Future markets are less the result of brilliant product ideas than an expression of changing customer expectations. If you systematically monitor these expectations and recognize them early on, you can identify untapped market potential long before it reaches the mainstream.
A good example of the emergence of new markets is the megatrend Eco-intelligence: The market for vegetarian and vegan products developed not as a result of technical innovations, but because ecological and ethical criteria have gradually gained in importance — across all age groups. Do you remember how Rügenwalder Mühle — formerly a producer of sausage and meat products — was ridiculed when the company introduced the first vegetarian products to its range of products years ago? Today, these and the additional vegan products account for more than half of sales.
Three questions help to translate megatrends into concrete market opportunities:
The Health megatrend changes our view of ourselves: How do we eat, how do we sleep, how burdened are we due to our work and in everyday life? It is not only markets for the traditional healthcare sector that have emerged and are emerging here. Companies in other industries are also following this trend and developing products with a focus on ergonomics, sleep and stress reduction — such as furniture manufacturers.
urbanization This not only results in housing shortages, but also new demands on logistics, local supply and social infrastructure. Entire markets are emerging here — from micro-residential solutions to app-based neighborhood platforms.
The megatrends identity dynamics and New Work show: Life models and consumption habits are more individual today than ever. The market for gender-neutral cosmetics or flexible financial products for digital nomads was barely conceivable ten years ago — today it is growing dynamically.
Identifying upcoming markets requires a change of perspective and the courage to break new ground. Your controller is probably frowning because this is not initially about sales potential, but about identifying socio-cultural changes at an early stage. One method is so-called trend mapping. To this end, several megatrends are systematically linked together in order to explore potential for new markets. This is how, for example, combining megatrends connectivity and surety Ideas about cyber resilience or data protection services.
A second method is scouting, which you may know from the sports and fashion sectors. But even when it comes to environmental and climate issues, trend scouts can identify new topics at an early stage around which new products and services can be developed.
Future markets are first seen on the fringes of the mainstream, in changing lifestyles and cultural shifts. So anyone who only looks at current demand often sees the change too late. Sharpen your perception and keep an eye on the behavior of your children, your trainees or your most unconventional customers. As a future designer, I am happy to help you discover and develop new markets.
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