The Dragons descend on RISE

July 20, 2017

RISE is a startup and entrepreneurship festival that takes place every year at the Hong Kong Convention and Exhibition Centre. Thousands of innovators, investors, and companies come together to share ideas, connect, and network in one of the biggest hubs in the world. Here, we recap what the Dragons got up to when they landed at RISE!

Day 1

Day 1 was all about sealing the deal on the professional relationships you had been forming over the past few months or years. The buzz was incessant as attendees walked around, talking to other entrepreneurs and learning about their businesses. As everyone was trying to find their bearings in the hustling, bustling city of Hong Kong, lively chats were taking place on every stage in the event. These stages were set up at each corner of the convention hall with the booths set up in every other square inch available.

On the first day, there were numerous talks regarding fintech and artificial intelligence. As Jing Ulrich, of JP Morgan Chase, and Wayne Xu, of ZhongAn (an InsurTech firm) stated, FinTech is taking over the operations of even traditional banks. They are transforming their technological capabilities in order to stay competitive with other, newer financial technology companies. Some of the talks included “Building for Asia’s ‘new economy’” and “Living on the fintech Indian frontier.”

Some exciting startups aside from Dragon Law were also present, and us Dragons had the chance to talk to their representatives at the booth! Wantedly, for example, is a recruiting platform that helps both employees and recruiters understand companies and candidates. They allow candidates to find environments in which they will feel fulfilled, comfortable, and motivated. Many of our Dragons signed up for the Women in Tech cohort where they were able to network with many other women who were in startups or entrepreneurs themselves.

Blueprint, a co-working and event space, was conveniently located in the middle of the hall, was one of the main hubs throughout the conference. True to their mission, Blue Print helped to build a small community for RISE attendees, providing a great meeting place to sit and network with other companies.

Day 2

Day 2 was a big day for us, as we had our booth set up in the START section. The day, in a nutshell, was nonstop activity. Many people came up to our booth and there were many points in the day when every red-clad Dragon was talking to an attendee. It is safe to say a large percentage of RISE left the conference with some sort of knowledge of Legal Tech. We got many questions, from “What is Legal Tech?” to “How can I integrate this into my business?” all the way to exclamations like “Sign me up!” Some attendees from other countries were eager to see us eventually expand into other countries, and this gave us great excitement to know that we are being noticed from places outside our jurisdictions.

register.dragonlaw.io

From about lunchtime until the close, Dragon Law was undoubtedly one of the busiest booths in the START section. We were multitasking in talking to potential clients and signing up those who were interested in a Free Trial. Indeed, many companies were interested in how we could help them streamline their legal work in their business. Many attendees were running into the high legal fees that SMEs usually experience, and we were able to offer a quick, affordable, and easy solution. All in all, as our Sales Executive Mehdi said, “everyone was looking to improve their business” by “looking for new solutions.”

One of the highlights of our day, however, was when our Chairman, Antoine Blondeau, the Co-Founder and Co-Chairman of Sentinent Technologies, spoke about the “Three Cases of Revolutionary AI.” His company was the “highest funded Artificial Intelligence company” according to Forbes. He spoke on the three instances where AI has been truly groundbreaking. As a Legal Tech company, we are honoured to have such a technological visionary as the Chairman of our board.

Other than our stand, there were numerous talks and pitches that took place throughout Day 2. Our booth was very close to the PITCH stage, so Dragons would venture over there when they had a spare minute. One of our interns heard a few pitches but she said a couple stood out: Avigo and Unilodgers. Avigo is an app that makes corporate wellness easy and accessible. It was founded to “revolutionise the health and wellness space.” The founder, Melvin Chen, was enthusiastic about his app and believed that he could change the way people view fitness classes. The second app that was notable was Unilodgers. This application helps students find affordable housing near their University campuses. It was interesting seeing all of the ideas that radiated from that stage; their presentations was definitely a motivation for all.

