Product trend analysis refers to the process of examining and identifying customer interest and demand patterns of a product or a group of products over a given period. This analysis involves looking at historical and current data to predict future trends, discern seasonal fluctuations, and understand consumer behavior and preference shifts.
Many ecommerce brands use a manual process to find and understand product trends. However, this approach can be labor-intensive and risky. To make it easier, we developed Exploding Topics. It reliably pinpoints developing trends before they hit the mainstream.
Exploding Topics is a curated collection of 14,000 data-backed trends. You can sort results by category and set the trend filter to "exploding" to view only the trends that are currently taking off.
For example, if you're a DTC fitness brand selling Keto meal delivery kits, you can sort the Trends Database to find parallel trending products, such as fitness gummies, which might be a good fit for your target audience.
The Trending Products database provides more detailed information like revenue, demand, and other key metrics. For instance, you can see that fitness gummies have an average revenue just short of $1M, average monthly sales of around 32,000 products, and a bottle is selling for around $31.
Now that you've found a potential product winner, it's time to validate if it's a viable trend worth targeting.
Understanding your audience's needs, preferences, and behaviors can help you identify pain points in the market and create a better product. Tools like SparkToro can help you identify the social media accounts and websites your target audience frequently visits, as well as popular influencers in the niche.
Monitoring social media, especially platforms like Reddit, can provide insights into pain points with existing products and gauge general customer sentiment. Pay attention to top, hot, or controversial posts about your topic and analyze interactions and comments.
Competitor reviews are a goldmine of information on customer pain points, desires, and general sentiment. Look at star ratings, volume of reviews, review recency, review sentiment, review trends, and product questions to gain valuable insights.
Ultimately, secondary research will only get you so far. The best product validation comes from primary data sources like interviewing current customers and conducting market research surveys.
Conducting customer or market research surveys can provide valuable insights into the potential viability of a new product. Ask questions about demographics, needs, preferences, product features, purchase intent, and product discovery.
One-on-one customer interviews can produce deep qualitative insights. These interviews aim to understand how a customer thinks about your brand, uses your products, and how they discovered your product and the pain point it solves.
Companies that can consistently recognize emerging trends before they explode have a significant advantage in the market. The difference between success and failure lies in having a solid product trend analysis process. Start your product trend analysis process today to stay ahead in the competitive business landscape.