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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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News

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.