Every day our enthusiast communities come together to unearth, discuss and share new products they're interested in. That's why you'll always find the latest, most relevant, and up-to-date product inventory on Grouphunt - curated courtesy of our nothing-short-of-amazing community.
With tens of new products being posted daily, we count ourselves lucky to have a large amount of data on our hands, and we see it as our job to make sense of the thousands of products posted. One of the insights we've uncovered is the deeper meaning of the word: trending. So how do we know when a product is trending and in-demand by the Grouphunt community?
Today we're proud to introduce the Grouphunt Trendmeter! The concept isn't new, but we've applied this specifically to help us uncover the next big product that has the potential to tren in our community.
A product doesn't just trend once. It trends multiple times through its life-cycle.
Traditionally, product launches are marketing exercises designed to bring attention to products at any particular moment in time. But given the rising popularity of crowdfunding, products are now able to launch before they're even physically available in the market. Crowdfunding flips the traditional cycle by engaging in a pre-launch marketing campaign, designed to test the market and raise funds to be used in production. With crowdfunding, products have the potential to go viral even before production begins.
The next natural occasion when a product trends is when it hits the market. There's buzz, there's word of mouth, and of course there's the physical experience which is irreplaceable (yes folks, unfortunately, we still live in a physical world). If you're familiar with the adoption curve, this is when the early majority of fellas come in right before the floodgates open.
Other factors, such as a new feature release, a new geographical market, or a large publication's coverage (e.g. Straits Times, Insider, or a celebrity endorsement) will cause a demand spike for a product.
Last but not least, our favourite type of demand spike is one that's relevant to our community. It doesn't matter if we weren't at the launch, or missed the show - what matters to us is that a bunch of people have newly discovered a product, and want to buy it together now. That's why the final part of the equation is you - sometimes all it takes is a leader who's discovered a new product for it to catch fire within their community (check out the video below, it's lit ?)!
So what does Grouphunt do with the Trendmeter's info?
At Grouphunt, we believe that our community at large will always have more eyes and ears on the ground than we will, and they're a lot faster too! We built the Trendmeter around the idea of community requests and comments so it pulls all of that data back to Grouphunt, dumps it into our own predictive engine, and forecasts which products are about to go viral. Our sales team gets alerted ??? when such spikes occur and we go hunting!!!
It's still early days and we're still constantly improving the Trendmeter, but we hope this gives you an insight into our workings and culture at Grouphunt. We'd absolutely love to hear your thoughts in the comments below.
P.S. It's exciting times for us as we're growing our team to fulfil more requests and demand spikes. If you're interested in joining us as a category manager and buyer, please find more info and reach out to us here.