‘Market-focused approach VS. Product-focused approach – which is better?’ – A hot topic of discussion of all time. As we know, part of the Consumer Journey, a part of it consists of the Advocacy stage where brands hope for their consumers to stay with the brand and to make returning purchases, supporting the brands in long-term sales.
The Market-focused approach includes understanding your consumers and knowing the dynamics of the marketplace. It involves identifying opportunities and capitalizing them. On the other hand, the Product-focused approach uses a strategy that ties differentiation to product superiority. One point to note though, the latter being time-sensitive may result in a delay when brands attempt to respond to the ever-changing dynamics of the marketplace. With that, which approach then is a better fit for brands today? It is definitely not an either / or, more often than not, brands use a blend of both approaches, depending on the needs of the business.
In this case of “More Relationship Building”, the Market-focused approach definitely is placed on the winning edge. How does the said approach support brands in shifting from ‘hard-selling’ to ‘less selling and more relationship building’? In the Market-focused approach, opportunities come in the form of “where are there needs?” and “where do customers spend money” – they are rather consumer-centric, as compared to the Product-focused approach where brands are more focussed on differentiation and product superiority.
For a starter, brands can consider 2 points of consideration when it comes to adapting the Marker-focused approach. Firstly, a brand’s vision and mission can be constantly applied to its business. The brand places priority on consumers and the marketplace first before anything else. See how Mashwire can help you and your brand build better relationships with your consumers. With the brand’s vision and mission aligned to place priority on their consumers, decision-making proceeds from how each decision will impact the consumers.
Secondly, brands should steer from a common perspective and that is ‘Marketing’ being an expense instead of an investment. ‘Marketing’ being what we do to sell our products and/or services, it builds understanding, connections, and relationships with consumers. With understanding comes more effective marketing where product development and growth plans can be more strategic and tactful. Minus the perspective on ‘Marketing’ being an investment, long-term relationships with consumers are just dreams unrealized.
With benefits such as a higher ROI, increased customer feedback, and more long term sales, doesn’t ‘more relationship building’ make more sense?