A market has three parts: competitors, suppliers, and customers. Most businesses focus on the first two, but the speaker argues you should concentrate on customers. Strong customer relationships give you leverage over everyone else and drive real growth.
When you think about your market, who do you first think of? I think there are 3 types of companies that you generally are going to think of. The first one is going to be your competitors, right? Those companies are doing the same thing you're doing. You're fighting for basically the same dollar. I talk to folks all the time and I say, "Hey, what's going on in your market?" And they will start rattling off what they think, who they think their competitors are and what they're doing. Okay, fine. The second type of market, a way of looking at the market, is going to be your suppliers. Who is it you do business with? And particularly if what you do is you, you know, pull things from a few giants, that can be a reasonable way of looking at it. And the third way is like, who are your customers? Who is writing their checks in order to get value and get business from you? All three of these things are valid lenses for thinking about your company in parts, thinking about your market in parts. But I would totally encourage you to spend more time thinking about your customer. Put the customer in front. How does your relationship with them grow? Because that gives you leverage over both of the others, and it's the most valuable part.