Day 3

Day 3 was all about solidifying the relationships formed over the past couple of hectic but exciting days. At this point, you could walk around and see people you had seen during the day or during one of the night events, and it was hard not to run into someone who was vaguely familiar. It was helpful to follow up with the connections made during the conference. Much of our team spent the day doing this. They walked around in bright red shirts, asking people questions, collecting business cards, and finding out more about SMEs that sounded interesting or helpful.

Other talks that received high praise from our team was “BigBasket=Big eCommerce ambition.” In this talk, Vipul Parekh spoke on why he decided to go into such a low-margin industry. He stated that he believes that the industry is “highly unorganized” and he believed he could change that with the way BigBasket retains its customers and integrates science and technology into its operations.

At the end of the day, many of our Dragons were approached by attendees they had met before. These people said that they had been recommending Dragon Law throughout the conference and that they were excited to start using our software. The best part about these connections was that they grew the Dragon Law network. The more money entrepreneurs are able to save, the more they are able to grow, and the more successful they are!

After the last day’s activities and festivities, our Co-Founder and Head of Partnerships Ryanne Lai spoke at the Technology x Culture x Entertainment meetup. She discussed how technology was changing the legal culture. It informed attendees on how the legal field is integrating technology for the better.

We hope that those who attended RISE found it fun, enjoyable, inspirational, and educational. For those who were not able to make it, remember to save the date for the 2018 conference, as they are already on sale! If you are interested in learning more about the companies that presented or watching the conference videos, check them out!

Claim your free trial. Start drafting legal documents with Dragon Law today.

The Six Stages

June 20, 2017

Starting a new business is an exciting prospect. Working for yourself, turning your ideas into reality, and making your own money has motivated many to take the entrepreneurial route and set out on their own. In the excitement of launching a business, obvious legal issues can often be overlooked that later derail an otherwise well-thought-out business plan.

Putting in place basic legal documents protects the interests of your business, as they help to set out clear rights and responsibilities. Written legal agreements are a great way to create clear expectations and therefore help to avoid conflicts. For an entrepreneur or business owner, tackling your legal needs can seem daunting, but it doesn’t need to be.

Not sure where to start? Just read on. We’ll explain the six different stages every startup goes through. Learn the secret of how to get started quickly.

Form a Business

When starting a new business, you will need to decide the type of business structure that will be used to operate your business and, if relevant, where you would like to incorporate your company. Some countries are easier than others. Different countries also offer different tax schemes. Be smart in deciding how and where to incorporate!

Own Your Intellectual Property

Make sure you own your trade mark and you maintain and protect it after registration. A trade mark will be one of your most valuable commercial assets if you manage it well.

Fund Your Business

Your business will not be able to grow without funding. Learn what methods are available, what documents you need, and what is the best way for your business to start raising capital at an early stage

Hire a Team

When growing your business, you will need to hire a team. Employment law is complex, so make sure you are in line with legal regulations.

Go Online

Going online can be a lucrative way to expand your business and grow revenue. Think about how to protect customer data, outline terms of use, and include payment terms. Neglecting these basics can put your business at risk.

Sell Goods and Services

There is a wide range of contracts that need to be used regularly in the course of doing business, including before you enter into a commercial relationship, when you sell goods or services, or when you expand or decide to terminate a collaboration.

Start managing your legal needs with Dragon Law today.

Related Documents

The Comprehensive Guide to Building a Legally-Healthy Business (SME Edition)

December 5, 2016

We know that running a small business is a challenging task for any entrepreneur. Small businesses are perpetually stretched, with limited time, manpower and resources. We recently published a post on the top pain points that small businesses face and how to deal with them.

In this Comprehensive Guide to Building a Legally-Healthy Business (SME Edition), we give you the lowdown on the key legal documents and resources that your small business should have in place to deal with these 8 pain points!

1. MANAGING CASH FLOW

Customers who make late payments can hinder efficient cash flow and pose a headache, especially for small businesses with low cash reserves. The good news is that small business owners can alleviate the problem by putting in place legal documents that optimise their cash flow. Top tips include negotiating payment dates to align inflows with outflows, reducing your payment term to encourage customers to make payment earlier, and putting in place recurring payment methods to encourage your customers to pay on time.

