Some consumer insights might seem obvious in hindsight, but it’s nevertheless very easy to get caught in the way we do business. This is why surveying customers to glean insights is so valuable, either to confirm you’re on the right track or to discover new business opportunities you’re customers are craving for.
Bonobos, a menswear website, sought to make a better dress shirt. Using a Qualtrics survey, the company found exactly what customers wanted: slimmer-fitting shirts for work.
Bonobos responded by making a $98 slim button-down shirt and sold almost half the stock in the first week.
They are now using survey’s to make better sweaters and jeans.
Having purchased a great many ill-fitted dress shirts, this observation seems apparent to me. Yet without a company asking for my feedback, and including a mechanism to respond to it, my concerns go unheard. Having a company willing to hear customer feedback and be willing to act on that feedback can lead to valuable business opportunities and competitive advantages, simply by asking basic and obvious questions to truly understand what your customers want. Relying on intuition and assumptions alone is not enough.
So speak to your customers. Ask for their insights. And don’t just listen. Respond. Don’t give customer’s an excuse not to give you their money.