Business in 90 Seconds - Episode 10 – Farming v/s Hunting – In Business are you a farmer or a hunter
Welcome to the tenth episode of “Business in 90 seconds” an informative session on business insights
This week I wanted to talk about farming v/s hunting. What does a farmer do, he ploughs, plant seeds, manures, waters and finally harvest and how about a hunter, he identifies his targets and fires. The end result, hunting is quick, farming takes time.
Let’s use this analogy in business. What is hunting in business, you identify the target customer and sells the product or service by offering the world, customer here is enticed for that moment by the offering and buys, and most often customer is disappointed while using the product or services and they never ever come back to this hunter, so hunting is more for a onetime sales.
Now let’s see what a farmer does in business, he take time to identify the pains and gains of the customer segment, align or build features of his product or services to relive pains and create gains for his customer, he educates the customer, give opportunity to sample test so that the customer can take an informed decision and most of the time, customer receives the perceived value and they would retain the customer for longer duration and customer becomes a brand ambassador for them.
Now think for yourself, whether you want to be a hunter or farmer, for a long lasting business with growth, valuation and profitability, be a farmer.
Stay tuned for my next episode with another business insight.