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How to implement customer feedback that will skyrocket your business growth

It is important to collect and implement the feedback provided by your customers if you want your business to grow.

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  • ‘’I believe customer feedback is the coiled spring that catapults your company. It will continually adjust your trajectory while keeping you on target’’ – Reid Hoffman, founder of LinkedIn
  • ‘’Your most unhappy customers are your greatest source of learning’’ – Bill gates
  • “Feedback is the breakfast of champions.” – Brian Halligan, CEO of HubSpot
  • ‘’If we don’t know what’s right, we can’t do more of it. If we don’t know what’s wrong, we can’t do less of it. Without customer feedback, we are destined to fail’’ – Brian Halligan, CEO of HubSpot

Why feedback is so important?

There are 5 main reasons why you would want to collect feedback.

  • Understand your customers
  • Improve your products
  • Engage your customers
  • Get testimonials, reviews, referrals
  • Benchmark and get better

Must-have customer service skills that every business needs, How your business can provide superior customer support during the holiday season (Part 1), How your business can provide superior customer support during the holiday season (Part 1)

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The end goal is to create a feedback loop. Improving, testing, and asking for feedback again. Business owners are often tasked with managing countless customer requests. They should also be keenly aware that they need not allow their business plans to be driven solely by these requests — or at least not by requests which they haven’t done their due diligence on. So, if you are a business owner wondering how to deal with the constant stream of customer requests and feedback, this one is for you.

What is the role of customer feedback in formulating your business strategies and how do you transform qualitative customer requests into actionable data to inform business decisions? How do you know which requests to act on, which ones are high-priority and which ones to simply ignore?

  • For strategic direction, there’s no substitute for hearing directly from customers. You need a data-driven product roadmap, not one driven primarily by gut instinct. Perhaps the most important type of data you can gather and analyze is what your customers are telling you directly. Customer requests and feedback, whether you like what you’re hearing or not, are sources of invaluable business intelligence and customer feedback is a necessary ingredient for crafting a balanced business strategy.
  • You have to learn how to read into customer requests to identify the strategic truths behind them. Jeff Bezos, CEO of Amazon learned from his customer survey that customers were interested in buying all sorts of things online. In the hands of a lesser-skilled entrepreneur, the survey results might have seemed confusing and inconclusive. Should we get into electronics yet? Phone accessories? Consumer goods? Business owners, however, need to learn how to filter out signal from noise within the never-ending stream of customer requests and demands. Then they need to figure out how to think both critically and creatively to discover the most important product insights in the signals. These are some of the most valuable skills you can develop as a business owner.

[READ MORE: How to build up your investment knowledge)

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Qualitative customer feedback is not objective

So yes, you must listen to your customers’ requests, encourage their feedback, and regularly review and analyze what they’re telling you. But it’s equally important that you apply filters to this data. You need to see beyond the surface-level comments and requests from your customers to uncover the ‘Why’ behind those requests. Product managers often use a matrix, or scoring framework for weighing which features to implement, based on the company goals, customer value, and development effort. You can employ a prioritization framework, but you can also use a spreadsheet to accomplish a similar prioritization exercise.

Test your feedback form

Before your survey goes live, make sure to proofread it to ensure that it is free of errors. Nothing looks more unprofessional than misspellings and wrong grammar, not only in your customer survey but in everything that you decide to publish. So, take time to review everything before you put it out on the internet for lots of eyes to see. Make sure to test on several devices.

Ways to identify actionable customer request

  • Ask yourself if this request represents an opportunity to bring in new customers. Sometimes, a feature request represents a logical extension to your existing product, but not enough of an improvement to the overall offering to entice new customers to buy. You, of course, need to factor in the value of continually improving on your existing product as a strategy to maintain relationships with your existing customers. But at the same time, you need to remember that you are operating with finite resources. Therefore, you need to balance this retention strategy with an acquisition strategy as well.

Some important tips for companies in view of customer Service Week 2019, Polarization: How to attract the right customers, while keeping the ‘’wrong’’ ones out

  • Ask yourself if acting on this request will serve your core persona or if it’s spinning out to a new persona (possibly the wrong one). You also need to do your due diligence before putting this new functionality on the product roadmap. You need to filter customer requests from these tangential personas. And you need to vet them carefully to make sure you’re not wasting time and money.
  • Ask yourself if acting on this customer request will yield new functionality that people will actually pay for.

Finally, run customer requests through a filter that asks, “Is this something people would be willing to pay for?” Often, customers ask for functionalities, enhancements, or entirely new products that they sincerely believe they would use — even love. But that doesn’t necessarily mean they would pay for these products.

[READ ALSO: How adopting an agile approach can optimize your business outcomes)

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Bottom line

As a final piece of advice, one would argue that you should never act on a customer request—no matter how logical or even inspired that request seems—without first doing your due diligence. Customer feedback can be helpful. Your intuition can be helpful, as well. But you need to support it all with strategic, thoughtful research. In a nutshell, customer feedback is more important than ever. Stop hoping that your customers will give you their feedback. Be proactive, create a customer-feedback friendly company. More positive customer experience leads to a better reputation and ultimately, an increase in profits.

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Business

LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

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LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

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In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

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(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

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Business

Where to invest in May

Post-COVID-19 lockdown, Nigerians need to send their money on the right errands in May 2019, if they will not be caught napping the expected recession.  

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Money

This May, post-COVID-19 lockdown, Nigerians need to send their money on the right errands, if they don’t want to be caught napping during the anticipated recession.

