Quick – name the biggest trends you see in your business on a year to year basis.
If you were stumped – even for a second – by this question, you’re not alone. More business owners and managers are being asked to identify past trends, as well as forecast future ones. These trends can help companies prepare for upcoming trends, whether they’re positive (ex: customers are getting ready to buy) or negative (ex: the city where your business is located may go through an economic downturn).
In other words, understanding what trends could impact your business can help you prepare and use it to your advantage!
Wondering what kind of business decisions you can make with a simple trend report? Here’s what you need to know:
Assess Your Inventory
You may have some idea of products that are selling like hotcakes – but can you say for certain what they are? And do you know the inventory that’s actually costing you more money to keep around?
A trend report is perfect for identifying these key pieces of information because it reveals what your customers are buying the most – and what they’re avoiding like hotcakes. The trend report can reveal what stock you should order, when you should order it, and how much you should order.
What’s more, this same report can also show you what inventory you might want to get rid of, since it’s actually costing your business money. It’s the best way to make more business decisions with confidence!
Identify Customers’ Buying Behaviors
The best way for your business to make serious profits is to know when your customers are going to buy – before they even do. That’s where a trend report comes into play. With this kind of report, you can identify customer buying behaviors from previous quarters, or even years. For example, if you run a retail store, you know your customers are going to buy during the holiday months – but a trend report may reveal resurgence in the late spring months as well.
When you know when your customers are going to buy, you can make smarter business decisions to reflect these buying behaviors. On the other hand, learning when customers are going to scale back their purchases can be a major help as well. For example, if a trend report reveals that your customers usually scale back their purchases during the winter months, you can ensure that you’re not over-ordering inventory or spending too much money on marketing and advertising.
In short, trend reports can help you make smarter decisions faster – and with more accuracy. That’s precisely the reason why Big Data has become such a major industry!
Don’t Wait – Discover the Power of a Trend Report
You don’t need to run a Big Data company to enjoy these trend-revealing reports. In fact, you can enjoy comprehensive access to your company data – and you can do it all for free.
Want to learn more? Click here to unlock the power of your company’s data with a trend report.