Michael Feuer, founder of Office Max and currently CEO of Max Ventures, shared several entertaining stories and valuable nuggets of wisdom for entrepreneurs during a speech at the Pittsburgh Chapter of the Association for Corporate Growth.
He urged entrepreneurs to listen to customers, but to translate what they are telling you. He explained that when the first Office Max store opened he spent many evenings in the store conversing incognito with customers. They told him that what they wanted was cheaper, less expensive merchandise. Mr. Feuer translated this to mean “My customers want value,” not “My customers want cheaper goods.”
In a related post: “Your business may be focused on linear, incremental improvements in some areas while pursuing breakthrough innovations in other areas. Knowing when to talk to customers about their needs and knowing when to trust your gut isn’t easy – but it is essential!”