Thursday, February 28, 2008

Listen to Your Customers!

Why do companies stall? According to the latest post on FutureLab, it is a result of the following six reasons:

  • Core assumptions about the marketplace and company capabilities to exploit it are undocumented

  • Market definition boundaries are out of date

  • Definition of core market is out of date

  • Infrequent testing of customers' valuation of product attributes

  • Ineffective translation of customer insights into products

  • Core customers no longer are willing to pay a premium for the product

Companies have fallen too deeply in love with their products and have neglected customer needs. Satisfying customer needs will in turn improve the strengths of a company’s offerings. Organizations need to take a step back, relax, and rethink their value propositions offered to their customers

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