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Three Levels of Relating to the Market
to Develop Your
Market & Products
The market exists at
three different levels.
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At the first level,
the market consists of a finite number of recognized needs, and
companies compete to meet those needs. If your company approaches
the market from this point of view, its growth is confined to the
already established needs of the market.
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At the second level,
the market consists of needs which exist, but are unrecognized by
society and companies, and therefore are unmet. Companies grow by
recognizing those unfulfilled needs, creating a general awareness of
them and then meeting them. What are the unrecognized needs in your
industry? What new dimension or incremental improvement can you add
to an existing product or service that will meet a latent need of
society or your customers and create a new market that does not now
exist?
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Not every company can
create a new product or a new market. But the third level of market
is open to all. There is in every industry a gap between what the
market actually needs or wants and what companies perceive it wants.
That gap represents fertile untapped ground for any company that can
become more conscious of the market's real wants.
When is the last time you really and systematically asked your
customers about their preferences? If it was not today or yesterday,
perhaps you should ask again. Put yourself on the other side of the
counter and looking at things from the customer's point of view."
The effort required is one of careful observation, perception, and
thoughtfulness.
Four
Levels of Relating to the Customer to Develop Your Market & Products
There are four levels by which you can relate to the customer.
Each successive view of the customer has more
potential than the previous ones to open the market for you.
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First and most commonly,
companies relate to the customer from the point of view of the product.
I have a product to sell. Anyone who buys it is my customer. Companies
with this view have a very limited idea of who their customers are, what
their needs are or how to attract more of them. They rely on the product
to do that.
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Look at the customer as a
member of society. Identify the social characteristics of the customer
and think of ways to meet the needs of specific social groups.
- Look at the customer simply as an
individual. Recognize the needs and preferences that any individual
would have and cater to them.
- relate to the customer, not merely as
an individual who shares much in common with everyone else, but as a
unique individual who has unique needs, preferences and identity.
Products and Services Strategies for Improvement
Here
are a few product and service strategies for business improvement:
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Improve the technology of our products/services by adding one new
dimension to it.
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Attune our products/services to meet a psychological need of the
client/customer, so that it provides greater enjoyment, security or educational value.
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Examine every technology our company employs and identify ways to
reduce cost.
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Match our products/services as closely as possible with the needs
of the market.
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Make improvements in our organization (structure, activities,
systems, job positions, procedures, rules, regulations) that will improve the development
and operation of our technology (including product/services).
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Introduce new or improved technologies internally that will
improve the functioning of our own organization.
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Become fully knowledgeable about all new emerging technologies
that are directly or indirectly related to our business.
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Identify and adapt new technologies to better meet the needs of
our customers.
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Work closely with our vendors to introduce new products/services.
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Continuously expand and upgrade the product/service knowledge and
technical expertise of our people.
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Make an effort to completely satisfy existing and potential
clients/customers.
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Make our clients/customers happier by making our employees
happier. If we show more interest in our employees, thereby making them happier, they will
interact better with our client/customers.
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Determine what our unique strengths are, and develop
products/services that incorporate, or further incorporate these strengths.
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Implement the value "Quality" in every possible area.
Untitled
[Re: the development of products] If you start to work on something,
and the time is right, pieces come in from the periphery. It just
comes together. (Steve Jobs)
Quality of
the Product = Quality of the Management
W. Edwards
Deming became famous in the field of management as an upholder
of Quality. No one paid heed to him in the USA. So, he migrated
to Japan, and made Japanese industry challenge the US. After
that, the US industrialists sought him. W. Edwards Deming said,
"Quality is not difficult to achieve, but to convince the
management is difficult." The industrialist, the CEO, the
Board, all do not want to change, but want the Quality of
the product to rise. The truth is that the Quality of the product is the
Quality of the management. As you are, so is the product. Man and his
product are one, they are united. They cannot be separated. But, Mind
can think clearly only when they
are held apart.
(MSS)
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