Artesian Blog

Posted on Mar 2nd 2017   |   by

Staying relevant in an over-saturated market

Staying relevant in an over-saturated market

In the information age markets are constantly evolving, more saturated, and more competitive than ever. This means all businesses must fight harder to claim their slice of the pie.

Staying relevant and succeeding in an over-saturated market is challenging. But having the right customer-curious strategy, perhaps one of the most important attributes of a resilient organisation, can assist in setting your business apart from the competition.

Here are four key ways channelling curiosity that can help your business stay relevant:

  1. Solve a problem

When your customers have a problem you need to solve, channelling curiosity is the best way to solve the mystery, piece together the puzzle, and provide the solution.

The ability to creatively solve problems is fundamental to innovation, and curiosity is fundamental to creativity and problem solving. Your customer-curious strategy should empower your team to cluster their curiosity skills around a customer problem:

  • Give them the time and resources to gather and analyse information and insight from a myriad of channels, and look at the puzzle from every angle.
  • Allow them the freedom of inquiry, and encourage them to ask ‘why’ questions of peers, suppliers, customers, and market influencers – why are things the way they are? Why can’t they be changed? Why can’t things be done differently?
  • Inspire them to ‘become the customer’ by building a deep understanding of their needs, goals and challenges.

Being customer-curious is the fastest path to solving problems and delivering the creative, lasting solutions that will keep you relevant.

  1. Stay on top of trends

Saturation simply means high demand, and demand is never stagnant. A customer-curious strategy will help keep your finger on the pulse of trends. By being on top of trends you will be on top of opportunities.

Monitor:

  • Customer, competitor and market news
  • Blogs, tweets, social media feeds and profile updates
  • Discussion forums and podcasts
  • Corporate and financial updates
  • Analyst data and research reports

Dedicate a little time to staying in the loop, understanding the trends affecting your customers and the services you provide them, and you will have a better chance of staying relevant, staying ahead of the curve, staying alive to new opportunities, and staying ahead of the competition.

  1. Add value

In a saturated market, your ability to add value at every pass is vital to staying relevant.

Our innate curiosity, desire to learn and challenge ourselves, and need to understand what motivates those around us, provides a unique opportunity to question what can be done better. By delving into insights and sentiments, and by leveraging intelligence on your customers, their customers, stakeholders, and their market, you can better understand what they are looking for, what good service looks like to them, and importantly, what they are lacking.

Once you know this, you are perfectly positioned to know where, how and when you can create opportunities to demonstrate additional value:

  • How you can evolve your service or product proposition to offer something better
  • The best, most relevant and timely ways to engage
  • How you can go the extra mile in terms of support to help them achieve better outcomes
  1. Align your strategy

Reducing the gap between what you are doing and what your customers are doing will make you more relevant.

Every day your customers and prospects are talking about their business, asking questions and reaching out in plain view. Channel your curiosity towards listening and engaging with them to:

  • Uncover synergies between your company and theirs
  • Understand how your products and services can best be directed towards solving their problems and realising their opportunities
  • Learn the metrics that matter most to them, and how you can have an impact
  • Recognise how they like to engage and do business, and how best to align your interactions
  • Understand how your brand positioning can better peak their curiosity, and how you can create a consistent, meaningful and impactful experience at every stage of the customer journey

In every walk of life, we choose to spend our time and invest our efforts in those that are interested in the same things, and have shared goals and similar values to us. The business world is no different. Use curiosity to inform and define your strategy, and you will make yourself more relevant.

When faced with a saturated market, approach the challenge with curiosity and you are more likely to be the business that breaches it.

Curious about how Artesian can help?

Get in touch today to find out how Artesian is already helping customer-curious businesses channel their activities and sales behaviours for increased relevance, credibility, competitiveness, customer satisfaction… and ultimately, revenue growth.


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