If I was to say to you “If you build it…” how would you finish the sentence?
I’ve found that there are still a plethora of businesses, specifically those in manufacturing and distribution, that believe that a good product will result in great sales.
Unfortunately this isn’t the case. Here’s why.
Fast forward a decade or two and a more modern version of the statement above might resemble “If you build it first, then be prepared to change it repeatedly in order to satisfy at least a few of your customers needs.”
Value precludes presence when it comes to enticing strong demand. Consider these questions as it pertains to your business:
Are you connecting with your existing and prospective customers today in order to understand what they value, and how you can systematically deliver that value to them?
How are you capturing this information and feeding it into your product development, R&D and M&A activities?
What insights are you receiving from customers that point to the next big thing that you should be pursuing? What is your product or service BHAG? (Big Hairy Audacious Goal?)
Shawn’s Success Secret: Invest more time in one-on-one customer interactions to understand exactly what they need, want and desire. The value from this competitive intelligence will provide key insights into exactly where you should invest and how to best achieve product and market dominance.
© Shawn Casemore 2015. All rights reserved.