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.

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