Document Used for
Purchase Order This is a standard document or template that your customers or clients can use to order goods or services from your business. When you accept the Purchase Order, a binding contract is formed.
Invoice An Invoice is a document you can send to a customer requiring payment for goods or services that you have provided or will provide. It acts as a bill and a proof of a transaction.
Late Payment Letters These are a useful and affordable way of chasing up overdue invoices by prompting a customer to pay the overdue amount.  Depending on the original agreement, you might be able to set a certain number of days before you start charging interest.
Letter Accepting Payments in Installments If your customer does not dispute that money is owed and is willing to make arrangements for the debt to be repaid, you can consider a Letter Accepting Payments in Instalments. Such a letter allows the debtor to pay off the debt with regular fixed instalments.

Resources for optimising cash flow

Download the FREE ebook

 Learn more about how you can use key legal documents to ensure you receive payment on time and optimise your cash flow.

2. HIRING & RETAINING STAFF

SMEs face challenges hiring and retaining staff, with high manpower costs and competition from more established companies that can offer more attractive remuneration packages. First up, make your company a more attractive proposition to both existing employees and potential recruits by putting in place compensation options that encourage long service. And when you are thinking about whether and who to hire, another tip is to consider hiring freelance consultants (otherwise known as independent contractors) instead of taking on a full-time employee for fixed term projects!

Document Used for
Employment Contract Once your candidate has accepted the offer of employment, put together the Employment Contract to regulate the relationship between the employer and employee in order to minimise potential disputes. The document is useful if you want to dissuade certain new hires from leaving your company too soon, disclosing confidential information about your business, or going to work for a competitor.
Consultancy Agreement A Consultancy Agreement is a document designed to regulate the relationship between a company and an independent consultant who is not an employee of the company. A well-drafted Consultancy Agreement will set out the scope of the work that the consultant will provide, and protects the business by letting the consultant know the extent of his or her powers and responsibilities.
Share Vesting Agreement A Share Vesting Agreement is a contract granting an individual or company the right to purchase shares. By allowing employees or other consultants to earn equity in a company over time, you can reward your employees for their performance while incentivising them to remain with the business. Vesting is a great way to encourage long service to the company as you can specify when each of the shares is released to the employee.
Option to Purchase Shares An Option to Purchase Shares is an offer from a company to a certain individual with an option to purchase from the company a pre-determined number of shares in that company at a pre-determined price. As there is no upfront cost to the option-holder upon receiving the Option to Purchase Shares, your company can attract employees and incentivise existing employees or shareholders.

Resources for growing your team
Unsure what employment laws you have to comply with when taking on board that new hire?

Download a free eBook to learn how you can avoid pitfalls by navigating through areas of employment law.
Singapore Version      Hong Kong Version

Want to keep your employees happy and motivated? Check out this post on our blog for tips on incentivising employees without burning a hole in your pocket.

3. DEALING WITH CUSTOMER COMPLAINTS

People often say that the customer is king, and for good reason. Mismatched expectations or a lapse in service quality may alienate your customers and hurt your ability to maintain and grow your customer base. Put in place documentation that helps you align expectations with your clients on all fronts, including pre-, during and post-delivery of the goods and services!

Document Used for
Letter of Intent (Memorandum of Understanding) A Letter of Intent (Memorandum of Understanding) is a non-binding document to summarise the result of negotiations between two parties in order to facilitate the future formation of a contract. By setting down a record of the progress of initial negotiations, parties can focus on issues that need resolution.
Sale of Goods Agreement This is a contract for the sale and purchase of goods that sets out the exact nature of the goods, as well as price and payment terms. As the product may pass through the hands of international manufacturers and distributors before it reaches its final destination, the agreement must be clearly written to ensure careful consideration of the sale and delivery risks.
Supply of Services Agreement This is a contract between a supplier and a customer for the provision of a specified service that documents the key terms of how that service will be carried out. As you may be dependent on the customer to perform certain tasks in order for you to perform your obligations, set out your terms and conditions in this agreement to make sure that both parties are in complete agreement so that you can build a mutually beneficial relationship.

