The Importance of Customer Opinion in Business Success.

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ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS

• The Importance of Customer Opinion in Business
  Success.

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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?
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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.