How Consumer Insight Are Shaping Companies in India Essay

node is King is an adage that most companies across the formal have embraced. The need to concentrate on nodes and be responsive to their demands has wide been acknowledged by organizations. However, with globalisation and technological revolution the dynamics of business, the core of client and market knowledge have all undergone a transformation.Today, the client is the controlling factor in business and to be market-driven, an organisation has to create mentally a culture that constantly listens to the customer, analyses competition and has strategies that meet existing, anticipated and hitherto unanticipated needs of the customer. Going one step further, organizations must snap on customer relationship management which has given way to customer knowledge management. Given the international environment and knowledge economy, market and customer intelligence serves as a core competency and a pencil lead source of competitive advantage. Leading by listeningPractically eve ry(prenominal) success story in todays corporate state reflects how awareness of customer needs shapes competitive business strategy. Lets look at some examples. Procter & Gamble When P&G, the largest consumer goods association 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 comp whatever valuable insights, which aided the company in creating a range of products that accommodate the pockets of this segment, enabling it to gain substantial market share. Amazon.comAmazon.com, the first e-retailer of books in the world, accomplish competitive advantage by emerging as book lovers meeting place where they could also share knowledge. It maintains customer knowledge through services such as book reviews, access to order histories and product recommendations based on preceding orders. Consequently, Amazon has recorded more than 70% repeat orders from its customers. Mahindra & MahindraMahindra & Mahindras SUV, Scorpio, has experienced enormous success in domestic and international markets. The spatial relation of Scorpio as an economy SUV was centered on the findings of extensive market visits and geographic expedition 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 simple machine of the Year by BBC on Wheels shortly after its launch. Indian RailwaysThe awing transformation of Indian Railways from what was termed as a white elephant to a realise making entity in less than two years has caught the attention of Indian and foreign academic and corporate establishments. This turnaround was not owing to any high-end technology but to a modest information means the rider feedback form. Data attained from these forms was analysed to identify customer expec tations from the Railways. This was supported by a study of the best 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. unneeded to say, customers welcomed this change.The above examples highlight that it is vital to listen to customers for a success marketer-customer relationship, where the customer is not just a beneficiary, but a partner. Effective listening, unitedly with strategic initiatives, can bring about a happily-ever-after end to this association.