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Your Business Needs a Feedback Loop

By: Elite Legacy Education, August 23, 2017

All too often, we see businesses pursuing strategic efforts that aren’t truly justified. Maybe you can relate. Ask yourself how your business goes about making various strategic decisions. What makes you choose one option over the other? Better yet, what makes you continue pursuing one option versus exploring others? If your response to this question is anything other than something like data, analytics, performance metrics or most importantly, feedback, then we surely have lots for you to learn in this article.


What is feedback and why is collecting it so important?


Just to ensure we’re all on the same page, let’s start by introducing what feedback is. Feedback basically refers to the information gathered about the reactions to a particular event. As a business owner, it’s extremely important to collect feedback as it provides invaluable insights. Essentially, it helps to paint a picture of how various stakeholders feel about certain elements of a business’ operations. Really, you can gather feedback about anything. It can be the difference between pursuing the wrong direction and the right one.


What are you collecting feedback on?


To give you some ideas about where you will want to collect feedback, consider the following:


  • Performance of a marketing campaign
  • Efficiency of production processes from employee perspectives
  • Customer satisfaction with a product or service
  • Customer satisfaction with available levels of support
  • The usefulness of a particular piece of content or other marketing collateral


Really, the list goes on for quite some time. Feedback is especially important when dealing with a task that affects your bottom line directly. You will want to take what you learn and optimize your business’ performance where you can.


So where does this feedback loop come into play?


In today’s day and age, it’s all about continuous learning. If you’re not learning, then you’re not improving. All the while your competitors still are, which means you’re falling behind. Incorporating a feedback loop into your business operations can provide a source of continuous learning. This is great and all, but you need to ensure that your business is organized in a way that it can leverage and apply this feedback immediately. Otherwise, it’s quite useless. So where are some places you’d find these continuous feedback loops? Basically, these are found in processes where a company’s decisions are fueled by analytics and data.


Methods of collecting feedback.


So now that we know what feedback is and why it’s so important, how do we actually go about gathering it? Well, here are some options you can try:


  • From customers: You can ask for feedback from customers almost anywhere and in many forms. From comments on blog posts to asking for responses in emails to surveys and questionnaires – the list goes on.
  • From data and metrics: Here you will want to consider both qualitative and quantitative methods of data collection. For qualitative data you can conduct usability tests, or ask customers questions verbally. As for quantitative data, this is typically done with the help of analytics software, like Google Analytics for example.
  • Employees and other stakeholders: Remember, feedback doesn’t necessarily just need to come from customers and analytics software. In fact, you should be considering all of the key stakeholders involved in your operations. This way, you can find new ways to improve efficiencies and derive greater values in other aspects of your business’ operations. For example, if you found a better way to deliver a service or produce a product (i.e. better in the sense of cheaper), you can retain those cost-savings for yourself and drive even greater profits.


All in all, here’s the most important lesson to take away from all of this. The value of a continuous feedback loop is lost entirely if your business is not organized in a way that it can quickly leverage these new insights. And with that, it is just one of many ways Elite Legacy Education can help you reach your goals.

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