One of the most overlooked concepts that I have personally struggled with in the past few months is this idea of “feedback”. The response that an action gets. I’ve begun to apply the concept of “feedback” to as many facets of my life as possible. In this series, I will be talking about feedback as it applies to:
3.) Product Development
As you carry about your business, you will encounter a lot of situations where you will need to receive mentorship, form relationships with business partners, create deals, or raise money from investors. No matter what the case is, the primary question on everyone’s mind is “is this person someone I can work with and are they capable of executing on my suggestions?“.
I’ve had the opportunity to work with some really amazing people, and one of the people that is the best at networking, being likeable, and forming relationships is the person that really mastered providing feedback.
Here’s what will happen: You will go into a meeting with a potential investor or mentor and during the meeting they will raise concerns or provide suggestions. When they do this, they are always looking at how you will receive this. Even if you completely agree and will likely implement their suggestion, its really really important to provide as much clear feedback as possible.
Yes, mhmm, that is really interesting point. I can see why ‘x’ could be an issue in regards to ‘y’. We will be conscientious of ‘y’ moving forward. What do you think if we implemented ‘x’ in ‘z’ fashion, would that make a difference or no?
Similarly, after a meeting with anyone, we will always follow up through email. If there were any questions or action items during the meeting, we will execute on those. We will always summarize the meeting and provide feedback to the other party. A simple example:
We really appreciate you taking the time to talk today. A lot of the advice you shared will be very helpful as we continue to develop our product in regards to ‘such and such‘. As per our meeting, please find the document attached. We will follow up as we ‘meet such and such milestone’. Please let us know if you have any other questions. Have a great day.
It’s really that simple and very formulaic. But most people don’t do it. They don’t follow through. Implementing proper feedback will help you just crush it and rise above the crowd.