Out of Touch, Out of Business

Tuesday, October 11th, 2011 0 comments

out-of-touch-out-of-businessThis slide sequence demonstrates the importance of maintaining a relevant relationship with customers, based on an article in the Financial Times (£).

Companies’ relationships with their customers will inevitably change over time. Early stage companies need to be in touch with their customers on a regular basis. As companies grow, however, they will become distanced from their customers as formal processes are put in place to make sales more repeatable and profitable.

Innovators can become frustrated in this new environment and leave to start their own enterprises. If a company loses touch with its customers in a recession, decline soon follows.

One way to keep the innovation cycle going is to bring in an external agency, to show a company how to reconnect with its customers. Often, the agency will analyse a company’s own market research but look at it in a different way – using lateral thinking.

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