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The Importance of Customer Opinion in Business Success

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The Importance of Customer Opinion in Business Success

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  1. ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS The Importance of Customer Opinion in Business Success.

  2. Could it just be my perception, or are companies becoming less attentive to market research and the opinions of customers on significant matters? This reflection was prompted by Steve Jobs' initial reaction to complaints about the antenna issues with Apple's latest flagship product, the iPhone 4. According to reports, he allegedly suggested that users should simply avoid holding the phone from its lower left-hand corner, a grip that many people instinctively adopt. Indeed, this company has often been depicted, whether accurately or not, as having a certain reluctance towards relying on marketing research, preferring instead to prioritize the visions and inclinations of its product developers. Apple serves as a contemporary example, reminiscent of SONY, which reputedly bypassed market research in favor of its designers' insights when creating products like the Walkman. The underlying notion appears to be: Why bother with customers' feedback when you can innovate and introduce groundbreaking products based on such creative concepts?

  3. This led me to revisit a highly acclaimed book from five years ago, "Blue Ocean Strategy," to verify my recollection of the authors' perspective on the importance of the customer in shaping a strategy that could steer an enterprise away from fierce, competitive environments towards uncharted, lucrative market territories. The aim was primarily to devise novel businesses and products ahead of competitors, thus venturing into the expansive, blue oceans of market dominance. The authors argued, "To position a company for robust, profitable growth... relying on competitor benchmarks is ineffective... Similarly, extensive customer research does not lead to blue oceans." They emphasized that customers often struggle to envision how to create uncontested market spaces, typically expressing desires aligned with existing industry offerings, such as "more for less." The decreasing reliance on traditional marketing research and direct customer feedback for strategic decisions raises concerns about missing valuable insights. Ignoring customer opinions could lead to products and strategies that fail to meet consumer needs and preferences, resulting in reduced competitiveness and customer satisfaction. Balancing internal innovation with external feedback is crucial for developing successful strategies and offerings that resonate with customers and drive business growth.

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