Ask Jo Malone: Understanding trends is key — but setting them is important, too

Jo Malone discusses how to act on new business ideas and how entrepreneurs must learn from trends.

Dear Jo

I’m interested in how you monitor the latest consumer trends. I’m starting a food and drink company, run from Walthamstow, and I constantly find myself thinking “I wish I’d thought of that” when new products come to market.

I try to use social media around the products I’m interested in (mainly beer and savoury snacks) and am keen to tap into the latest buzz.

We’ve all had the “I wish I’d thought of that” moment or seen someone launch a product before you. It’s annoying but it’s a lesson. When you think about it, act upon it and make your idea into a physical product.

Understanding trends is important as they reflect consumer behaviour and get us thinking of new and exciting ideas, hopefully springboarding you to the next big thing.

For me, travel is essential for inspiring new ideas. Whether it’s wandering around a market in Italy, shopping on the food piers in San Francisco or simply enjoying a café gourmand in France, this will open your eyes to an endless supply of inspiration, culture and ceremony.

A little closer to home would be the annual Taste of London food show in Regent’s Park in June.

It’s a rich resource for picking up new ideas and observing current trends. London is full of inspirational entrepreneurs starting up new food concepts.

One example is the new restaurant Hoppers, a type of Sri Lankan street food named after the edible pancake bowl your food is served in. The proprietors noticed a niche in the market for innovative cuisine and so they brought a little bit of Sri Lanka to Soho.

Just remember it’s important to learn from trends but one of the great achievements of an entrepreneur is to set them.

Sam Galsworthy, founder of Sipsmith gin, says: “Consumer-trend watching is essential, which is why it has become a business itself.

“The good news is that these trends do not just ‘happen’ overnight. If a trend is to be sustained in a meaningful way, it develops and evolves —and isn’t just a fad or a flash in the pan.

“Gin, for example, was (and still is) a booming trend and the tendency for entrepreneurs was to have one from a contract producer just to jump in on the action.