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The Best Way to Make a Customer Feedback Program Work for Your Brand – ReadWrite

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The Best Way to Make a Customer Feedback Program Work for Your Brand - ReadWrite


How has your brand been handling your customer feedback program? Is it possible that you don’t have one in place? Today more than ever before, the customer is the king. Their powers to make or mar a business have increased tremendously. Here is the best way to make a customer feedback program for your brand.

Your customers have access to many social networks, and the competition has become more intense — now you are subjected to web-based ratings.

Due to the ease of accessing social media, a consumer can, with just ordinary clicks, post positive and negative feedback online, which can either make your brand soar or completely come crashing.

If you are unfortunate and don’t have an efficient customer feedback program that can be deployed to gather, analyze, and act upon the data, you are in the deep blue sea. On the other hand, if you have put in place a robust customer feedback program for your brand, you will avoid all manners of negative and detrimental reviews, with an assurance of a handsome return on investments (ROI).

Nemertes’ 2019-20 Intelligent Customer Engagement research study of 518 companies discovered that 66.7% of companies gather customer feedback. The feedback includes 43.6% use customer health scores to observe developments continuously.

The study also revealed that though about 50% make modifications frequently based on that feedback, 45.7% make adjustments periodically and believe they can do more than that.

The sad aspect of the discovery, however, is that 3.1% of those that gather customer feedback completely refuse to do anything with the information they have at their disposal.

After you have the gathered data — then what?

Once your data analyst has finished working on the gathered data using investments in survey and analytics tools, whatever changes that are recommended must be swiftly applied, which means that your brand’s C-suite must be aligned with the customer feedback program for prompt action.

Key players needed for the success of the program

Everybody who is part of the decision-making body in your organization must be involved in the program to guarantee expediency. However, there are some whose roles are very vital for successful customer feedback.

Some of these key players are as follows:

Chief customer officer (CUO)

In conjunction with the chief revenue officer, chief marketing officer, and maybe some others depending on the brand, should be solely responsible for the development of the business case. This should outrightly specify what relevant information they need from customers, how often this is needed, and which success metrics they will track.

The CUO is also responsible for analyzing the data, recommending change, and overseeing that customer service agents comply with new scripts or processes.

Chief information officer (CIO)

Your CIO should be responsible for selecting the tools you need for gathering and analyzing customer feedback. It’s also the CIO’s business to ensure that you have the best supporting network and server or cloud platforms.

The CIO must work with a team that oversees the training of AI data sets and data scientists, who develop the feedback programs and, in the end, give feedback to the CIO.

Chief marketing officer (CMO)

Your CMO is responsible for ensuring that you are getting positive ratings and curtailing negative feedback, using social media, guest posting, blog, and the web. Whenever you have any marketing program that is not aligned with your customer feedback, the marketing team ensures this is corrected.

Chief revenue officer

Your chief revenue officer oversees your sales strategy and SEO — and decides when to effect changes based on your customers’ feedback.

Mode of operation

For your customer feedback program to be effective, you need to follow the following steps:

  1. Collate your data

Your brand has its peculiarities; hence, your requirements must also be unique. It’s your business to determine the type of data you need and how to gather the data.

Metrics you can rely on to succeed in the collation include customer satisfaction (CSAT), net promoter score (NPS), transactional net promoter score (TNPS), customer effort score, post-call surveys, or custom surveys.

You may not have enough workforce to do the collation; you can easily outsource this service to a third party. The basic procedure is to send survey requests to customers to gather this information regularly.

It’s not just all about gathering data but ensuring that you get comments that are qualitative and useful at the end. You should be able to deduce from their comments the reasons for rating you either high or low.

  1. Analysis

After you have gathered the data, the next thing is to make sense out of it and this requires analysis. You determine the analytics tools that are relevant to your brand, it should not be an a-one-fixes all sort of affair.

According to Answerrocket, you can even deploy AI-enabled analytics tools to carry out the task where it is necessary. The essence is to determine when comments are negative, positive, and mixed.

  1. Recommendations

The data analysis tools you use should be able to make recommendations for a strategic but non-urgent change or raise an urgent red flag. The change could be due to complaints from a customer who has a point to iron out.

You can also implement changes based on recommendations from your data analysts, who have discovered some anomaly in the way things are handled based on the data. This anomaly could be from your marketing strategies, advertising campaigns, or branding.

Examples of recommendations you may come across include:

Act on the findings

It’s of utmost importance that you act on the data you’ve got and other recommendations. You can’t expect any meaningful impact from your analysis if this is not done.

It’s annoying to realize that some organizations will put in serious efforts to gather and analyze data to haphazardly implement the recommendations. In this era of AI and machine learning, you can deploy both humans and technology to act upon customer feedback.

The recommendations may be based on feedback from an individual, a group of customers with similar circumstances, or all your customers. The action you take will depend on the situation at hand and what the process dictates.

Degree of success

If you have been able to resolve the issues raised by your customers, you mustn’t stop there. There is the need to maintain a good CX, and that warrants that you keep on gathering more information from them regularly to ensure you are on the same page.

If the action you took worked perfectly, that might be a signal for you to embark on bigger projects since you are in the good books of your customers. If, on the other hand, your action did not have the desired impact, you need to innovate.

Whatever may be your outcome, don’t stop measuring success. And finally, revise.

John Ejiofor

Digital Marketer, Content Writer

John Ejiofor is a Digital Marketer, SEO Specialist, and Freelance Content Writer. He’s the Founder of Nature Torch, a blog that discusses the impact of humans on nature. He can be reached via john@naturetorch.com

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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