The Power of Feedback

The power of feedback goes a long way. From social review sites such as Yelp, to conducting customer surveys, the information you receive from those outside of your company can be a critical factor for growth. It’s important to gain feedback from all three of your company’s major stakeholders – customers, employees and enthusiasts because each group has their own perspective on the company.

Gain Feedback From Your Clients
The feedback that you receive from your clients can give you some great insight for determining which areas of improvement you should focus on for your company. You can do this by simply asking what you could be doing better in your next call or meeting, or by utilizing online surveys or review sites for customer insight. Take Domino’s, for example. They used the same recipe for about 50 years, and as a result, their sales were down. So, in 2009, they faced their critics through online customer feedback and reinvented their recipe, which increased their sales by 14.3% within the first quarter alone after it was launched. This campaign allowed them to stay ahead of their competitors, make their customers happy and boost their bottom line. Now, we know your company may not be as large as Domino’s, but as a growing business, scaling this idea down to fit your company’s needs and keeping consumer insight in mind is always important.

Enhance Team Motivation
Similar to customer feedback, conducting annual reviews with your team is equally as important. Not only do they provide you with the opportunity to help them improve themselves within their own roles, employee reviews also provide a safe place for your team members to let you know what could be improved within the business from their unique “insider” perspective – what types of calls are they receiving? What are clients saying about certain product lines? What could be improved operationally? How could the management team take it to the next level?

Tap Into Your Enthusiasts
Your referral sources, vendors and fans can be one of your greatest assets in obtaining feedback about your business. These are the people who work with you day-in and day-out and who know, like and trust you well enough to truly want to help your business via candid feedback. On the other side of the coin, they also have relationships with your competitors and others in your market, providing them with an objective view of your industry. Utilize them to get a feel of what is going on in your field and what you could be doing differently.

Here at Far West Capital, we’re firm believers in the power of feedback. We want our clients, team members and referral sources to be completely satisfied with our business. We don’t settle for average; we strive to deliver the best customer service in the industry. Bottom line: receiving feedback from your stakeholders can ultimately help unleash your potential for growth.

How is feedback important for your company?

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