Businesses will always have reasons to create new products or services to their targeted consumers. Such causes could be connected with a number of determinants from the socio-economic and technological environment of the companies. Companies, however, use different approaches towards development of innovative offerings. Research, a scientific way of knowing hidden facts, has been largely adopted from the time immemorial and found to be the most proven approach. Nevertheless, the emergence of various frameworks developed by management consulting companies has changed means of helping consumers’ attainment of specific needs. Consumer trend canvas, one of the frameworks, integrates consumer trend data with the core buyer opinion generated through research. For the creation of products or services that would be accepted by consumers, experts say adoption of CTC becomes crucial. CTC has two components, which serve as core essentials of creating innovative offerings. Here are the components; analyse and apply.
The emergence of this trend could be linked to the intersection of new technologies, business and socio-economic dynamics. Identification of these aid in discerning core consumers following the trend and creating offerings that would align with their bespoke expectations. According to Trendwatching, products and services developers should always have it mind
what new consumer needs, wants and expectations are created by the changes identified? Where and how does this trend satisfy consumer? A typical example of meeting consumers’ expectations is targeting them through appropriate media. Brand aiming the youth should establish its presence on new media, especially social media. To stay put and maximizing CTC for innovative products or services creation, it has been suggested that a business should find out through market intelligence how the trend is being used by other businesses.
Results from the analysis part of CTC become useful when the products and services developers in consonance with other strategic personnel in a business could use them in redefining business’ vision, model, launch unique offering and improving campaign strategies. Trendwatching wants developers to ask themselves the following questions;
How will the deeper shifts underlying this trend shape your company’s long-term vision?
Can you apply this trend to launch a whole new business venture or brand?
What new products and services could you create in light of this trend? How will you adapt your current products and services?
How can you incorporate this trend into your campaigns, and show consumers you speak their language, that you ‘get it’.
In the case of additional information on how best to employ the canvas, Enterprations Limited is available to offer you reliable advice towards your company’s growth.