Industry Foresight: Forecasting the Future of Your Market

Industry Foresight: Forecasting the Future of Your Market

Marketing Strategy — Fri., Jan. 27, 2023

Having industry foresight is an important part of any marketing strategy. It involves forecasting customer needs, competitors, technologies, regulations, and more. To get a view of the future, people often extrapolate from current trends, look at product life cycles, and isolate industry trends. A useful forecasting method is to choose a time frame (5-10 years) and have teams identify developments, prioritize them by impact, and build scenarios.

When constructing scenarios, it is important to create distinct themes and weave a credible tale. Writing out the scenarios and presenting them to the group can give a range of alternatives for the future. The goal is to find a marketing strategy that is robust across all scenarios. For example, a car company in China found that a robust strategy would involve entering the car rental business.

Thinking about the future is critical for any marketing strategy. Ignoring it can leave you in the dust and you won't be prepared for the changes that occur. Forecasting is an important part of success and can help you plan for the future and create a successful strategy.

... continue reading below
Sign up for free to read the full article.
Enter your email address to continue reading

Industry Foresight: Forecasting the Future of Your Market

Don't worry ... it's FREE!

Already a member? Sign in now.

Related Articles

The Top Marketing Challenges That New SMB Owners Face

The Top Marketing Challenges That New SMB Owners Face

Most SMB owners say customer acquisition was the biggest marketing challenge they faced in their first year of operating their business, according to recent research from Constant Contact and Ascend2.

How to Ensure Digital Transformation Success: Take a Data-First Approach

How to Ensure Digital Transformation Success: Take a Data-First Approach

Digital transformation isn't just about technology—it's about using data to drive smarter decisions and business growth. Learn how to build a data-driven strategy. Read more.

10 Common Mistakes B2B Marketers Make When Measuring TAM

10 Common Mistakes B2B Marketers Make When Measuring TAM

Many B2B marketers miscalculate TAM, leading to poor strategy and wasted resources. Avoid these 10 common mistakes for accurate market insights. Read more.

How to Conduct Brand Positioning Research for a High-Impact Marketing Strategy

How to Conduct Brand Positioning Research for a High-Impact Marketing Strategy

Strong brand positioning starts with research. Discover how to analyze customer perceptions, assess competitors, and refine your brand's market position. Read more.

How to Expand Your Marketing Channels Beyond Email: A 'Crawl, Walk, Run' Approach

How to Expand Your Marketing Channels Beyond Email: A 'Crawl, Walk, Run' Approach

Email marketing alone is not enough. Learn how to expand your strategy to other channels using a specific, gradual approach. Read more.

How Do Marketers Learn About New Marketing Agencies?

How Do Marketers Learn About New Marketing Agencies?

Word-of-mouth is the top way that marketers hear about new marketing agencies, according to recent research.

Subscribe to the MarketingProfs Today newsletter