Resources for building a relationship with your customers

Growing your small business is very much about growing your customer base, by keeping your existing customers happy while acquiring new customers. Check out this post for tips on how to maintain your customer relationships and build loyalty by making your customers feel understood and valued!

4. MARKETING YOUR BUSINESS ONLINE

In a time where competition is no longer local but now global, businesses have to go online in order to reach a broader customer base. Websites are a key touchpoint of any business, even if you do not use your website as a platform for the sale of goods or services. Make sure you have these key legal documents in place to manage the relationship between your business and your web developer as well as website users.

Document Used for
Website Design and Development Agreement Business owners often hire freelancers or other third parties to build or redesign their websites. Make sure you have in place this contract to set out the nature and ownership of the website as well as service expectations so that your company can focus on its business and the contractor can focus on the website.
Website Privacy Policy This is a statement you place on your website laying out how your business will collect, use, and manage a user’s personal data. By clarifying the scope of use of such personal data, you can avoid future disputes concerning data privacy infringement.
Website Terms of Use A Website Terms of Use structures the relationship between you as a website operator and your website users by setting out each party’s rights and obligations. They are made available on your website for users to read and, by continuing to use the site, users accept these terms.


Resources for online marketing & running an online business

Want to know how to make the most of your marketing dollar? Check out this post for tips that include identifying your target market and increasing website traffic through search engine optimisation (SEO).

Looking to take your business online? Download our free eBook Online Business: How To Set Up & Protect Your Online Business (Hong Kong) and Online Business: How To Set Up & Protect Your Online Business (Singapore) and read more about the key documents you will need to protect your online business and build a successful online enterprise.

Operating an online marketplace? Check out this post on our blog for essential legal considerations for online marketplaces.

5. RISING COSTS & COMPETITION

It can be a challenge to run a business in hubs such as Hong Kong and Singapore, given the high overheads and strong competition. Sometimes, businesses may need to take loans to tide over a financially challenging period. Depending on who you take the loan from – another business, a shareholder, a director or a sister company – you will need different kinds of Loan Agreements to set out the terms of conditions for the loan and repayment.

Another tip – one way to beat the rising cost of office rental is to work from co-working spaces or share your office space with a fellow small business!

Document Used for
Commercial Loan Agreement If other businesses are interested in helping you tide over a financially challenging period, use this document to set out the terms and conditions for the loan. This agreement can help both parties more closely monitor the condition of the loan, thereby enhancing the borrower/lender relationship because it promotes more frequent communications between the parties.
Loan from Director or Shareholder It is crucial to distinguish between money paid into a company as capital (e.g. to subscribe for shares), and money lent to a company as debt (i.e. a loan). A Loan from Director or Shareholder is an agreement for use when a director or shareholder lends money to their company. By drawing up a Loan from Director or Shareholder, the director or shareholder becomes a creditor of the company. Upon liquidation this debt will be repaid before the shareholders of the company get back the capital they invested into the company.
Intragroup Loan Agreement An Intragroup Loan Agreement records the terms on which one party (the lender) lends money to another party (the borrower) which is within the same group of companies, e.g. from a parent company to a subsidiary or between two subsidiaries of the same parent company. It is suitable for any group company member that wants to draft the basic terms of the arrangement in order to avoid any potential misunderstanding regarding the loan that may otherwise occur if there is no formal record beyond accounting entries.
Term Sheet If your source of funding is private investors such as venture capital firms or angel investors, they will typically ask for a Term Sheet. This is a preliminary document that will include the key terms of an investment in a company, including the agreed-upon valuation of the business, the proposed capitalisation table, the key financial and legal terms, and the rights of the company and the investors.
Co-working Space Application Form and Terms of Use For smaller businesses, sharing an office space is a practical way to minimise costs while maximising access to office facilities. If you want to let another business use your spare office space, then a Co-working Space Application Form and Terms of Use sets out the terms under which you will work together.