When listing out assets that should make up the ideal portfolio in May 2020, founder of Nairametrics, Ugochukwu “Ugodre” Obi-Chukwu, explained that investors should consider choice stocks in the Nigerian and foreign stock exchanges, as well as investments in money market instruments where some decent profits can be made.

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Ugodre said this during the maiden edition of the Nairametrics Monthly Investment Guide Webinar.

According to him, this will also be the time to look into Agri-Tech investments, using crowdsourcing platforms, after which you can sit back and watch your funds grow over a time span of 5 months to a year.

According to him, it is also important to invest in foreign currencies and crypto-currencies to balance one’s portfolios.

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He noted that foreign direct investments have reduced over the last couple of years due to reduced trust in Nigeria’s economic policies, and the desire of foreign investors to cash out their funds with ease. This also explains why portfolio investments grew by 38% in 2019.

He said, “Foreign investors love portfolio investments because when they put their money in, they can easily take it out as well.”

(READ MORE:   CrowdFunding: Who is qualified according to new SEC Guidelines)

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Finding the right stocks

On the stock market, he noted that quite some stocks improved in the month of April and could improve in the coming months. He listed 20 suggested shares, including six stocks which he described as COVID-19 proof.

Agritech,Errands you can send your money in May 2020  

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Dangote Sugar Refinery, May & Baker Nigeria Plc, GSK, Neimeth International Pharm, Nestle Nigeria, and Cadbury Nigeria Plc are fast-moving consumer goods companies that are expected to be resistant to pressure from the pandemic.

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He advised investors to track stocks that are liquid, have good financials and good corporate governance, in order to limit risks borne by investors. Valuation of the shares, he said, could be done by comparing stock value and earnings per share.

Working around cryptocurrency volatility 

While making a presentation on “Why Bitcoin should be in your portfolio,” Yele Badamosi, CEO of Bundle stated that foremost cryptocurrency, Bitcoin, had maintained a steady appreciation over the last decade giving investors high yields.

Although the market is highly speculative and unregulated, its high returns and high risk indicate that investors with high-risk appetites could find the market more attractive.

To avoid being on the wrong side, he advised users to consider time-based rebalancing, or tolerance rebalancing to reduce risks and rebalance one’s portfolio.

(READ MORE: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc)

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“There are reputable people in the space, but it is important to do your research, start small, and buy regularly. Be wary of get-rich-schemes and unrealistic guaranteed returns,” he advised.  cryptocurrency,Cryptocurrencies and its usage in Africa, Errands you can send your money in May 2020  

 

With applications like Bundle Africa on Google Play Store, buying cryptocurrencies is as easy as selecting the buy button and having it saved in your bundle wallet.

What to expect in Q2 2020

According to Wale, an economist, who also spoke at the webinar, the demand for crude oil will remain low as several countries and businesses are still in lockdown, even though OPEC has cut down production.

Interest rates may remain low, though, despite this, Nigerian business entrepreneurs cannot expect single-digit interest rates.

Foreign reserve and government reserves will remain under pressure in the coming months. The World Bank says that this is the worst year so far, going back to the great depression and this is what I think as well. This is probably going to be the worst economic crisis we have seen,” Wale said.

He added that with the exception of industries in the Healthcare sector, telco companies, digital technology companies, and food producers, other sectors could very well expect a big hit.

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Business

Why risk your life when you can bank with V by VFD (VBank or V)

Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.

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VFD MFB closes gap with bank customers, launches new app, Why risk your life when you can bank with V by VFD (VBank or V)

The recent lifting of the lockdown has seen Nigerians rush to the banks to execute banking transactions that they have missed in the last five weeks.

Saying that this action or mis-action contravenes the physical distancing preached by the health agencies and government, is only stating the obvious. By doing this, they endanger themselves, and other family members whom they return to after their day at the bank.
But what if it was possible to do all your banking from your phone?

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V to the rescue
V disrupted the banking industry when earlier this year, it launched a highly optimized virtual bank app that enables users to carry out all banking transactions with ease and from their phones.
Users are able to create and set up a bank account with the app within 5 minutes and start carrying out transactions immediately.
Of course it doesn’t matter if you already have an account with the traditional banks. There’s always room for pleasant disruptions, aren’t there?

What they offer
VBank was launched as Nigeria’s first fully virtual bank to close the gap which hitherto existed between established traditional banks and their customers. That means there are no barriers between the bank and its teeming customers and potential customers.
Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.

(READ MORE: VFD Group meets nutritional needs of residents of Olowogbowo community)

According to Azubike Emodi, MD/CEO, VFD Microfinance Bank, experts behind V are taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets the objectives of the customer.
The app, which is available for download on App store and google playstore allows users to monitor expenses and income, categorize budgets, and set spending limits. V is available to download by searching for “V by VFD” on App Store and Google Play store.

Why risk your life when you can bank with V by VFD (VBank or V)
What else could one ask for in a bank?
Another landmark feature of V is referral functionality (Veelage), which is also connected to monthly financial reward. It allows interested users of V to earn income and advance though the V community simply by getting account holders signed up with a unique ID and maintaining an average balance.

About this unique feature, Olukunle Salami, Business Performance Manager, VFD Group Plc would say that It is a 2-way value proposition that ensures individuals can earn consistently for several months beyond the initial referral point.

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Whoever guessed that we could earn from our bank?

 

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