carried away by hobbies.
