The Feedback Economy

the feedback economy

In this digital era, customers can leave their feedback anywhere, at any time. This transformation has formed what is called The Feedback Economy, an economy driven by feedback: opinions, comments and reviews.

In the past, some organisations and people have railed against this, like King Canute trying to turn the tide back:

· It’s not fair

· It’s unbalanced

· It can be misused

Yes, all these are true.

They are also (much more) true about the old marketing where the brands with money could create whatever image they wanted.

So, we have a decision:

· Either: complain about it and fight against it

· Or: proactively embrace it, accept the tide has turned, and put a decent effort into using it constructively to grow reputation and sales.

It’s pretty obvious which one is the sensible decision, but so few organisations will genuinely take it.

They’re too busy trying to influence people to buy their stuff.

So, if you slow down and start focusing on doing it right, you’ll start to stand out from the competition, and start attracting customers to you for very positive reasons.

In our next blog we’ll examine feedback in more detail and look at how to get it right.

Here is a short video of Guy talking about the feedback economy:

If you’d like some help in putting these ideas into practice, please join our mailing list or buy the book or contact us for bespoke advice

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