Resources for raising funds

  Simply need more funds to grow your business? Check out this post to learn about the Singapore government grants that cater to small businesses.

Want to know what’s on the mind of investors when they’re deciding whether to invest? Check out insights from investors, entrepreneurs and lawyers from our Legal Startup Academy session on Early Stage Funding.

Intending to raise funds via a Convertible Note? Check out this post on our blog to learn how the Convertible Note mechanism works as well as the relevant documents that you need.

6. PROTECTING IDEAS & COMMERCIAL ASSETS

Beyond the goods and services that you provide to your customers, one of the most valuable assets that you have as a business are your ideas and intellectual property (IP). Whenever your business develops intangible human creations, ensure that you secure your IP rights in order to protect your creations. This way, you can even monetise your IP in the future, by licensing your trade mark to another company to expand into new markets or transferring the trade mark of a business or product line when you sell it to another company.

Document Used for
Trade Mark License Agreement This agreement allows the owner of the trade mark (the licensor) to give approval to another person (the licensee) to use the trade mark. Licensing can help a company expand into new markets effectively while lending the licensee an established name and reputation as well as provide lucrative income for trade mark owners.
Trade Mark Assignment If you are selling a business or a product line, you may need to transfer the trade mark that is associated with it. A Trade Mark Assignment provides a record of ownership and allows the trade mark owner to transfer the owner’s rights, title, and interest in a trade mark or service mark in a way that protects the rights of all parties.
Confidentiality Agreement (or Non-disclosure Agreement) Your business has information that should remain private, such as customer database, financial information, or new business ideas. An NDA is your first line of defence to protecting this information. This legal document creates a confidential relationship between your business and any contractors, employees, and other business partners who might get a behind-the-scenes look at your operations.

Resources for protecting your brand

Download the FREE eBook

Just designed a logo that you want to protect?

Download our free eBook to learn about what you need for a successful application, how to maintain your trade mark and maximise its value globally.

Confused about the differences between the various types of IP? Check out this post on our blog to find out what the various types are and what you need to qualify for IP protection.

Want to whether your latest invention qualifies for IP protection? Learn about the key considerations in this interview with an IP lawyer.

7. TIME MANAGEMENT

As a business owner, you wear multiple hats and it often seem like the things you should do to improve operations and grow your business is never ending. Given that businesses these days are all about automation, efficiency and productivity, there’s no prizes for guessing what the solution is for your challenge of time management. Technology can help you eliminate repetitive tasks and streamline operations so that you can devote your time to what really grows your business. Think social media management tools such as Hootsuite to manage your online marketing efforts and online payroll software such as Gpayroll, Talenox and HReasily to manage your HR needs more affordably and efficiently.

And when it comes to legal, the Dragon Law web app enables fast production of custom documentation which will help your business improve efficiency, accuracy and compliance.

As a Dragon Law subscriber, you can:

  • Access any of our 500 existing business documents and customise them to your specific needs, and
  • Draft legal documents without any legal knowledge using our simple Q&A interface
  • Use our cloud software to store all your legal documentation in a simple and easy-to-navigate space
  • Choose to automate any of your frequently used documents and save a few hours each week
  • Save time on sourcing and evaluating law firms – we recommend you to a trusted one in our network

8. DEALING WITH REGULATION & STAYING UP-TO-DATE

It is important that you stay up-to-date with the latest updates to laws, acts, and regulation that may impact the way you run your business. This isn’t something that can be solved with a single legal document, but rather requires you to ensure that your legal documents are constantly updated to reflect the latest regulatory changes. This is what we provide on our Dragon Law web app – a comprehensive suite of legal documents that are constantly kept up-to-date amidst an evolving regulatory climate.

Beyond legal documents, businesses sometimes simply need trusted legal advice when deciding whether to make the next strategic step to launch a new product or enter a new market. This is why we recently launched Dragon Law Managed Accounts, where we partner with established law firms with expertise in a range of industries to provide Dragon Law-enabled legal services for your organisation.

