By understanding needs of today’s ‘early adopter’ customers, you’ll understand tomorrow’s industry requirements. Talk to your suppliers who are also asking many of the same questions to various parts of the value chain, including your peers, architects and designers, builders, contractors and property owners.
Industry networking is just good business practice but there’s always the independent third party view for objective, value-added insight. Strategy consulting firms who focus on your industry can bring a unique perspective given their industry knowledge and market access across the value chain.
The ability to gain an undistorted view in order to validate your gut and test assumptions or challenge existing facts shouldn’t be underestimated. The right consultant can translate voice of customer feedback into market-based insights and implementation to help improve your odds of winning in the marketplace.
One such example, Principia advised a Midwest pro dealer who sought to regain lost share after under performing in its market. The company had lost five share points over the prior three-year period.
In-depth interviews were conducted with the company’s trade customers to identify points of need and specific areas of improvement. A revamped service and delivery model was recommended, leading to reorganizing resources to more effectively serve custom builders and specialty remodelers. As a result, the company gained a better understanding of target marketing and how to meet customer requirements and demand patterns.
These fresh insights turned out to be just what the company needed. Within two years, this pro dealer was able to recover 10 share points in its territory and improve its GMROI by nearly 20%, driven by a more highly satisfied customer base.
The key to making good decisions is to start with good facts. Do your homework, get the facts, and you’ll be a step ahead as you work to serve your customers’ needs.
