The Benefits of Feedback

While I work on my project, here is another article, similar in style to Effective Goal Setting. Let me know what you think…

Richard Bandler - “There are no failures — only feedback.”

Once your business starts to gain momentum, you will begin to receive feedback regarding the performance of your business. Customers, colleagues, business partners, friends and family, etc. will give you advice, help, suggestions, direction and even criticism. The feedback that you receive will all contribute to the constant fine-tuning and growth needed to adapt to a changing business environment. This will progress you towards increasing your knowledge, product range, abilities, the service to your customers, point of view and business relationships.

Positive and Negative

Positive feedback is probably what you prefer. It could come in the form of, for example, increase in sales, media exposure, happy customers, awards, job satisfaction, etc. It feel good, it proves that you are on the right track and that you are successful at what you are doing.

Nobody likes negative feedback, for example, lack of results, little or no sales, criticism, complaints, unhappy customers, product returns, etc. However, negative feedback can be just as valuable as positive feedback. It lets you know that you are on the wrong track and you need to change direction or make adjustments. You could use this negative feedback to your advantage and see them as opportunities for improvement. Negative feedback can most definitely be used to your advantage and nudge you on to the fast lane to achieving your business goals more rapidly.

Ask for feedback

The easiest way to collect market intelligence (information about your market) is to ask for feedback. Connect with your target market by asking questions such as;
•    How would you rate the quality of our product?
•    How would you rate our level of customer service?
•    What can we do to improve our product and service offering?

These questions will give very valuable information and insight into the minds of your customers. Knowing that a customer is dissatisfied is not enough. Knowing in detail what will satisfy them will give you the information needed to create an unbeatable product and service.

Make it a habit to regularly ask your customers the following question:

“What can be done to improve your experience with my business?”

Ways to ask for feedback

• Casual conversation (verbal and written) – casually drop this question into a conversation. “By the way, how do you think I can do a better job?”
• Formal survey – compile a survey form that can be sent to your customer base. The survey may be conducted via email, telephonically, in person (survey interview or focus group) or via post (low response rate).
• Repeat purchases – if your customers keep coming back to purchase, they are most probably satisfied customers that identify with your brand. You should ask these valuable customers what makes them repeat purchasers and look after them, as the old adage goes 20% of your customers are 80% of your business.

How to cope with feedback that says “you have failed”

When the feedback that you receive says that your business has failed in an area, there are a few things that you can do to respond aptly and keep growing:

1. Write down everything that you have learnt from the experience and think of a better approach for next time.
2. Complete experience apologies and never hide from the customer. Your customers will appreciate your honesty, so always explain the situation honestly and offer to rectify the situation by offering to replace the product, offer a discount, or reimburse the customer completely. Ducking and diving from the customer will never work; remember when a customer is dissatisfied they will tell everyone they know.
3. Re-examine successes. What better way to perk yourself up after a slump in customer satisfaction then a glance at your successful past. This will renew your enthusiasm and allow you to be ready for another successful customer interaction. Regrouping and focusing on your vision will definitely give your spirits a boost.
4. Thanks. Always thank your customer for the feedback, even when it is negative. They did, after all, take the time to give you the feedback, which, mind you, means that they actually care. If they didn’t care, they would simply move on to another supplier and you would never know that they were dissatisfied. So, always be forthcoming with your thank-you’s.

Never take feedback personally, feedback is simply information. Welcome it and use it to your advantage. Remember the person took the time to give you feedback, whether positive or negative, always thank them.