Organizations are increasingly finding the feasibility of continuing with a product centric business model. The days of mass marketing to push a product to many customers are coming to an end. Customers have started demanding products that fulfill the different needs.
Take an example of mobile phone. The basic need of communication has just become basic. Customers want to play games, do office work, manage appointment, entertain themselves, share updates with family and friends and what not. Is it possible to fulfill all these needs by one company or enterprise? The answer is NO. But what organizations can create is an eco-system where everyone has can contribute to development of products or services that fulfill these needs. Apple iTunes or Android Marketplace is the perfect example of these eco-systems in the mobile space.
How about other domains – Automobiles, FMCG, Retail, IT Services? What can companies do in these domains to create a similar ecosystem? How can the companies adopt customer centric model and be able to forecast and meet plethora of demands from the customer?
The organizations need to adopt the following measures to successfully move and engage the customer
" Only when the customer is successful, that I will be successful " – What does that mean for my organization? It means the organization needs to make customer as the core focus of all strategies. Everything needs to be measured in customer terms. It is no longer about brand equity; it's about customer equity, not about sales but customer lifetime value.
How can you make customer the center of the organization?
· Start from the customer facing functions. Departments like R & D, Market Research, CRM collect a lot of information about customers. What all customer insights does this data provide?
· Are my products over-engineered? Does my market research take into account the needs of customers?
· Am I using customers to help decipher their needs and using their vision to design new products.
Till you focus on the customer, you will never be able to achieve long lasting success.