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The power of feedback – an important management tool

Publish date: 08 November 2019
Issue Number: 97
Diary: CompliNEWS
Category: General

By Lee Rossini

Inviting feedback is an important management tool to ensure a consistent and high standard of service. Feedback provides you with another perspective and is an indication of what is working in the business and what areas need to be reviewed, and if necessary, improved or changed altogether. Without feedback, the business is operating in a vacuum and it’s difficult to know whether you are getting things right or where you could make improvements. 

Regular feedback groups, surveys or questionnaires provide useful data on how satisfied clients are with the service offering and whether it matches up with their expectations and perception of the business. Feedback can be used to:

  • Improve brand perception
  • Increase loyalty and client retention
  • Identify areas for improvement or change
  • Identify new business opportunities
  • Measure performance
  • Identify and measure trends

Feedback also exposes you to attitudes, expectations and changes taking place in the external environment that you may be unaware of. This knowledge enables you to adapt and position your business to take advantage of the changes faster than your competitors. 

Feedback comes from a variety of sources:

Feedback from events:

After holding a seminar or workshop or speaking at a presentation, ask the audience to fill in a quick and easy feedback form (the questions should focus on the key areas that would provide you with useful feedback). It also provides a method of gathering the contact details of the audience. The feedback form could focus on the following areas:

  • The organisation of the event.
  • The relevance and applicability of the material presented.
  • How could the event be improved to make it a better experience?
  • Other topics, concerns or areas of interest.
  • Whether the attendee is comfortable with being contacted about future events or to receive information from your business.
  • If the attendee is happy to share their details, provide a space for their contact details.

Feedback from existing clients:

To improve current service levels, carry out a client survey amongst existing clients. Clients surveys measure and monitor the opinions and attitudes of clients; they provide valuable feedback on the performance of the business.  Although there are formal surveys, there are also other informal methods can be used to gather information. Because each method has different strengths and weaknesses, using a range of tools will provide the business with a better spread of data. The informal methods include:

  • Service feedback cards that can be given to clients to fill in after a major appointment.
  • A ‘suggestions and comments box’, together with cards and pens, placed in the reception area of the business to encourage clients to jot down any suggestions they have.  These cards also provide clients with an opportunity to write down compliments and good experiences they have had.
  • The concept of ‘mystery shopping’ can be used to obtain feedback. This involves asking someone to engage with the business with the purpose of giving honest feedback about their experience. 
  • Use focus groups or client advisory councils to obtain client feedback. This can be done by inviting small, select groups of clients whose opinions are valued. Although the feedback may not be representative of your whole database, this method enables you to gain an in-depth insight into service problems and solutions, or to gather feedback on new service offerings.
  • Telephonic interviews can be conducted with a small number of clients (selected randomly or specifically). Before doing the interviews, check with the client whether they are willing to give feedback and ask the client specific questions that are designed to give you the responses you are looking for.
  • Carry out an annual client satisfaction survey. A survey of this nature demonstrates to clients that service quality and consistency is taken very seriously by the business. At the end of the survey, ask clients for suggestions on the areas where the business could improve; sometimes the best ideas and suggestions come from people who are not directly involved in the business. 

Feedback enables a process of collaboration that is beneficial to both the business and clients. Asking for feedback is the first step in the process; the next step is to take the feedback seriously and use it to self-reflect on what aspects of the business can be improved or radically changed. Without feedback, you are out of touch with the needs and concerns of your client base and by the time you notice, it may be too late to make the necessary changes to your business, leaving you in the dust of your competitors!

Working Smart

By Lee Rossini

A brand identity is an important factor in the success of a financial advice business; it is essential to be noticed in a competitive environment. Clients are becoming increasingly discerning about the businesses they trust with their financial well-being. Therefore, building a brand that resonates with your target audience is essential not only for attracting clients but also for fostering trust and credibility. Here are some guidelines on how you can successfully create a strong brand identity.

CPD

Subscribers are reminded that they can now complete their monthly CPD quizzes and claim CPD hours. For more on accessing the CPD quizzes, please click on the CPD FAQs button on the top bar of the screen. 

 
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