STORY INLINE POST
According to a study by HubSpot, 42 percent of companies worldwide do not actively listen to their consumers, an alarming situation that calls into question the importance of consumers in organizations. It is relevant to mention that listening goes beyond just interacting with them — it should focus on connecting and on understanding their needs.
The duty of every business should be directly associated with solving problems based on the needs of consumers in order to add value to them. Many times, as obvious as it may seem, multiple companies get lost in the process. And many times, no matter how obvious, multiple businesses get lost in the process.
As a clearer example, I will talk about the financial sector in Mexico. Although most of the leading institutions in the market have focused on developing products to meet the demands of the people, these have not been focused correctly, since for years there have been needs that have not been met in a timely manner. Just look at the processes that are still in place to apply for a loan or credit card, make a payment, receive advice or clarify any transaction at a bank or financial institution.
This is contrary to what is being done by financial technology (fintech)companies , which have had great acceptance and rapid growth, as a result of the understanding and connection they have had with users, changing the financial reality of millions of people, especially those who had limited access to money-related tools.
According to the report, Fintech in Latin America and the Caribbean: A consolidated ecosystem recovery, between 2018 and 2021, the growth of companies called fintech increased by 112 percent, and the main trigger was that such companies are meeting the needs and listening to the demands of people.
In this regard, putting the customer at the center will be the key to the success of a business. From my experience as an entrepreneur, I can say that the closer you are to your customers, the better you will be able to develop a product that fits their needs and expectations.
This approach should function with first-hand and direct consumer feedback to obtain data that helps validate the acceptance or rejection of products or services.
From this perspective, we must be receptive to all types of comments we receive, especially negative ones, because they are the ones that will contribute to finding and improving all our areas of opportunity. Likewise, the positive feedback will allow us not to lose sight of what makes the company strong, which will help us not to lose direction and to promote our strengths.
I could say that this constant communication with customers has been fundamental for the evolution and reinvention of Flink, because although we are very clear about our purpose, to be an accessible solution for the limited supply of financial products in Mexico, we did not get it right the first time, considering that we came to the market with a debit card and a digital wallet, which had an impact on financial inclusion. Still, it was not enough to add value and satisfy the needs of our customers.
From that moment on, we designed a plan to strengthen direct communication with users, we conducted various market studies, focus groups, and surveys, and analyzed each of the requests that our communities had on social networks, among others; and it was thanks to their feedback that we had the opportunity to rethink the vertical of the business, to focus on the innovation of an application that gives access to investments, just as they requested because their main need was to have a tool that would allow them to regain control of their money while giving them greater value.
Replicating what we did is something that other companies can quickly implement, as long as the resources used are adjusted to the unique characteristics of their clients; in this way, strengths and weaknesses can be identified to create a better product or service that benefits the entire ecosystem in which they operate.
Listening to the customer and, above all, taking actions based on these requests should be an obligation for all companies, whether they are newly created or with a lifetime in the market. Let's not forget that our customers are in charge since the way in which they consume has changed and without thinking twice, if they do not get what they expect, they will use various means to let the world know.
That is why communication in companies must be proactive, empathetic, and constant with customers, since this is and will be a determining factor for the success of a company, especially for its growth and positioning; therefore, no matter how big or small the business is, we have to understand that without our users we have nothing. These are the most important pillars of our business.