Question

In what ways has the customer led approach influenced corporate strategies or business models?

The customer-led approach has significantly influenced corporate strategies and business models in several ways. Firstly, it has shifted the focus from being product-centric to customer-centric. Companies are now more focused on solving the customer's needs rather than just selling their products. This has led to the development of new products, enhancements to existing products, and even partnerships that are aligned with the customer's needs. Secondly, it has necessitated the need for a proactive market intelligence department that is constantly on the lookout for market opportunities. Lastly, it has also influenced the way companies expand their product base. Companies are now creating products that are adjacent to their existing product base and aligned with their core value proposition, in order not to confuse their customers.

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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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