The Revenue Impact of Feedback
Studies show that everything about feedback is stressful. We are social creatures and when we perceive the threat of conflict, we react in a multitude of strange ways. Incidentally, none of them tend to make for great work interactions.
Both internally and with customers, it’s important to foster a healthy relationship with feedback. And not just for social reasons. Honest, constructive, and tactfully delivered feedback will also reduce the likelihood of churn and strengthen relationships that can lead to revenue.
While we’re talking science, it’s also proven that actively asking for feedback on your work is a great way to help negate the stress than can come with unsolicited feedback.
For real-time feedback between colleagues, the AID framework—which stands for Action, Impact, Do—offers a helpful structure.
Finally, you’ll discuss the Do. Give constructive suggestions on how someone can perform better next time or what they can change to improve the outcome of similar situations in the future.