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Acting on customer feedback

Customer feedback is a great learning source for any business looking to improve their competitive edge. But actually acting upon this feedback is the most important, an often neglected next step.

Feedback from customers is a valuable asset for many businesses. It provides them with customer insights which can assist in improving services, products and overall customer experience. Feedback has also been shown to improve a business’s customer retention rates.

But while feedback does create a competitive advantage for businesses, that advantage doesn’t just come from collecting the feedback. It is how a business chooses to act based on this feedback that makes all the difference.

Businesses may like to treat the challenges that come to light through customer feedback as projects with defined deadlines and expected outcomes. Details such as how long it will take to address a challenge, what strategies should be used or what actions need to be taken, should be taken into consideration when
developing the projects.

An action log can help to maintain the momentum and focus of these projects, and after a reasonable period of time, may serve to give businesses a good understanding of whether goals and targets were achieved in an adequate space of time.

Communicating results with customers is the next important stage. When businesses make any changes that are customer-based, it is important to keep customers who were part of the feedback process updated. This encourages customers to continue giving their input if they know they are being heard and are responsible for any positive changes.

A business may want to conduct follow-up feedback once customers have experienced the improvements. Customer feedback, after all, can be the reason for short-term programs as well as entire company transformations.

When collecting feedback, the overall task isn’t in the listening, but the actual implementation and follow-up. The more businesses can get their customers to participate in these kinds of projects, the more likely a business is to grow.

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What to consider when consolidating your super

August 27, 2020

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds’ policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready: