We know that companies are created when they meet the needs of their customers. But, what we fail to understand is the nature and complexity of Need. Need is a singular thing that is driven by a vast array of attributes. The most common attributes are Price, Functionality, Customer Service, and Relationship. But there is a new attribute of need which I call the Speed of Need.
Price is a fundamental attribute of need. Customers must be able to afford a product or service if it is ever going to fulfill the need. Functionality is another fundamental of need. Even if a product is priced right, feature and functionality deficiencies or abundance can cause needs to go unmet. Customer Service is perhaps one of the most critical factors of success in fulfilling a need. Great products that run short on customer service don’t have staying power. Relationship is often a component of need. Frequently companies succeed or fail based on relationships – but this is not always important in fulfilling needs. I do not have much of a relationship with many of the products and brands I rely upon – but in some cases it is important.
The Speed of Need is something that many companies tend to overlook when they consider their customer needs. However, in the technology that serves industry today – the speed of need is critical. The reality is that the technology needs in all industries move at a pace or speed. Customers have a need for their Continue reading