January 2011 | Nano Tools | Marketing
Contributor: George Day, PhD, The Geoffrey T. Boisi Professor, Professor of Marketing; Co-Director, Mack Center for Technological Innovation; Director, Emerging Technologies Management Research Program, The Wharton School, University of Pennsylvania
Gain a deeper understanding of your customers, your market, and your competitors by making direct contact.
The importance of deep customer and market insights can’t be overstated. They are the foundation on which companies create customer value and capture superior profits. And yet despite the compelling benefits, most firms are ineffective at consistently gathering market intelligence.
Firms shouldn’t count on insights emerging organically. Instead, they need to develop a disciplined process that connects them directly with their customers. To acquire relevant and actionable information that lets you anticipate your customers’ needs (and and fill those needs before your competitors do), you need to collect customer data in new ways. Rather than outsourcing your data collection, keep it in house. And get as close to the customer — and the customer experience — as possible.
Nano Tools for Leaders® was conceived and developed by Deb Giffen, MCC, Director of Innovative Learning Solutions at Wharton Executive Education. It is jointly sponsored by Wharton Executive Education and Wharton’s Center for Leadership and Change Management, Wharton Professor of Management Michael Useem, Director. Nano Tools Academic Director, Professor Adam Grant.
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