Have you ever wondered what it takes to increase revenue?
It has been discovered that delivering value to your customer’s customer is the way to do it.
As a brand marketing professional looking to achieve goals, you need to understand the cost and the revenue dynamics of the buyer firms; but also the cost and revenue dynamics of their target audience. Your sales demand relies on their sales demand, which makes it a two-way strategic alliance. This is a significant element to grasp because if you make it easier for buyers to sell the product, then they will be able to increase revenues all the way through the sales chain.
As the marketer of a product you need to understand the economic, political, cultural, internal, and external constraints in terms of time, quality, and costs. This helps to develop trust through the value development infrastructure. Having open relationships and open channels of communications creates a comprehensive framework, which allows you to understand who the potential end-customers are at present, who they will possibly be in the future, and what their changing needs will become moving forward.
Open communication allows you to learn from the insights of your partners, and you can appreciate what their customers need now; just as well as what they will need in the future. You can also find out their pain points. This occurs because everyone has a different perspective, different vendors, different relationships, and unique resources. This is why open communication helps to become more competitive as you learn what others understand to be significant factors to increased customer satisfaction and increased revenue. Research and understanding the various perspectives will help you achieve goals in a cohesive fashion, all the while minimizing costs.
Market orientation requires the overall consideration of the entire value chain; not only of immediate customers because true value is derived from end customers. When you understand what everyone needs, you are in a better position to make it easier to play a support role. After all, even though immediate customers such as wholesalers and retailers may be interested in a product, success frequently requires the customers who are further downstream to also to appreciate the value. Expanding your view beyond the immediate customers will also contribute to better product positioning and improved organizational performance.
With the speed of innovation and the increased rate of competitors entering all type of industry segments, there is an ever growing importance of having anticipated and proactive customer orientation systems in place. This means that your organization needs to look into the future of what consumers will expect from your industry; this way you can deliver that value before your competitors do.
Although being responsive to customer requests plays a critical role in satisfying customers, qualitative studies have been conducted, and the insight states that in B2C and B2B business customers also want their vendors and providers to proactively understand and intuitively address the latent and future needs; mainly as an ongoing, value generating, personalized process.
Knowing what customers currently value is not enough, so this is why we say that suppliers, and manufacturers must also have the research and develop the capability to anticipate what customers will value in the near and distant future. Big Data plays a catalyst role in this initiative. Knowledge of anticipated consumer needs provides any supplier of goods with the right co-brands to gain a competitive advantage.