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.
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