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Home Columns Banking Metamorphosis

The flip side, the product-led business growth

Three weeks ago, I published an article titled “The Market-led Brand, a Blueprint to Creating a Sustainable Business.” Since then I have had numerous debates on the subject and received different viewpoints from some of my industry colleagues and some readers in general. It is a given that as organisations or businesses, we always follow a direction deemed to propagate growth or harness an elevation of a competitive edge. However, my argument remains, to get a more desired outcome or optimal performance in products or services, the best is being guided by customer preferences, needs or just wants of the market and use such clues to design products.

Gomolemo Manake by Gomolemo Manake
February 28, 2022
in Banking Metamorphosis, Columns
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The flip side, the product-led business growth
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Indeed, not every business is market-led  when it comes to product innovation, operations  or just internal processes. Some companies are much focused on being product-led because they believe they are the best at what they do and their products alone can influence customers to change their preferences to go for what they are selling.

Some even believe they can easily create a demand for their products with a strong budget to push  the uptake of the product through advertising and promotion. Remember, all these efforts only after a product is out of the “oven” and has hit the market as opposed to prior market sensing in determining if the product is what the market needs.

Without a doubt, that  product ought to be trusted by whoever is offering it and even be used as a main channel for acquisition or retention of customers. Certainly,  not a divergent way of doing business but simply placing massive reliance on the product itself as the features are attuned to  the needs of the market. Certain products can be instant hits and be received well by the market despite the fact no market or consumer research preceding or informing their development. An interesting fact, however, is the success rate   of these products never surpasses those that went through a rigorous research process and development.

Again, this is not to argue till the end of time that products that have gone through ample research and development can never fail. They still do but their failure rate is much lower. Remember, for a business, a product or service is only valuable if not it attains rapid growth. Moreover, a return on investment needs to be there  for that product to be offered  and used by the clients  and thus earning widespread adoption. So, my argument really is, if at all the  decision is to be product-led in achieving growth or profitability, certain fundamentals ought to be guaranteed.

  • There has to be careful monitoring of user on-boarding checked against set acquisition targets. Vital clues such as why the product performance is above or below expectations should be collected for analysis. The analysis typically informs tactics for reinforcements or anomalies to addressed – either the product itself is a problem and does meet user expectations or the adopted market strategy to push the product or service is a misdiagnosis.
  • The same product might be distributed to different demographics or psychographics, segmentation and user identification then becomes a must-do and follow. The tactics or marketing efforts should vary in terms of messaging and a specific demographic is to be reached in communicating benefits of the product and getting the product in their hands. A robust proactive outreach has to be part of the tactics.
  • There has to be an overwhelming understanding of the value of the product being sold to the customer by the company itself. What is value? That is the amount of pula that the product is likely to generate. The pula is exactly how much the client is willing to pull that product off the shelf. Why? Because of the need for the product or just how it makes the buyer feel matters a lot.

Afterall, necessity is the mother of invention. The market can create  the pull factor, the marketing needs such a product and a business  stepping forward and designing that product or a push on the flip side of a product or service  being with heavy marketing machinery for  positioning purposes and generating a necessary demand or tactics.


Let’s interact:

Twitter: rremanake

LinkedIn: Gomolemo Kololo Manake

e-mail: gomolemo.manake@icloud.com

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