Easy-to-follow video tutorials help you learn software, creative, and business skills.Become a member

Caring about market trends

From: Thinking Like a Leader

Video: Caring about market trends

Market trends are forces outside of your company that influence what's happening inside the company. Understanding markets is a bit like understanding the weather. You have no control over the weather itself but you can control whether or not you're prepared for it. By taking a look at the weather forecast for the day, you'll know if you need to bring an umbrella. It's the same with your career. By taking just a few minutes on a regular basis to understand the market weather, you'll be prepared for things that catch other people unaware.

Caring about market trends

Market trends are forces outside of your company that influence what's happening inside the company. Understanding markets is a bit like understanding the weather. You have no control over the weather itself but you can control whether or not you're prepared for it. By taking a look at the weather forecast for the day, you'll know if you need to bring an umbrella. It's the same with your career. By taking just a few minutes on a regular basis to understand the market weather, you'll be prepared for things that catch other people unaware.

I'll help you create a simple program to stay up-to-date with things that are going on in the market. There are three resources that you can use in creating that program. The first resource is trade magazines. These are magazines that are created specifically for the industry that you're in. If your company builds computer software, for example, then these would be magazines specifically related to software development. Trade magazines are such great resources because they are focused on your industry, and bring together the most important, relevant stories to your company.

For a small cost, sometimes even for free, you can get the benefit of all the hard work and research that others have done to anticipate trends in your industry. I recommend that you subscribe to one or two of these trade magazines and then spend time regularly reading the stories. A second resource to use is industry conferences and seminars. Like trade magazines, these events are highly focused and give you a great amount of knowledge in a short period of time.

These events also provide the benefit of discussion and debate with others in your industry, which can lead to greater insight. Try to find a budget and schedule that works for you to regularly attend these events. The third resource is online experts, which could be the social media, web sites, blogs or podcasts. Identify a few experts that you trust, who you can follow to gain more knowledge and insight into your area of expertise.

Like trade magazines, the information that they provide will be highly focused and usually relevant to your industry. Be aware that an online expert generally has free reign with their opinions and may speculate more and be a little less cautious in their assumptions than a trade resource. However, the very act of challenging those ideas as you think about them can be valuable in developing your knowledge and understanding of market trends. As you continue to gain knowledge from these sources, I suggest creating a reminder in your calendar to think for 15 minutes, once per month, about this question.

Where are things headed in my industry? This simple and powerful question will give you ideas and insights into actions you can take to anticipate market trends. You may even want to get together with a group of people in your industry to discuss that question. Whether you consider the question with a group or independently, by studying the forces affecting your industry, you'll be prepared for the market weather that catches other people unprepared and take another step toward becoming savvy.

Show transcript

This video is part of

Image for Thinking Like a Leader
Thinking Like a Leader

17 video lessons · 15556 viewers

Dave Crenshaw
Author

 

Start learning today

Get unlimited access to all courses for just $25/month.

Become a member
Sometimes @lynda teaches me how to use a program and sometimes Lynda.com changes my life forever. @JosefShutter
@lynda lynda.com is an absolute life saver when it comes to learning todays software. Definitely recommend it! #higherlearning @Michael_Caraway
@lynda The best thing online! Your database of courses is great! To the mark and very helpful. Thanks! @ru22more
Got to create something yesterday I never thought I could do. #thanks @lynda @Ngventurella
I really do love @lynda as a learning platform. Never stop learning and developing, it’s probably our greatest gift as a species! @soundslikedavid
@lynda just subscribed to lynda.com all I can say its brilliant join now trust me @ButchSamurai
@lynda is an awesome resource. The membership is priceless if you take advantage of it. @diabetic_techie
One of the best decision I made this year. Buy a 1yr subscription to @lynda @cybercaptive
guys lynda.com (@lynda) is the best. So far I’ve learned Java, principles of OO programming, and now learning about MS project @lucasmitchell
Signed back up to @lynda dot com. I’ve missed it!! Proper geeking out right now! #timetolearn #geek @JayGodbold
Share a link to this course

What are exercise files?

Exercise files are the same files the author uses in the course. Save time by downloading the author's files instead of setting up your own files, and learn by following along with the instructor.

Can I take this course without the exercise files?

Yes! If you decide you would like the exercise files later, you can upgrade to a premium account any time.

Become a member Download sample files See plans and pricing

Please wait... please wait ...
Upgrade to get access to exercise files.

Exercise files video

How to use exercise files.

Learn by watching, listening, and doing, Exercise files are the same files the author uses in the course, so you can download them and follow along Premium memberships include access to all exercise files in the library.


Exercise files

Exercise files video

How to use exercise files.

For additional information on downloading and using exercise files, watch our instructional video or read the instructions in the FAQ.

This course includes free exercise files, so you can practice while you watch the course. To access all the exercise files in our library, become a Premium Member.

Are you sure you want to mark all the videos in this course as unwatched?

This will not affect your course history, your reports, or your certificates of completion for this course.


Mark all as unwatched Cancel

Congratulations

You have completed Thinking Like a Leader.

Return to your organization's learning portal to continue training, or close this page.


OK
Become a member to add this course to a playlist

Join today and get unlimited access to the entire library of video courses—and create as many playlists as you like.

Get started

Already a member?

Become a member to like this course.

Join today and get unlimited access to the entire library of video courses.

Get started

Already a member?

Exercise files

Learn by watching, listening, and doing! Exercise files are the same files the author uses in the course, so you can download them and follow along. Exercise files are available with all Premium memberships. Learn more

Get started

Already a Premium member?

Exercise files video

How to use exercise files.

Ask a question

Thanks for contacting us.
You’ll hear from our Customer Service team within 24 hours.

Please enter the text shown below:

The classic layout automatically defaults to the latest Flash Player.

To choose a different player, hold the cursor over your name at the top right of any lynda.com page and choose Site preferencesfrom the dropdown menu.

Continue to classic layout Stay on new layout
Exercise files

Access exercise files from a button right under the course name.

Mark videos as unwatched

Remove icons showing you already watched videos if you want to start over.

Control your viewing experience

Make the video wide, narrow, full-screen, or pop the player out of the page into its own window.

Interactive transcripts

Click on text in the transcript to jump to that spot in the video. As the video plays, the relevant spot in the transcript will be highlighted.

Are you sure you want to delete this note?

No

Your file was successfully uploaded.

Thanks for signing up.

We’ll send you a confirmation email shortly.


Sign up and receive emails about lynda.com and our online training library:

Here’s our privacy policy with more details about how we handle your information.

Keep up with news, tips, and latest courses with emails from lynda.com.

Sign up and receive emails about lynda.com and our online training library:

Here’s our privacy policy with more details about how we handle your information.

   
submit Lightbox submit clicked
Terms and conditions of use

We've updated our terms and conditions (now called terms of service).Go
Review and accept our updated terms of service.