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360 Degree Feedback Through New Media

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360 Degree-1

Do you think the success of your business depends only on ‘customer satisfaction’ or effective ‘customer engagement’ in digital / social media space? Do you think customers’ feedback alone can make your business viable in future? These are not the questions to debate, but we need to find out suitable answers and plan appropriate strategies and actionsYou cannot afford ‘dual stand’ in marketObviously, the value of customers is unique in every business, but we can never ignore the value of other stakeholders in our respective businesses. For example, unless and until you take care of views of your suppliers or vendors, logistics service providers, trade associations, activist groups, unions, employees, civil society organizations and NGOs, lawmakers and people in general, you cannot ensure your future in business. For example, there are companies (such as Gucci, Nirma, Nokia etc.) who lose billions due to availability of counterfeit goods (such as Handbags, watches, shoes, clothes, hats, sunglasses, jewelry, perfumes etc.) in market. Just think, how far customers alone can help you overcome the crises. Don’t you require the help of retailers, buyers of counterfeit goods, lawmakers, suppliers and people in general?

Faking it-BL-April 4

(Counterfeit Goods)

We cannot have ‘dual stand’ in evaluating the performance of employees and performance of our other stakeholders. If we rely on the 360 Degree appraisal system to evaluate performance of our employees, then certainly we have to think about implementing a 360 degree feedback system to evaluate the performance of an entire business process. It may yield far better results than what we expect from 360 degree customer experience. It justifies the shifting of our attention from ‘customer satisfaction and experience’ to implement a ‘360 Degree Stakeholder Feedback system (360 DSFS)’. Now we need to explore, how this would be possible through ‘New Media’.

 360 Degree Stakeholders Feedback

(An Interactive 360 DSFS)

Prior to the emergence of new media, several companies might have been doing it through other media and methods. Here, the purpose of this blog is not to advocate to prefer one media over another. However, it would be better to optimize the utilization of new media. Because it is the digital and social media, where we have maximum traffic. Alternatively, we can think about a right ‘media mix’ to yield maximum benefit. 

The digital and social media has revolutionized the way we communicate and network. Most of the fortune 500 companies are leveraging on different social media platforms. The traditional and conventional media houses to have understood the importance of digitization and hence, they are also coming to social media platforms to optimize their presence and influence in society. However, 360 DSFS does not mean having a Facebook or twitter account to communicate with and engage the customers. We have to understand how better we can create a synergy between and among the stakeholders at different social media platforms. There are some guidelines available. But, I would suggest the following actions to go for initiating a 360 DSFS.

 (i)              Identify your primary and secondary stakeholders. It may vary from case to case.

(ii)               Map your stakeholder relationships.

(iii)             Do an assessment of their interests and power.

(iv)             Develop a strategy to get their feedback and platform where they can communicate and consult to each other.

(v)               Design and develop specific content for the purpose.

(vi)             Install the system, optimize it, then monitor and evaluate.

As an initial step, you may refer the following guidelines available in the internet. Then, depending on your requirements, you can initiate the implementation of a similar system. If required, you may consult the expertise available with Digital Vidya and other similar agencies.

Some Available Links on Guidelines and Tools for 360 DSFS

 (i)              360 Degree Feedback: 10 things to do

(ii)              Business Stakeholder and Supplier Relationship Management

(iii)             360 Degree Stakeholders Feedback-Tool


1. Google Images  

2. Business Line, April 04, 2014 

Have not yet given up my learning spree. Recently doing internship at Digital Vidya.

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