Consumer products giant Procter and Gamble competes in many categories, dominating most with its repertoire of nearly 300 brands. The company prides itself on staying close to its customer and considers the hefty sum allotted annually to market research to be an investment that yields remarkable results.
P&G interacts with more than 4 million consumers a year in nearly sixty countries. ‘We conduct more than 10,000 research studies each year and invest more than $200 million per year in consumer and market understanding. Our research spans more than twenty-five product categories, providing a more complete understanding of consumers than companies focused more narrowly on a few categories. We see innovation and opportunities that others do not see,’ said a company official in 2007.” – John Slatter, the 100 Best Stocks You Can Buy 2009.
We may not have a budget anywhere near the size of P&G’s, but soliciting customer feedback and being willing to listen to what they have to say is an investment that will pay dividends no matter our size or industry. It’s not an expense, it’s an investment!
Perfection is not attainable, but if we chase perfection we can catch excellence.” – Vince Lombardi