Your products define your audience. And ‘product’ is one of the most important parts in your business. It can either attract customers from around the world or scare away your investors so we need to know the Importance of Product in every business.
Product choice is a crucial factor in any business. All businesses either focus on products or customers. But what’s the difference between the two approaches? Here’s how being Product-Focused and Customer-Focused differ:
- A business that is product-focuseddefines tactics, strategies, measures, and operations according to their product.
- A Customer-Focused firm sketches its sales and marketing model around the customers.
Choosing to focus on the product moremeans that you are counting on the ideas and vision of your team to run your business. Whereas the Customer-Focused approach totally relies on the requirements, expectations and needs of customers.
Products are the bread and butter of your business. And picking a path to select what you are selling can either run or ruin your business.
Selling something that people require and urge is far more beneficial than betting on the ideas. We know that innovation won’t take place until and unless someone decides to think out of the box. But are you ready to face the backlash that comes with innovating?
At the end of the day, a business is run by customers. And successful companies sell products that people want. Convincing consumers to buy something irrelevant solely because your love for the product is a waste of time, effort, and money.
So if you want your business to run smoothly. Always remember that being Customer-Focused > Product-Focused — Especially when it comes to choosing a product to sell.