By Digital Hub on July 13th, 2020
Did you know that your business can only be defined as either customer-centric or product-centric? Knowing where you fall is important in helping you run your business better. Working with the best digital marketing agency in Sydney will help you figure out what your current business model is and if you would be better of switching.
But what exactly do the terms product-centric and customer-centric mean anyway?
Well, a product-centric business approach is where you are focused in coming up with newer products regardless of the current demand in the market.
A quote from Steve Jobs sums up the product-centric philosophy perfectly “Customers don’t know what they want until you show it to them.”
On the other hand, the customer-centric approach focuses more on the customer. This is done by identifying key customer segments and their needs and then creating products and services that are tailored to cater to those needs.
The next obvious question you are probably asking yourself is ”Which of these two approaches is best suited for my business?”
Well, this article will help you to figure that out. Read on.
When you apply the customer-centric approach to your business, then you will always put your customers first. This means that major business decisions will be made after you have considered how your customers will be affected.
This approach might seem slow but its advantage is that you will have high customer retention rates since you will be operating your business around your customers’ needs.
On the other hand, a product-centric approach can yield you fast profits but only if you keep innovating and building the next best product. The moment your products plateau or you stop innovating, then your profits will drop significantly and you might be forced to downsize or close your business.
One way to navigate this challenge is through collaborative efforts with a digital marketing agency in Sydney that has plenty of experience in product development.
Another reason why many businesses hire digital marketing experts in Sydney from Digital Hub Australia and other top agencies is so that they can help them with their transition from a product-centric model of business to a customer-centric one.
Why is this happening? You may ask. Well, business owners have come to realise that the consumer landscape has been evolving for a while now. Customers are overwhelmed by the huge amount of choices on the market and this has made your average potential customer cautious before buying a product.
A customer-centric business model comes out on top in this scenario since a consumer will trust a brand that sets out to cater to their individual needs than a brand that focuses on mass production and generalisation.
The capability to focus on key consumer segments is one of the biggest advantages that a customer-centric approach has over a product-centric one. It would be best to hire SEO experts in Sydney Australia if you wish is to gather the right data that will help you analyse and understand your customers.
As a business owner, you definitely worry about retaining customers. So, how exactly does one achieve this in today’s competitive and evolving market? For starters, you can subscribe to affordable digital marketing services in Sydney Australia.
At Digital Hub Australia, we can help you make changes to your marketing campaigns that will be crucial in improving your customer retention rate.
Switching to a customer-centric way of doing business is one of the most effective ways to build brand loyalty. Remember, your customers know exactly what they are looking for. So, if you can figure a way that you can cater to their needs while offering a shopping experience that feels unique to them, then they will form a lasting bond with your business.
This will eventually make it impossible for them to consider trying out products or services from your competitors since you will have catered to their every need.
4.Secure Your Market Share
With a product-centric business, you can experience a massive boost in sales and an increase in market share every time you release a new product.
But as mentioned before, this rush will only last for a short while if you don’t innovate continuously. In fact, the moment your competition starts releasing products that are similar to yours, your profits will most likely drop and your market share will take a hit.
With a customer-centric approach, you can easily secure your market share. But to do this well, consider taking full advantage of SEO services in Sydney, particularly from the best SEO agency in Australia.
You will be advised on the most efficient methods that you can use to secure your market share over time. One effective way, for instance, is by focusing on your customers and making sure that your business approach is always focused on catering to their needs.
There’s definitely more to product and customer-centricity you can learn when you work with the best SEO agency in Sydney. At Digital Hub Australia, for instance, we offer a variety of services dedicated to these two. We can help you understand how each these services can impact your business and where they fit in your business model. Talk to us today to learn more.