When I was in school, following a cricket match was a craze among the young & the old. Those days live telecasts on TV or cellphones were unheard of. Even people watching the match in the stadium had one ear plugged into a radio.

I knew a cricket commentator who was regular in most of the matches. It was always a pleasure talking to him to get more insights into the game. Once I asked him as to how does he prepare for a match. He gave out a detailed checklist, which mostly included reading the rule book & digging into statistics.
The most impressive part of his commentary is a mid-course correction. During his break time, he moved around to mix with the crowd and listen to their conversations. Based on what he heard, he used to change or correct his commentary. I found that to be very innovative those days.

I think that this process of taking instant feedback & making a correction is a trait of many good companies/individuals. There also has to be a mechanism for the customer to give feedback.

Look around you & identify the top 3 costliest items; if you need to give feedback to that company about the product, how easy or difficult is it?
Fast-food chains have a bell at the exit which says ring if you are happy; what if you are unhappy?
After calling a telecom helpline, you receive a SMS seeking feedback. 

With technology having evolved, taking instant feedback is possible, but a follow-up system has to be in place, else it will be a waste of time for both parties.