WHY IT IS IMPORTANT FOR BRANDS TO HAVE THEIR FINGERS ON THE PULSE OF CUSTOMERS?

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We all are aware of multiple brands which were the king of the market at one point and then saturated in a way never imagined before- One of the classic example being Nokia
Any company cannot keep offering the same product for a long period of time. A research conducted by Forbes states that 'Customers are no longer Brand loyal.' They are absolutely comfortable in hopping from one brand to another, looking for what additional benefit they may get from this move.
Nokia too had a strong team to invest in innovation and they too were doing complete justice, but the only thing that went wrong was they were not able to deliver quick changes as per the changing customer's needs. When Samsung and Apple came up with a more attractive option, Nokia started losing its market share to them. Talking about the other end of the tangent, if you understand the target customer's needs, you can set an example like the way NIRMA outshined even at its infancy when  HUL's Surf was already a benchmark in the eyes of both customers and the competitors. Nirma identified and acknowledged the fact that there is a need for cheaper detergent in the market and hence came up with the detergent one-fourth of the price of others, thereby capturing unexpected market share.
For Brands, Customer Retention is equally important as is Customer Generation. If they don't have their fingers in the pulse of their customers there is a fair possibility of losing them.
Therefore it is rightly said- "Give what they want and not what you want to give them"

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