Trend Assessment
Uncover consumer & category insights.
Using a variety of secondary sources and primary observations, we identify critical truths and hypotheses about the consumer and category to influence the value proposition and positioning of your brand. By applying our market adoption curve, we can make educated predictions on where the market is going, and how fast it will get there.
Applying secondary sources for trend frameworks like mintel, kantar, the food people as well as category data from Nielsen, SPINS and IRI
Learning what the consumer cares about today – what are they posting on social media?
Grouping observations into thematic macro trends
Frequently Asked Questions
How much does a trend assessment cost?
As an integrated agency, our trend forecast and assessment services are a part of our Path To Performance™ process. Projects range from $25,000-$500,000 depending upon the scope of work and consumer testing necessary.
How long does a trend assessment take?
On average, our Path To Performance™ process which includes the consumer trend assessment takes approximately 3-4 months to complete. We are able to provide a more accurate timeline after reviewing your project.
What other services does your agency offer?
Our Path To Performance™ process includes services that begin at the diagnosis phase and complete with packaging and design optimization. Specific to diagnostics, we also offer services such as competitive audits, and retail audits. You can see a full list of services in the footer of our website.
What is Trend Assessment in Brand Development?
Trend assessment in brand development is a process of gathering trend insights and engaging in long-term forecasting to analyze and predict market and consumer trends. It helps in identifying emerging trends and drafting an accurate trend report, focusing on how these trends impact consumers' choices and preferences. This information acts as a guide for your branding and marketing efforts.
How Does SmashBrand Conduct Trend Assessments?
As a trend forecasting agency, SmashBrand utilizes a variety of methodologies to gather trend insights. This includes analyzing consumer behavior, developing trend reports, and finding actionable insights from recent market data. Effective trend assessments focus on both short-term and long-term forecasting to provide a complete picture of the market trend.
Why is Understanding Consumer Trends Important for My Brand?
Understanding consumer trends, a key aspect of consumer behavior, is vital. Insights into consumer trends allow brands to find white space in a category, anticipate new trends before the competition. With these insights, brand can adapt their strategies accordingly, ensuring alignment with consumers' evolving needs.
Can a Trend Assessment Help in Rebranding or Launching New Products?
Yes, trend assessment is crucial for both rebranding and launching new products. But it must be an accurate assessment where you analyze existing consumer trends, understand emerging and future trends. With this data, strategic trend forecasters will identify the most relevant micro trends and upcoming trends that will help you create a distinct and relevant brand.
How Often Should Trends be Reassessed for a Brand?
Trends, particularly consumer trends, should be reassessed regularly but they should always be assessed during every change in your branding and when you significantly shift the marketing strategy. This process involves both short-term and long-term forecasting to adapt to dynamic market trends and consumer behaviors, including seasonal trends.
What are Some Common Mistakes Brands Make in Trend Assessment?
Common mistakes include having inaccurate data, only partially utilizing the insights from trend forecasters, ignoring emerging trends, and focusing too narrowly on short-term forecasting without considering the long-term implications of market trends. Every new trend must be assessed for its long-term impact on the market.
How Do You Ensure the Data Used in Trend Assessment is Reliable?
Ensuring data reliability involves using reputable trend forecasters and market analysis companies, incorporating a wide range of consumer insights, and applying robust models for both short-term and long-term trend forecasting.
Can a Trend Assessment Predict Future Market Movements?
A trend assessment, especially through comprehensive trend forecasting and analysis, offers educated predictions about future trends. This includes analyzing both new trends and seasonal trends to predict future market movements.
How Do Trends Differ Across Various Markets and Demographics?
Trends can vary significantly across different markets and demographics. Understanding these variations, often through detailed consumer insights and trend reports, is essential for crafting effective brand strategies.
How is Trend Assessment Integrated into the Overall Brand Strategy?
Integrating trend insights, including consumer behavior analysis and trend forecasting, into the overall brand strategy is key. This approach ensures that the brand is aligned with current and future consumer trends, helping it stay relevant and competitive.