It’s a truism of the business world that some companies thrive in any given economy while others struggle or fail. What drives the outcome of “something went wrong” versus “things are going great”?
In a recent article for CMO.com, Ernan Roman, president of ERDM Corp., which conducts voice of the customer (VOC) research for brands, recently offered two traits that drive success:
1. Meet a clearly defined need. Relationships will be about walking with customers on a path they define. ERDM’s extensive VOC research makes it clear that success depends, in large measure, on understanding what it takes to earn the customer relationship.
2. Abandon the ego of “that’s how we do it.” Children’s toy company Lego recently enjoyed the highest revenues in its 85-year history only a few years after CEO Jorgen Vig Knudstorp told colleagues, “We are on a burning platform…and likely won’t survive.” How do they stay relevant? By finding new ways to listen to its customers. Anne Flemmert Jensen, senior director of Lego’s Global Insights group, noted, “My team spends all our time traveling around the world, talking to kids and their families, and participating in their daily lives.”
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