That’s probably a silly question, but I don’t feel silly reminding anyone of the answer.
Last month, I took a different angle to this question and asked, “What’s the Cost of Listening to Customers?” In that column, I mentioned that if we don’t understand who our customers are, what jobs they are trying to do, what they are trying to achieve, and how well that’s going, then we reap none of the benefits of having raving fans—probably because we won’t have (m)any. So does it pay to listen? That’s what execs want to know.
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Understanding is key. Listening is critical. Acting is imperative.
Research published by Bain in 2005 reported that:
• Only 50 percent of management teams tailor their products and services to the needs of customers
• Only 30 percent organize the functions of their companies to deliver superior customer experiences
• Only 30 percent maintain effective customer feedback loops
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Comments
Cats' monopoly
I love cats, too, there was a time when we had some of them: Guinnevere, Lancelot, Isolde, Gedeon, George, Ludwig, Norbert. They were our most demanding customers but - at the same time - they responded us in exceptional ways. Yes, any customer has to be treated as he or she expects to, and this is the seller's ability. If you don't want customers, don't go around trying to sell your stuff. I find the cats' monopoly game quite offending the typical cats' will for independence: I wonder therefore that USA Authorities allowed you to publish it.
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