Coolhunting: Innovation Strategy For Business
To achieve success, you must keep up with the trends and events that are currently happening in the world, so companies must always be attentive and differentiate themselves from the competition, which is why thanks to the work of the area with professionals with a Professional Master´s Degree MBA in Digital Business, which will provide you with the tools to help you innovate, among which is the Coolhunting.
In this article we will see how you can use Coolhunting to your advantage, broadening the horizons of your business.
What is Coolhunting?
The Coolhunting marketing strategy focuses on observing and predicting how certain changes in the environment can occur as new needs for consumers, which are detected through the analysis of new or existing fashions and cultural trends that marketing professionals are responsible for studying.
Therefore, Coolhunting is focused on researching trends that generate engagement with the values of buyers, and thus, creating strong bonds with the target, which is why the correct management of this information will help companies to innovate and maintain an advantageous position in the market.
How does Coolhunting work?
Since trends are constantly changing, this strategy demands constant research, so it is important that you either take on the role of a coolhunter or hire a marketing specialist to do this work.
This position must collect data and identify trends through various methods (surveys, data mining, metrics) and therefore perform the respective analysis, in which behaviours can be detected that can be manifested as products, purchases or network trends.
Once the data has been analysed, it must be interpreted and the most common pattern found, in order to understand the mindsets behind each signal, and to bring insights that are tailored to the business and drive business innovation.
As you can notice, trend research goes beyond just knowing about trends, it also requires constancy in its study, on the other hand, Coolhunting offers the possibility of detecting what will be the tastes and preferences of customers in the future, giving way to new business opportunities, reaching new niches in the market that are emerging, as well as anticipating in front of other businesses.
Characters behind Coolhunting
In Coolhunting there is a succession of characters that bring with them a series of stages:
- First stage: In this first stage are the Innovators. These characters could be considered as creative, as they are the ones who seek to create different ideas, concepts or products.
- Second stage: This is accompanied by the Early Adopters, those who are always waiting for the innovators’ creations, appropriating this creation and becoming brand prescribers, as they have greater influence than those who create the product and/or service.
- Third Stage: Mainstream consumers are those mass consumers who are influenced by the opinions of celebrities and adopt trends. This is the most beneficial stage for business marketing the novelties because sales increase substantially.
- Fourth stage: It is essential to keep in mind that investing efforts in a single product and service will achieve the proposed objectives, so it is important to have several options for this.
Given that in this last stage, the Early Adopters will leave the trend when it is acquired by the Mainstream, so the Innovators will be in charge of re-creating a trend, returning to the first stage successively.
Advantages for your business
Thanks to the internet and various digital media, the search, collection, and research of data is easier by giving easier access to all kinds of information in a massive and varied way, this monitoring the evolution of the sector that is required, analysing events, discovering approaches, and knowing the newest trends, however, it is crucial to know where you can find a relevant and useful inquiry.
That is why you will be able to know what trends your target audience is following, so you can tailor your offer, according to their interests, and thus choose the most appropriate marketing strategies.
In addition, Coolhunting allows us to:
- Become leaders of innovation
- Turn threats into opportunities and minimise the impact
- Take advantage of trends for commercial and economical purposes
- Innovate and create new concepts in brands, products or businesses.
- Launch products or services to the market that become trends.
In conclusion, through Coolhunting you will be able to adapt to the modern with information that is at your fingertips, additionally, it will give you the possibility to seduce a new public through fashions and even detect what would lead your company to a great growth.