40+FAB Blog

Know your customer (KYC)

I was reminded today again that the customer is king. Sometimes we come up with we think is a very good idea or product, to us at least. The reality is that what we consider to be best sometimes may be a little bit more than what our potential customers are ready to receive.

In the 70’s if you had told a phone subscriber that being totally wireless and mobile with a phone was possible, they would have laughed and said, yes it is in the Sci-Fi movie. Have you noticed that a lot of technology we use now was somehow introduced in a movie years ago?

People adopt change better when it is introduced in phases. Successful product companies do a lot of market research, they test prototypes with users, get feedback and then improve products gradually until the product resonates with the customer.

Knowing your customer is very fundamental to growing a successful enterprise. Don’t be too far off to know what the customer thinks, then use that info to refine your ideas or products into something that they will be willing to pay for.