“Your customers can tell you the things that are broken and how they want to be made happy,” he writes. “Listen to them. Make them happy. But don’t rely on them to create the future road map for your product or service. That’s your job.”
Cuban gives the example of a company that asked its customers what features they wanted to see in the product, and they delivered on those features.
While his company went forward with their business plan laden on its customer’s shoulders, their competition stuck to their vision.
Cuban says while customers didn’t really see the value or need until they saw the new product, when they tried it, they loved it. When his company asked customers for their input again, they were besieged with innovations their competition had already rolled out.
This type of mistake, Cuban says, can put a company in a revolving door of trying to respond to customer requests.
For more on Cuban’s take on innovation and product development, read the full post here.