Portfolio Diversification –
More Products = More Customers?
Making the customer happy is no easy task. Everybody has their own preferences, wants, and desires and tend to behave differently in similar situations. Furthermore, the modern type of customer has a significantly decreased attention span and has trouble focusing his attention for long periods. This has led to the creation and disappearance of new trends in shorter and shorter time frames. Companies can attempt to foresee these market trends by adopting modern techniques such as predictive analytics and big data analytics or they can adopt a different approach – a more diversified portfolio that allows greater product individualization and customization.
We at ScS know about the importance of such a strategy and have applied it successfully at one of the most innovation-driven industries out there – the telecommunication industry. The end-to-end solutions we have developed for companies in the industry have enabled them to make their current customers happy and attract the attention of potential new clients. The increase in customer numbers speaks for itself – product customization is imperative for creating a lasting customer value.
The product individualization strategy cannot be standardized. Companies need to conduct a thorough analysis of their customers and target group in order to decide if it is the right approach for them.
Tune in every Tuesday and Friday for a new instalment in the series!