Put your feedback loops in place

Did you know that on average, only 1 in 26 unhappy customers actually complain about a product or service they have purchased, and 91% of these unhappy customers who are non-complainers simply walk away. That is not a good situation for any business to have to deal with. After all, not only does this mean you have unhappy customers to deal with, but the likelihood is that they are telling friends, colleagues and family about those experiences too, extending the negativity chain in your brand space. The bottom line is that every successful business needs constructive, honest and continual feedback from customers. It’s important in order to ensure that product and service offerings from the business are constantly refined and improved. The challenge is to put effective feedback loops in place, not just from customers directly but also from employees, partners and other key stakeholders. As Elon Musk says: “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice.”