“Business owners with the goal of growth and acknowledgment for their fledging venture, cannot have the delights of overnight success”, the fact is true. Today gaining business success is not a smooth sailing process, rather it is an uphill battle.
In this cut-throat business environment where technology and innovation are disrupting business models, and change is the only game plan for external market; businesses would only survive with the agile business growth strategy. The business that exists without any coherent market-focused strategy will certainly see failure space with loss of market share and decreased sales revenues.
Did you pay attention to the popular phrase “market-focused”? Companies usually use this word to catapult a business to success without acknowledging its business meaning. Let’s understand the term:
A market-focused business considers the external market for data and trends required to make strategic plans and decisions. The term shows a big picture of ‘customer behavior’. The picture, where you can understand your competitors, and anticipate your next business game plan or tactic.
When asked to business director of the company, Atman Rathod, he conveyed “Market focus is about acknowledging the overall dynamics and forces in the competitive business world, and know how those forces can play a major role in the business”
The companies that are market focused and are operated by marketing or IT-focused CEOs have a clear vision for company’s growth path, rather than the operational focused company who just focus on short-term goals. The operationally-focused CEO have the forte in running the internal operations successfully, but the market-focused CEO easily helps the company to grow.
So if you are an operationally focused CEO, how can you fit in that market-focused behavior to raise the growth bar of your Software development company, instead of just running it? Few aspects that will help you to understand how your company is poised to take the growth scale high.
Market-focus is just about the opportunities you can leverage. Does your company regularly questions about customers, collects the insights about itself, and its competition? The data collected forms a solid foundation so that you can easily make a decision on the strategy, products, and resource allocation.
When you face a decision making a challenge, you can gauge the effectiveness with questions like – “how will the decision benefit the customers?”, “Will it impact the customer-relationship with the company?” The clarity of vision will begin with the customer and marketplace and thus with that, you can proceed confidently on your decision.
The clarity of vision and action will help you to create and understand the direction and future vision of the company. The key to this growth aspect is consistency.
When the companies consider these insights as a foundation, they can formulate an informed strategy which will define your targeted market, product offerings and how you will serve, daily activities and your value (why the customers should believe you).
The daily activities will outline the spark of your market position. As the activities will speak for themselves, the customers can see and understand your passion behind it and the customer’s action will lead you to success. Once your activities will start reflecting your vision, it will become a reality. From vision to daily activities will shape a better synchronization between who you want to be and who you are.
The current growth graph of your company should be clear, feasible, clear and inclusive of future products and services.
If having a vision, and planning right activities is important for the success of your company, having right resources, tactics to execute the strategy in an efficient way is more important.
The CEO should ensure the following things:
This will surely help your company to be a part of a market-focused frame. Moreover, distractions will occur and few would completely disturb you, however, you should ensure that daily decisions should not perpetuate that vision. A market-focused endeavor is a taskmaster, but the growth scale and periodic rewards make the investment worthwhile.
Trust your vision and daily activities that will take you close to the vision you shared earlier.
WRITTEN BY: Sunny Patel
Sunny Patel is a multi-skilled IT consultant at CMARIX, a leading web app development company offers flexible hiring models to hire a dedicated developers. With…
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