Many companies do a phenomenal job creating awesome products and useful services. They spend a lot of time perfecting them and making sure that the production of them is seamless and quick.
These organizations are very busy running their business day-in and day-out, so there is very little time left to truly understand how products and/or services impact their audience. How do they create value? Is the value that is offered used by the buyer as it was intended by the seller? Are the needs of your customers changing over time – even if not directly related to your relationship with them?
Did you know?
Pfizer’s claim to fame was not always connected to COVID vaccines. Many moons ago, the company was involved in quite a big business flop.
In XXX, Pfizer created an inhaled insulin product that was supposed to be the next big drug. The thought was the consumers would vastly prefer to inhale their insulin over the traditional needle based solutions and thus be willing to pay more.
Needless (pan intended) to say, consumers surprised Pfizer after this product hit the market. The product was not well received and the mistake ended up costing the company in the millions.
Now the classic business school question:
What went wrong?
As many readers of this case study will be able to tell you, Pfizer neglected to turn to the customer and find out more about where their pain points lay, what they truly value and how the solution ranks in their overall decision process.
Pfizer is not alone. Many companies make the same mistake.