Customer centric: refers to the orientation of a company to the needs and behaviors of its customers.
Product centric: refers to the orientation of a company towards manufacturing and improving the product line.
All products that enter the market are not given the kind of welcome which only certain products are able to enjoy. Why is that only few products are top notch and others average performers? The answer is very simple, you need to be customer centric rather focusing on improving your product and its range. What is the fun in making products that go bland over a period of time? Creating an appealing product does not suffice the requirements of the consumers. Understanding the consumer, his needs and preferences makes you a good marketer.
“What people want to buy and what you want people to buy are entirely two different entities.”
Marketing is a concept that talks about creating a favorable environment or identifying a niche where you can sell your products comfortably or where the products can sell themselves provided the focus is on the target customer. What companies do now in the name of marketing is nothing but product promotion that exhausts huge chunk of money from the management’s treasury. Business schools have a great role to play in idealizing these concepts for the better understanding of management graduates, make them deliver the right choice of action in real time environment. Marketing starts right from developing a prospective business idea into a concrete business plan followed by branding and promotions. But the product base has to be built upon customer wanton and preferences.
The soft drink “Bovonto” is very popular and a preferred drink in south of Tamilnadu, India and the manufacturers have their plants at various places in Tamilnadu. Although not a big name in the international market, it is a direct competitor for Coke and Pepsi in the southern regions of Tamilnadu. The grape vine is that the product is a perfect “market fit”. To our amusement and amazement the product has communicated well with the market place through taste and quality. Here is the unerring message, ‘Let the product speak for itself’. Indigenous products always gain instant recognition as they connect well with the local people emotionally. If people of each and every country vows only to buy indigenous products, many MNC’s would be out of business and filing for bankruptcy. Such is the power of the market and people who are the owners of the market.
What is that ‘X’ factor that makes your product different and unique
Let’s look at it from another perspective. Incidentally you happen to develop a great product and you want to market the product. This situation calls for patenting the product and again it can be made market centric by finding the right market segment for the product and promoting it in such a way that the product content appeals to the market. Tell the masses how your product can solve specific problems through its unique content. What is that ‘X’ factor that makes your product different and unique as well is what you have to communicate to the people whom you are targeting. Facebook has revolutionized the internet marketplace by offering simple and user friendly interface and a sophisticated niche for each and every individual who wants to make his/ her presence felt.
A good business plan is one which incorporates the best of ideas from all spheres of the company, as marketing is not a separate entity and promotions call for huge investments. Many companies fail to understand the basis of market success which is solving the problem and not selling. Promotions alone cannot make your products sell. In the long run, it is the purpose and quality of the product that makes the difference.