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A proactive market intelligence department is crucial for a business's growth strategy. It helps the business stay customer-led rather than product-led. This department is responsible for identifying market opportunities for new products, enhancements to existing products, and potential partnerships. By constantly monitoring the market, they can detect shifts in customer needs and preferences, enabling the business to respond promptly and effectively. This approach ensures that the business's product offerings remain relevant and valuable to its customers, thereby driving growth.
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How do you find the right strategy to grow your organization in a rapidly changing business environment? "Growth IQ" distills decades of tested strate...
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The motivation for product expansion must stem from providing customer value by solving a felt need. It's important to create products that are adjacent to your existing product base and aligned to your core value proposition, in order not to confuse your customers. The current market context demands a shift from being "product led" to being "customer led". This path requires a proactive market intelligence department that is on the lookout for market opportunities for new products, enhancements to existing products and even partnerships.
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