Chasing Trends vs Spotting Shifts [M&M #031]
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Similar to stocks and real estate, timing the market is a loser’s game.
You see the headlines alerting everyone to new trends we should be getting in on - and if you don’t…
Well then too bad so sad for you.
Most people get so caught up in chasing the trend that they are blind to the real difference-maker.
Underneath a slew of sporadic trends runs a more powerful undercurrent that when recognized and harnessed can take your business up, up, and up!
Chasing Trends VS Recognizing Shifts
It is important to not be a trend-chaser but to be a shift-seeker.
By looking at what is happening underneath the trend, often you can discover a shift and adapt to it instead.
Recognizing shifts in the market is essential to staying competitive and relevant.
😷 The Covid-19 pandemic created a massive shift in the way we live and work.
🤖 AI is here, and if you’ve done any reading at all you’ll notice this is the start of a new shift as well.
💻 In 1983, the internet was born - talk about a major shift.
Let’s break down the difference between trends and shifts.
What is a Trend?
A trend is a general direction in which something is developing or changing. Trends can be seen in markets, industries, consumer behavior, and more. Trends can be short-term, such as a sudden spike in demand for a particular product or service, or they can be long-term, such as shifting consumer preferences or changes in technology. By recognizing and potentially responding to trends is the first layer to this game of progression.
What is a Shift?
A shift is a change in market conditions as a result of external factors. These can include changes in consumer behavior, technological advancements, economic fluctuations, and political events. As one-person businesses, we must recognize and respond to these shifts in order to stay competitive and profitable. Market shifts can provide new opportunities, but they can also create unforeseen obstacles and challenges. You gotta be agile and proactive in order to identify and capitalize on market shifts. This is the deeper layer of the two.
Advantages of Adjusting with Market Shifts
Efficiency: By recognizing and responding to market shifts, you can increase the efficiency of your operations and processes. As the market changes, so do the needs of your customers, and by being aware of these changes, you can make sure that your strategies remain effective and best in class.
Profits: Quickly adapting to market shifts can increase your profits by taking advantage of, or creating new opportunities. As the market changes, new potentials arise, and by recognizing and responding to these changes, you can make the most of them and increase your profits.
Competition: By recognizing and responding to market shifts, you can stay one step ahead of your competition. By being aware of the shifts in the market, you can ensure that your strategies and products remain relevant and competitive.
By proactively understanding the trends and recognizing the shifts, you can stay ahead of the competition and maximize the opportunities that arise. This can involve implementing new technology, adjusting pricing strategies, and introducing innovative products and services. Moreover, by staying up to date with the current market trends, you can ensure that your business remains competitive and profitable.
This topic brings up a huge foundational truth which has to be mentioned…
It’s the principle of being proactive, not reactive.
It’s easy to react to trends. While searching for shifts is a proactive endeavor that rewards those who are able to spot them, quite handsomely.
Imagine seeing the shift before 90% of people. How would that impact the way you do business?
What trends are you seeing in your industry?
Are they indicators of something larger at play?
Keep an eye out, for nothing ever truly stands still.
All things are either growing or fading. Living or dying. Climbing or sliding.
It’s an irrefutable, simple truth of life.
Don’t Chase Trends. Search For Shifts.
Til Next Time ✌️🙂
- Ev
