This is the gold standard. Customers were unhappy. Hootsuite heard them, were awesomely transparent, and did something about it.
I have a thing for transparency. I think it makes most situations better. It takes courage to be open about shortcomings, even as a team, and to address them in the open. What Hootsuite did here is wonderful, and can be applied to any software team's circumstances.
Maybe you are one of many teams in a large company and you want to be more transparent than the current culture accepts, or maybe like Hootsuite it's your whole company. Either way I encourage you to have the courage to be as transparent as possible and get other people to join in. It's liberating, and it's much less work than the alternative.
With this kind of response Hootsuite shows they're open and accepting of criticism and they'll do something about it. They proved it's safe to give them feedback. Encouraged, even. They now have a reputation for courage and conviction, and for caring more about what they do than protecting themselves. That's one hell of a great reputation to build.
Their CEO, Ryan Holmes, wrote more about it on LinkedIn.