Change your perspective: from product-centric to market-centric
20 October 2022
The more people talk about business on various platforms, the more people keep asking, "Why isn't my business growing?" We will find this question in every Q&A session between experts and people in business. There are many reasons behind this phase, just in case you don't have a business and marketing plan. Moreover, you are not systematized.
Before checking all aspects of running a business, you should check your mindset first! Is your perspective good enough before starting a business?
Product-centric, is it good?
"We make it, and they will come!"
This mindset is one way to detect people who live with a product-centric perspective. They will think that the market will follow if their product is excellent. Honestly, not every moonshot of creation is a success as simple as that. When a hot product comes out, there's not always a moment to get instant crushing demand for the product.
The hurt truth we have to face is that businesses that put the product first mindset will become easy targets for failure. And in some areas, they may meet a lot of difficulties and free fall like a waterfall. Don't tell about Apple because you're not necessarily a Steve Jobs who was born to Apple. Be realistic and smart!
The right time to change your mindset;
to be market-centric.
The power of market-centric or customer-centric companies is a significant commitment to customer research and analysis. They learn from their various feedback channels and always look for new ways to enhance the customer experience. Focusing on a customer experience primarily reduces churn. Furthermore, their trials are minor in scope and more incremental. For this reason, it makes these companies try to rack their brains to maximize revenue or profits, focusing more on lifetime value and getting a sustainable market than a big-ticket, one-time sale.
For a sustainability business, a market-centric way is the best choice! Consumers who want to associate themselves with brands can fulfil their thirst through customer-centric companies. Through customer centricity, the companies who will play better in the digital space are able to switch costs for consumers pretty low with bonus accuracy. Indirectly, market-centric over product-centric will get more profits, and sustainable businesses will get skyrocketing profits.
Are you sure not to change your business mindset from now on? It's okay to be late, but changing soon is much better!