This paper aims at developing the rationale among the learners regarding the significance of peer feedback on a given speech community and any specific context. As for any EFL or ESL context, effective feedback of the peers on speaking can help the students rectify their mistakes regarding the use of English Language in the classroom, this paper holds the traditional characteristic of the peer feedback in the speaking classes as the research problem. Generally, in the English Language classes of ENG101 and ENG091 at BIL, BRAC University, whenever students are asked to provide feedback on their peers' speaking, they are used to providing feedback with certain stereotypical and ineffective comments that do not help the students rectify their mistakes significantly and at the same time, the students who are giving ineffective feedback for their peers cannot utilize their creativity effectively. Keeping that in focus, we will show how ineffective feedback of the peers can successfully turn into effective feedback by the help of the teacher and how the techniques of the effective feedback can make the students utilize their critical thinking as well as help them learn different aspects of speaking strategies ranging from turn taking to deconstruction of ideas and scanning. For this research, data collection has been accomplished by interviews, focused group discussions and questionnaires from the participants and the sets of data were analysed by Multivariate Data Analysis. At last, this paper has some possible speculations that one might encounter while implementing these techniques.