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Sustainable Growth in B2B Markets

Know Thy Customer: Five Ways to Use Customer Insights to Build Sustainable Growth in B2B Markets

It’s been called the first Commandment of Marketing: know thy customer. Few would argue that understanding your customer is critical for driving sustainable growth. While it’s a driving force in the B2C market, far few companies in the B2B environment are known to live by this principle, and as a result, many are perpetual “victims” of market forces, struggling to keep their heads above water amid rough seas.

Even in the B2B space, creating meaningful, effective, and intimate relationships with customers is the key to fueling sustainable growth. Why? Customer needs are at the very heart of identifying growth opportunities. They are alpha and omega of every industry: key customer needs create demand, unmet needs drive innovation, and changes in preference and technology influence market maturity and eventual decline.

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Multifunctional Professional Beauty Products

A Swiss Army Knife in a Tube – Multifunctional Professional Beauty Products

Multifunctionality has its beauty. The consumer has demanded versatility, and beauty product marketers are responding. Borne out of both an economic impetus with consumers seeking to reduce their expenditure and the simple pragmatism of retailers optimizing finite shelf-space by rationalizing their inventory, the market’s embracing of mass non-professional branded multifunctional beauty products is attracting a growing number of professional brands keen to remain competitive.

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Ownable Space: "The Other White Space"

Ownable Space: “The Other White Space”

Ownable space centers on a company’s right to win in a given market, grounded in “heritage” competencies or competencies you purposely go after. There are three basic approaches that can be utilized to identify your ownable space opportunities:

Claim your ownable space: going after unmet customer needs or market areas that are underserved, using your right to win as the competitive lever
Create your ownable space: use your competencies to drive and build market opportunities in a way that uniquely leverages your core strengths
Capture your ownable space: stretch and extend the limits of your capabilities to take market share away from competitors
Some of the best success stories today are of companies that are aggressively pursuing ownable ways to grow their businesses in markets characterized by intense competition, if not spirited rivalries. For example:

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