Responding to your market is critical to being market-focused. You can generate information and communicate it internally, but unless you respond to market needs, nothing gets accomplished. Your company should be driven by:
- An understanding of what your customers want
- The knowledge of how to meet the customers’ needs
- The delivery of the product or service customers want
Many of you reading this may already be doing most of these activities. Great job! If you aren’t, it’s okay. Take some action to formalize your process. Studies show that companies that link these activities together achieve greater levels of performance when compared to their competitors. A company that increases its market focus by ten percent can see a growth of between 17 and 20 percent in overall performance.
Want to evaluate how market-focused your firm is? Check out this free, online assessment tool.
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Topics in this post: Competitive Advantage, Customers, Strategies |