Listen More - Talk Less

In the 1980’s the Coca-Cola Company released a product they dubbed “New Coke,” after a long session of brainstorming and internal meetings and data crunching. The launch was expensive, the advertising was widespread, and the product was projected to inflate the sales rates for not only New Coke but original Coke as well.

The product, instead, was a colossal market failure. Why is it that this happened to the Coke Company? The reasons could be detailed for a long, long time, but what it comes down to is: Coca-Cola was out of touch with its customers. With all of the focus on driving sales and producing newer bigger better things, the company lost sight of who their buyers were and what they got out of buying and drinking their products.

The lesson to be taken away is that a company’s highest paid idea-man is not always the right person to listen to when it comes to making broad scale company decisions. Remember that your buyers are the lifeblood of your business! Customer feedback provides a better understanding of how your product is being used or not used in the customer’s eyes. It may be the most valuable tool you have to improve your standing and succeed in the current market.

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This post was written by Hallie Dunn

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