If a business is lucky, it can shape the market and change norms. Think of how internationally known brands like Disney are not only a company selling products, but a small, endearing element of many of our childhoods. This shapes us, and it would be cynical to think that’s just a consumerist attitude to have.
But it’s also true that the market can shape businesses as well. In fact, firms should be shaped by their audience over time. After all, you can be the best chef in the world and create the most technically stunning dish out there, but if no one thinks it tastes good or wants to buy it, well, you’ve found a joy that should be expressed outside of the commercial binds of your business.
For this reason, adhering to market norms and changes, pre-empting them, and nudging the direction towards one that favors you can be ideal. Let’s discuss what that might mean, below:
Personalized Products
Offering personalized products can make customers feel valued, understood and even connected to your library of products. This doesn’t mean everything has to be custom-made, but allowing some level of personalization can go a long way. Think of a coffee shop that lets customers create their own blend or the personalized ribbon you use for your gift options. This caters to personal tastes that might not be serviced elsewhere and gives a sense of connection to the brand.
Market Matches & Price Compatibility
Ensuring products or services are priced appropriately is important, but avoiding price gouging is also a legal necessity. Finding the balance where quality meets affordability is important, because while prices are set by you, they aren’t necessarily defined by you, but what people are willing to pay. Market research to compare offerings can help strike the right figure and you might adjust that over time. This keeps products competitive and accessible while never losing sight of what customers are willing to pay.
Learning From Other Market Presences
There are many other firms operating in your market, and likely doing a good job. After all, does Apple make Samsung better? Yes, and vice versa. They both steal (or are inspired by) features and roll them out to their users, and they care about refining the experience and always offering a better value proposition. You could do worse than baking that into your own firm.
Feedback Sourcing Mechanisms
Ultimately, you can’t suggest you care about the market if you don’t listen to it. Gathering feedback from customers is cheap, easy and a helpful resource point to consider continuous improvement. That might include surveys, reviews, or direct communication based on your email form. Having time to look through this content, make adjustments and final conclusions from it, and not being afraid to step forward is key.
With this advice, you’ll be certain to be shaped by your audience, and remain happy to consider their view. It might just help you define the future correctly. Sometimes, a little “wisdom of the crowd” can help a firm go a long way.
