Learning from our customers

There’s an old saying that goes ‘the customer knows best’, and it would appear that it still stands true today. In a world where customers have so much choice, and where they are bombarded 24/7 across all media with options of what do buy or whose service to use, they have become a dynamic voice for entrepreneurs to listen carefully to. The latest EY report on emerging entrepreneurs certainly backs this up according to feedback gleaned from the early stage entrepreneurs it interviewed. Though experienced, these entrepreneurs don’t assume they know everything, and they rely on customer feedback and market intelligence to improve the products and services they offer. In fact, in the survey, fifty-seven percent of companies added a new product or service line, and 66 percent changed their product or service, due to customer demands and feedback. As one entrepreneur stated, “We take a lot of that customer feedback to decide where we’re going to invest.”