There is no better compass for business than customers. Companies should seek to understand the following about their customers:
- Where their business is headed: Find out what they think is happening in their market.
- What challenges they encounter: Nothing will endear you to your customers more than helping them solve their problems.
- What challenges their customers encounter: This is a good indication of pressures in the market and will allow you to add more value.
- Where they spend their innovation dollars: Collaborating on a successful initiative can create an unbreakable bond.