Colgate's Customers Wanted...Frozen Beef Lasagna?
Does your company *really* know what matters to your customers? Colgate thought so and as a complement to health, hygiene, and minty toothpaste, they launched... frozen. beef. lasagna. (true story)
- Spoiler alert: it was a failure.
- McKinsey estimates that 70% of B2B marketing dollars and sales efforts are not directed at what matters most to customers. While the Colgate example is humorous, it underscores the financial value of getting out of our boardrooms and into conversations with the people actually using products and services: the customers.
- In the absence of having meaningful dialogues with customers about current and potential future experiences that would create valuable outcomes for THEIR businesses, companies are merely left hoping they know what matters to their customers. And hope is not a strategy.
What are some other humorous product missteps you think of when asking yourself, "Did anyone talk to an actual customer before launching this product?" :)