Importance of understanding customer needs for brands in today's world

  • By Kirti Yadav
  • 13 May 2021

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On “Get to Know Your Customers Day”, held on the third Thursday of January, April, July, and October each year, companies go the extra mile for their customers. Customers are the lifeline of every company, dedicating four days a year to getting to know them rather than just one, shows how important it is to keep them in mind. Every “Get to Know Your Customers Day” is an opportunity for companies to gain a deeper understanding of their customers and gain their confidence and loyalty.

We have all heard of the saying ‘customer is King’ but why do businesses lay so much importance in understanding their customer base?

Importance and need of understanding the customers

No matter the industry one operates in,  customers and their needs form an integral part of the business. Understanding customers is essential for providing excellent service, which leads to successful customer relationships and improved sales through positive word-of-mouth referrals. As a consequence, they are an important consideration when creating brand strategies. Knowing the taste and preferences of the customers is not an easy task and more often than not requires a careful analysis of their desires or purchase habits so that you can predict their needs and exceed their expectations.

Customer requirements and the pandemic

The COVID-19 pandemic has radically altered our understanding of the world around us. People are living their lives differently, shopping in a new way, and thinking in new ways. While some consumers are nervous and concerned, prompting them to purchase essentials and hygiene products in a hurry. On the other hand, there are some who have remained indifferent to the prevailing situation and are going about their lives as if nothing has happened, ignoring the advice from the government and healthcare professionals.

During this time, supply chains have been put to test, retailers have been forced to shut down their businesses and consumers all over the world are rethinking their product and brand choices.

As per a Mckinsey study, new behaviour has emerged in 8 walks of life:

For any marketeer or an aspiring marketeer, it is important to know how to read these variables and adapt to the changing behaviors of the customer so as to mould the marketing strategies that can give one’s product/brand an upper hand in a highly competitive market.

During Covid-19, consumer expectations have skyrocketed, indicating the need for businesses to make customer experiences more human and relatable. Hygiene has now become a priority for customers and businesses have had to adapt to that need among others to stay relevant. It is important for aspiring entrepreneurs to be in tune with ongoing customer requirements to keep their businesses relevant and profiteering. 

Things you need to know about your customers

  • Who they are
  • Why do they need you
  • What they buy
  • Why they buy
  • When they buy
  • How they buy
  • How much money do they have
  • Where they buy
  • What they need

Why MBA in Marketing?

Why has marketing in MBA been in so much fashion in today's job market? This field of research allows students to acquire valuable skills in a variety of genres and domains. Furthermore, it provides many opportunities to delve into a variety of sectors. Exploration experiences like this improve the learning process while still opening new doors to better job opportunities. As a result, marketing is becoming more common in MBA programmes.

Marketing as a field of study allows for a lot of imagination and ingenuity. This stream has a youthful vigor that ensures it can never go out of style. The manner in which that style is expressed may change over time, but the subject's value never diminishes.

Career after MBA in marketing

An MBA in Marketing will not only help you land a lucrative job in an MNC but it’ll also assist you in, advancing your career in your current organisation and applying for management and executive roles. Postgraduate management programs always give importance to nurturing leadership, organisational and communication skills, analytical thinking, managerial techniques and business ethics. Students with the right aptitude and attitude will easily progress in marketing roles. If you're looking for a job in sales, business development, media, advertising, brand management, or general management, these skills are at the core of any senior management position.

Top Recruiters for Marketing

There is no dearth of job opportunities in the field of marketing and with the advent of novel techniques of advanced marketing; marketing tactics have evolved to keep up with the changing demands of the age. With the introduction and growth of the online medium, marketing campaigns are no longer limited to door-to-door sales promotion, but are instead commonly available to a much broader global platform, especially with the advent of digital marketing. 

Employment opportunities exist in industries such as Advertising & Media, FMCG, Financial Services, IT, Banking, Tourism, Hospitality, Market Research, and Consulting Companies, among others. 

Top recruiters for MBA Marketing graduates include:

There is no limit to the roles available of the aspirants and the salary structure and growth depends upon the skills and experience of the individual.

At any good college, emphasis is laid on a curriculum that is one step ahead of the world it is applied to. This is ensured by regularly updating the management program every year keeping in mind the ever-changing economic market and industry demands.

Following are the four pillars on which a good curriculum stands:

  1. Making education intelligent

The learning management system works with you on a personal basis to ensure you delve deep and understand every subject.

  1. Helping you become an Asset for the Industry

Inputs from top recruiters are taken every year before setting the curriculum. With their inputs, you are prepared to meet the new and upcoming demands of the industry so you can deliver exactly what they need.

  1. Helping you make the most of the opportunity

Business environments are ever changing and you are taught how to turn a challenge into an opportunity. Ensuring you come out on top every single time.

  1. Skilling you to leave an impression 

The value of specializations is more today than it ever was. Add some ‘extra power’ to your arsenal of business acumen and be valued for them wherever you go.

Keeping in mind the importance of investment right from a young age, it is crucial for youngsters and especially millennials today to identify the significance of investing in themselves and in their future. With growing attention towards customers, it is important to stay relevant in the market and be equipped with all relevant information and tools to grow business with and around them.

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