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Kantar recently launched Emerging Trends at Cannes Lions Festival 2022.
BRANDS are always looking for ways to foresee consumer demand to future-proof their innovation strategy.
In today’s world, trends are ever changing – one minute they can be the latest “in” thing and the next, they are just a fad from last month.
So how can we determine which trends will likely stay the course and continue to involve, and are worthy investing in?
It is important for us to identify and track how trends evolve overtime and move across categories and markets, and consumer search and social behaviour data enable us to do that, said Kantar Digital Analytics consultant, Lilian Yong.
It is the industry’s first cross-category search prediction tool that enables brands to foresee potential demand across different categories and markets through the application of artificial intelligence (AI) and advanced analytics on search data.
The tool is not only able to generate a holistic view of the consumer, but also identify shifts anchored to evolving behaviours based on search.
Search has redefined how consumers find and use information – an act that is reflexive and intuitive, often translated to an indication of interest to know more or intent to purchase.
By understanding the deeper meaning behind searches through search terms, topics, geolocations, frequency and volume among others, brands can now find answers to questions such as:
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> What are the next potential growth markets?
> Which new ingredients will be relevant in my category?
> Which new flavour or format should I launch?
These can certainly help immensely in future-proofing new product innovation or brand communications strategies for making informed decisions and also wise investments.
Kantar’s Emerging Trends taps into billions of searches taking place every day to help brands foresee potential demand.
It applies AI and advanced analytics to analyse 18 years of data from hundreds of thousands of categories and close to two hundred markets – promoting a research approach that’s agile, datacentric and predictive.
“Our research shows that consumer preference travels rapidly across the globe, spanning numerous markets and categories.
“Beauty trends travel from South Korea to the West, ingredients move seamlessly from food to beverages to skincare and beyond.
“Therefore, it is vital for marketers to understand the three stickiness factors – global market presence, multiple categories presence and brand independence, when determining which trend to leverage on to meet consumer demand.”
Yong added that understanding trends relevancy using the “stickiness” factors, is a completely new way to understand shifting consumer demand globally and across categories, “with speed and at scale.”
