I’ve been working through some thinking on Market Orientation lately to help better illustrate why the concept matters and how folks can and should make certain they are focusing on being customer focused heading through to the other side of the pandemic.
Here are 5 reasons to consider for Market Orientation as the foundation for the way your business approaches the market.
- By Being Market Oriented, You Are Closer To Your Market:
The foundation of marketing and Market Orientation is bringing the voice of the customer into the business.
By being Market Oriented, you fundamentally become closer to the market you are working to serve because you recognize from the start that when it comes to the customer, your opinion doesn’t matter, and that only the opinion of the customer really matters.
2. You Become Better Able To Give Your Customers The Value They Want And Need:
By knowing your customers better, you are going to have a better understanding of what is going on with them, what they need, or what they want.
It is simple, being Market Oriented allows you to let your customers tell you what they want and need.
3. Being Market Oriented Allows You To Launch More Successful Products and Services:
If you are closer to your customers, you know their challenges better, and continue to focus on filling their needs, you are going to be able to launch better products and services.
It doesn’t guarantee that they’ll be more successful, but by being Market Oriented, you take a big step towards making sure that the products and services you launch have a better fit with what the customer needs.
4. Typically, Market Oriented Businesses Are Able To Innovate More Continuously:
This is a big jump from a product oriented organization like 3M has been where they’ve created products like the sticky note and made gazillions on the product.
In the Market Oriented organization, you know your customer, you offer something up, get feedback, and start the process over again.
This process means innovation happens constantly.
That’s a powerful bonus of being Market Oriented.
5. Ultimately, Being Market Oriented Helps You Be More Profitable:
The number one reason to become Market Oriented is because Market Oriented companies tend to be more profitable.
They know the customer better, offering better products and services, and because they know the customer and are offering better solutions, they are often able to push their value proposition higher up the benefit ladder and that helps with making sure the product or service isn’t viewed as a commodity, that you fight back price sensitivity, and can price based on value nothing else.