Brian Boyette explains how organizations that ignore customer and employee feedback face real costs: lost revenue, higher training and hiring expenses, and worse talent retention. Listening to stakeholders isn't just nice to have. It's how you avoid expensive mistakes and spot opportunities.
Brian, if organizations are making decisions based on incomplete or inaccurate feedback, what long-term risks are they exposing themselves to?
Well, I mean, ultimately it's going to affect revenue, right? It could affect your business overall, right? If you don't truly listen to the voice of the customer or the employee and take actions. With employees, you want to retain them, right? Because you retain top talent, it makes your training costs go down. You know, your cost of acquisition from a marketing perspective goes down. So, The failure to take action or to make changes in a business is very— it impacts it tremendously, right?
Would it be fair to say that by not listening to the people who are giving us the feedback could help us become more innovative and see things a little more clearly if we just stop for a second and get our heads out of our behinds and start listening to the people who matter?
Yeah, I agree.
