Finally there is a way to measure something we have been working with clients on for the last 30 years. It is what we call market culture or in research circles is referred to as market orientation. This goes beyond the notion of customer centricity although the terms are related. It really is about bringing the outside in and avoiding the pitfalls of working with primarily an internal focus. It is not just about customers but about the external environment, the competitive landscape and how intelligence is distributed and used within the business to create more value.
Why is it important? Because it is a proven driver of business performance, companies that have built a strong market culture have built businesses that are more innovative, profitable and grow faster than their competitors.
Our team is really excited as we have finally completed the development of a new survey tool that will validly and reliably measure market orientation (what we call market culture), connect it to business performance and benchmark our clients against a database of companies from around the world.