Customer feedback is a powerful driver of growth.

Posted by Ventures Online on Fri Oct 09 2020
Henry Ford, the founder of the Ford Motor Company and the man who revolutionized factory production, is often accredited to have said, “If I had asked people what they wanted, they would have said faster horses.” While there is no actual proof that Mr. Ford ever said this, the words are nonetheless riveting as he would have, to some extent, been both correct and incorrect.

It is quite conceivable how in the early nineteen-hundreds, customers would have responded to such a question by saying “faster horses”, as horses were the predominantly used mode of transportation at the time. However, in saying “faster horses”, customers would have told Mr. Ford exactly what they wanted — a faster means of transportation.

Customers understand their problems and know exactly what they want. However, they often lack the ability to articulate it or formulate the form that the solution should take. As such, they will express their problems and desired solutions in terms of what they know best. In this light, most of us today would probably describe something to the extent of a “faster smartphone” if an Apple or a Samsung were to ask us what we wanted. But who is to say that a more efficient mode of communication and connection has to take the form factor of the mobile telephone as we know it today?

Customer feedback is one of the most powerful tools an entrepreneur can use to grow his or her business. When asked, customers will always communicate enough information to give you an insight into their problems. It is your duty, as an entrepreneur, to listen to your customers, gain an understanding of their problems, and innovate adequate solutions. That is how you achieve product-market fit and go on to dominate entire markets.