How Consumer Insight Are Shaping Companies in India Essay

Customer is King is an adage that most companies cross appearances the globe have embraced. The need to concentrate on customers and be antiphonary to their demands has long been ac associationd by organizations. However, with globalisation and technological revolution the kinetics of business, the meaning of customer and mart knowledge have all undergone a transformation.Today, the customer is the controlling factor in business and to be grocery store-driven, an geological formation has to evolve a culture that constantly listens to the customer, analyses competition and has strategies that meet existing, anticipate and even unanticipated needs of the customer. Going one step further, organizations must(prenominal) focus on customer relationship management which has given way to customer knowledge management. Given the international environment and knowledge sparing, market and customer intelligence serves as a core competency and a principal source of competitive advantage. Leading by listening a lot all success story in todays incarnate realm reflects how awareness of customer needs shapes competitive business strategy. lets look at some examples. Procter & Gamble When P&G, the largest consumer goods company in the world, chose to offer its products to the lower income customer in developing countries, it had research teams associating with the poorest of homes for weeks. This gave the company valuable insights, which aided the company in creating a range of products that suited the pockets of this segment, enabling it to gain substantial market share. Amazon.comAmazon.com, the first e-retailer of books in the world, succeed competitive advantage by acclivitous as book lovers forum where they could also share knowledge. It maintains customer knowledge through services such as book reviews, access to nine histories and product recommendations based on preceding orders. Consequently, Amazon has recorded more(prenominal) than 70% repeat orde rs from its customers. Mahindra & MahindraMahindra & Mahindras SUV, Scorpio, has experienced fantastic success in domestic and international markets. The positioning of Scorpio as an economy SUV was centered on the findings of extensive market visits and exploration of customer needs. The customer needs and wants ascertained were transformed into product specifications for Scorpio. Customer groups were consulted at every stage of design and product development. Scorpio was designated as the Car of the Year by BBC on Wheels shortly after its launch. Indian RailwaysThe amazing transformation of Indian Railways from what was termed as a white elephant to a profit making entity in less than two years has caught the attention of Indian and foreign faculty member and corporate establishments. This turnaround was not owing to any high-end technology alone to a modest information means the passenger feedback form. Data attained from these forms was analysed to identify customer ex pectations from the Railways. This was supported by a study of the trounce railways worldwide, and benchmarking with other transportations such as roadways and airlines. The outcome was a complete renovation of trains, stations and railway services to render them passenger-friendly. Needless to say, customers welcomed this change.The above examples cotton up that it is vital to listen to customers for a success marketer-customer relationship, where the customer is not retributory a beneficiary, but a partner. Effective listening, together with strategic initiatives, dope bring about a happily-ever-after end to this association.