What goes into a Dragon Law-enabled plan?

  • Business compliance: Manage risk by having your business model or operation documents reviewed on regulatory compliance
  • Dragon Law subscription: Create unlimited legal and business documents on Dragon Law for the running of your day-to-day business
  • Review documents: Have your documents reviewed by experienced lawyers and amended to fit your specific business purpose

View our list of Certified Advisors – Dragon Law Managed Account

Resources for staying up-to-date with regulatory requirements

→ Trawling the Internet for the latest regulatory requirements that your business needs to stay compliant with can be tedious, and you can’t always be sure that what you find is the most updated regulation or piece of legislation. Check out our eBook library for our Does The Law Matter? series for the lowdown on what you need to know to navigate key legal requirements!

5 Tips For Improving Customer Retention And Loyalty

November 23, 2016

The hustle to market your product and acquire new clients is characteristic of the growth stages of any business. However, once you manage to close these initial deals, the next priority would be to keep them happy, and most importantly – keep them coming back!

Brand loyalty is vanishing, making customer retention one of the growing headaches for companies large and small.

Any business that aims to be sustainable in the long-run must be proactive in engaging their existing clients, and continue to pursue product/service excellence to keep clients coming back for more.

We ♡ happy clients! Read Delegate’s case study:

 

Here are 5 tips for retaining clients:

1) Keep your product/service simple

According to a Harvard Business Review study, the modern consumer is overwhelmed by the growing volume of marketing messages, ie. Customers today are increasingly distracted and disloyal! While there are a range of factors that affect the stickiness of your product or service, such as price and customers’ perception of a brand, the factor that by far has the biggest influence in stickiness is “decision simplicity”. By enabling customers to navigate the purchase journey with ease and providing support along the way, you can make the customer journey enjoyable.

Source: Service Design Tools

 

A useful framework for charting out the customer journey is to start with customer journey map. This allows you to identify key touchpoints in the product, experience or service that you are offering, and conscientiously improve the interaction and engagement at every step of the way. The aim is to ensure your product is easy to navigate and make decision-making simple.

2) Provide reliable and accessible customer support

Get into the mind of a new customer who purchases and uses your product or service as a journey with potential pitfalls and pain points. Newer customers are more likely to drop out of the customer journey map when they encounter a roadblock and do not receive immediate assistance. Hence it is crucial for you to understand where your clients’ potential pain points are, and provide timely support at every step of the way. Below are some quick and actionable ways to signal to your customer that you are available to assist should they encounter difficulties:

  • Place a ‘Get Help’ button that leads to a live chat, form, or email composer in a prominent location on your app or website.
  • Proactively communicate service standards to your customer (e.g. by letting them know that you will reply their emails within 48 hours) to manage expectations and assure them that help is on the way.
  • Publish a list of Frequently Asked Questions (FAQs) that is easily accessible and written from the customer’s point of view.

By being available whenever your clients need you, you will be able to establish a reputation of dependability that will keep your clients coming back.

3) Give your clients a consistent experience

Nothing irks a client more than inconsistencies in how their account is managed, whether this is in the sale of goods or supply of services. According to a McKinsey article, sustaining the long-term commitment of a client boils down to maintaining consistency in three different categories: 1) Customer-journey consistency, 2) Emotional consistency and 3) Communication consistency.

One way to ensure consistency when managing client accounts is to have clear workflows and processes, especially in the areas of payments and finances. Ensure you have in place the key legal documents that outline your payment practices, including the following:

  • Sale of Goods Agreement or Supply of Services Agreement: These documents outline the foundations of how you do business with a supplier or client.
  • Purchase Order: This is a document between a supplier and buyer that confirms a purchase and details the items the buyer agrees to purchase at a certain price, the delivery date, and terms of payment for the buyer.
  • Invoice: This is a document that you send to a customer requiring payment for goods or services, that serves as a bill and a proof of the transaction.
  • Late Payment Letters: These documents are useful and affordable way of following up on overdue invoices in a professional manner.
  • Letter Accepting Payments in Instalments: This document helps to formalise the agreement for payment and sets out clear rules to prevent potential legal disputes from arising.

