- Published: January 17, 2014
Building a sustainable business usually means an organization will look to enter markets that offer the potential for long-term revenue. Within an existing market, a marketer will often enter only after they have carefully developed a plan of action, which often includes conducting market research to ensure sufficient demand exists. For a new market created with the introduction of innovative new product, the marketer will spend considerable time and money building their own demand, particularly when few in the market know about the product or the company.
But then there are times when demand just comes to the marketer with little warning and with little effort on the marketer’s part. In these cases, it is better to be lucky than to be good. This is what happens when unexpected trends sweep a market. While some of these trends will gain a foothold and last for some time, others will quickly reach a peak then just as quickly decline. We see this all the time in fashion, food, diet and exercise industries.
According to this story from CNN, it is also what is happening in the musical instrument market where ukulele sales are spiking. Apparently the trend is being driven by customers who are likely spreading the word by sharing their experiences on social media and by well-known artists who have adopted the instrument.
However, as pointed out in this story, ukulele sales have come and gone over the years. So, it would be wise for any marketers looking to take advantage of this rise in interest to do so fairly soon before the sound of sales at the cash register fades away.