How to Make a Trend Analysis?
The purpose of doing a Trend analysis is to gather data to help you determine the future of the market your business is participating in. You can conduct such business analysis to come up with statistics that will tell you what it is that your business has to do in order to reach success. For example, if social media has been analyzed as the best way to communicate with customers, then you can formulate strategies around it to get customers to know that you have what they need.
If you are confused you can easily carry on the following steps to conduct this simple analysis:
1. Determine What You Need to Analyze
When conducting any kind of trend analysis, it is important that you figure out the different factors that you will need to analyze. These factors should affect the current trend in any sort of way. For example, determining the marketing trend with a marketing analysis will require you to look into the products that customers continuously purchase or the most effective advertising methods that attract them to do business.
2. Gather the Data You Need
Now that you know what you have to look into, then the next thing that you have to do is to gather all of the relevant data needed for the analysis. Again, this will depend entirely on the kind of trend that you are looking into. So let's say that you're looking into the cost analysis of the restaurant you're in charge of. What you'll want to do is to gather information on the unit prices of your meals, the percentage of customers that order each one, the cost of creating them, and the amount of revenue gained from each of them. So when gathering data, just acquire all the documents or statements that will help in telling you what you need to know.
3. Analyze What You've Gathered
This is where you will be using the data you have acquired to determine what the current trend is. When doing this, you can compare the information found in previous sample analysis results with the ones that you currently have. This will help you see if there are any changes that need to be taken note of or if there aren't any dramatic shifts in the trend. What you learn here will be very helpful in the next step.
4. Point Out What Actions Need to Be Taken
What you will be writing here will depend entirely on the results of the data you have analyzed. It is important that you determine the best course of action when it comes to meeting or keeping up with the current trend. You have to find the most suitable actions that are effective and cost-efficient, along with having minimal risks. It's best to discuss the matter with those who are qualified to issue the approval of these actions on a risk analysis. Once that's done, then simply write down the ones that have been agreed on in full detail into the analysis form. Do not forget to proofread the document after.