Feedback is a critical component for delivering value. Considering that the value is realised as much as it is perceived and accepted by the receiver, getting feedback increases the likelihood that the intended product value matches the expectations of the receiver.
When developing a product, shipping fast and often helps to learn by users what value it brings, to spot the bugs or usability problems that were not evident during the development, and see what additional features are being wanted.
There are many ways of getting feedback. Some of them are out there without any extra effort needed, whereas some others have to be planned and executed proactively. Interviewing, dogfooding, messaging, demoing, and many more can be used to take feedback.
Another important step is to process the feedback. A structured approach is needed to ensure that the insights gained translate into actionable improvements. Collecting the feedback, tagging into relevant categories (i.e. bugs, enhancement, feature_request, UX, etc.), prioritizing them for the importance and urgency (using i.e. MoSCoW, RICE, Kano, etc.), and implementing them are the main stages of the development process.