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BOSTON (Reuters) - To spot transformational trends early, companies need to tap into the peripheries of their industry, says Harvard Business Review.
The Harvard Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Reivew and HBR.org (www.hbr.org). Any opinions expressed are not endorsed by Reuters.
"All leaders want to know what trends will shape the future of their industries before they happen. To spot them early, you can't mingle with the usual suspects at industry events. You need to interact with the peripheries of your industry.
Here are two ways to do that:
1. Spend time with peripheral customers. Every industry has cutting-edge users that know -- or are even setting -- the trends. Find these customers (hint: they are often the younger, technology-focused ones) and tap them for their insights.
2. Investigate peripheral companies. Be on the lookout for interesting startups or established companies that could one day edge into your market. Don't be limited by traditional industry demarcations. Investigate companies solving similar problems that you solve for your customers."
-- Today's management tip was adapted from "Trend Hunting on the Periphery" by Scott Anthony.
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