Marketing Viewpoint by Ruth Winett
Should You Jump on the Next Bandwagon?
"Social media is a passing fad without practical application," thought many in the mid-nineties. Like social media, what seems initially to be a fad often becomes a mainstream phenomenon. How do you distinguish between the next great thing and a product or service that will soon disappear? A fad is an intense but short-lived fashion; a craze. In contrast, a trend is a growing movement. For example, the Internet of Things is a trend that is becoming mainstream; whereas, Fitbits are a fad that could lose ground to more sensitive devices.
When exploring new business opportunities, evaluate whether the product or service is a passing fad or whether it is a more lasting, more profitable trend that could become a mainstream offering.
Should You Invest in the Fad?
Before investing in a new fad, consider the following:
Getting on the bandwagon along with the crowd may not work for your business. Carefully weigh whether the product or service represents a real opportunity. Look for products and services that reflect trends that could become mainstream offerings. Factor in your company's tolerance for risk, as well.
Winett Associates can help you
Winett Associates tel: 508-877-1938 fax: 508-877-9409 email
©2017 Winett Associates. All rights reserved.