Businesses often do not pay enough attention to these critical documents as they regard payment transactions as mere formalities that are not central to the customer experience. However, there may be detrimental consequences if such processes are inconsistent and the documents not well-drafted. You (and your sales force) should have the same answer to answer these questions:

What payment options do your company accept?
Is there any option to make payments in instalments?
Are there discounts for bulk purchases?

These are questions that may be on the mind of your customers. Having standardised documents and systems in place ensures that both you and your clients know what to expect.

 

4) Continually improve your product based on customer feedback

In order to build empathy with your clients, it is important for you to listen to them. Put in place feedback channels that make it easy for your customers to provide suggestions for improving your product or service. There are two aspects to obtaining customer feedback: 1) Proactively seeking customer input, and 2) providing a platform for customer feedback.

If you do not seek your customers out to signal that their opinion is valuable for you, they are unlikely to take the initiative to provide feedback on their own accord.

There are a range of platforms and tools that your business can choose from to maximise effectiveness and efficiency in obtaining customer feedback. Tools like Delighted help to measure Net Promoter Scores; couple that with Advocate.ly and Intercom that help to automate the customer communication process – it doesn’t take that much extra work at all!

Whichever you choose, keep in mind that you surveys should be designed in a way that invites responses that are timely, reliable and actionable. In-app satisfaction ratings have the highest response rates, while email surveys would be more effective in reaching inactive users. Follow these three key principles when designing customer surveys:

  1. Take direct action on the specific issues raised
    Where customers indicate specific complaints, ensure that someone from your company takes follow-up action so that customers do not feel that they are dropping feedback into a black hole.
  2. Keep your surveys quick and short
    Customer satisfaction surveys should be two or three targeted questions at best, to signal that you respect your customers’ time.
  3. Learn from the feedback
    Analyse the feedback that you have collected, and update the design of your product or service accordingly.

Adapted from Harvard Business Review

 

While surveys are great for when you want to obtain information on specific issues – for instance, feedback on product features or data on consumer habits – customers might sometimes want to provide feedback. Businesses leverage on this by setting up a constantly available feedback platform within their website or app that allows customers to give open-format feedback. This allows customers to voice opinions on issues which they feel are most important.

Ultimately, what is most important is that your business takes action based on feedback collected by setting up a system that effectively converts customer feedback into product improvements. Knowing that the business has a functioning feedback loop in place will empower customers to influence product development in tangible ways and ensure that the business constantly responds to its customers’ needs.

 

Customer feedback: Delegate and Dragon Law

5) Build empathy and trust with your customers

At the end of the day, your business should focus more on your customers (rather than your competitors!). Businesses need to respond to customers’ intrinsic desire to feel empowered. This requires businesses to be flexible and adapt to their clients’ preferences and behaviours. For instance, if your client is browsing your website on their desktop and next speaks to a salesperson in your store, branch or call centre, be ready to pick up where they left off in order to facilitate a seamless customer journey. The goal is to embody a customer-first attitude at the core of your business.

If you don’t like filling out forms again and again (think: like when filing your insurance claims!), neither will your customers! Cloud technology today allows data to be synchronised across devices in real-time – say goodbye to pen, paper, scan, and data-entry!

 

Legal in the cloud. Anytime, anywhere.

Start Dragon Law free trial

 

Here are some good practices which can help your team build empathy with your customers:

  1. Share customer insights with everyone in your team and actively discuss ways to improve the customer experience.
  2. Become a customer by stepping into the shoes of your customers and gaining first-hand insight into their experience.
  3. Conduct ethnographic research by interviewing clients on a one-on-one basis and developing customer personas.
  4. Create a life-sized map of the CX journey and walk through it
  5. Incorporate understanding phrases into your customer service to convey empathy to your customers

Adapted from Salesforce

Source: The Working Capitol

What strategies or tools do you use to keep your customers engaged, happy, and coming back for more? Let us know in the comments below!

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