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Hello, entrepreneurs!

It’s been an action-packed week 🙌 

• Podcast: Acquisition Entrepreneurship-Transforming Setbacks into Opportunities

• Biz Hack: Collecting Valuable Feedback

• Biz Essentials: Handy YouTube Thumbnails

• Save the Date: Networking Events Worth the Hype

But first, a tour of the headlines…

Weekly Catchups

News | Industry Insights | Trends

•  🤖 Big Deal

  Mercer’s new research about the impact of AI on productivity suggests that AI may boost developed markets’ GDP growth by up 0.5%, with emerging markets potentially seeing a 0.2% boost in GDP growth.

• 💼 As the Romans Do

  From July 1, Greece is shifting from a five-day work week to a six-day one. This will be the longest work week in the European Union with private sector employees required to work 48 hours a week.

• 💰️ $31 trillion

  The cumulative amount of over one million ultra-wealthy individuals (those with an individual net worth of $5 million-plus) worldwide will pass on to their heirs by 2033, according to data firm Altrata.

Biz Hacks

Strategies | Tools | Marketing Tips

Collecting Valuable Feedback

Decoding the problem: Many businesses treat their customer feedback machine as a necessary evil to be fulfilled in the least costly way possible. Managers at small to medium-sized companies are under the illusion that a robust customer feedback mechanism is a luxury that must wait until a company is larger. 

In Statistics: “The State of Customer Feedback 2021” states that 42% of companies do not actively collect customer feedback on products. Fewer companies analyse and act upon customer input from their customers. 

Why feedback is necessary: True operational effectiveness comes from tweaking experiences or products from a customer’s vantage point. 

Cutting through the chase, how can I collect authentic feedback for my services/ products?

#1 Go Beyond Reviews

Not all review sites are created equal. Here’s a brief comparison between the biggest review websites ⤵️

Platform Comparison

#2 Embark on a Listening Tour: 

Invest time in speaking to customers or industry experts to generate detailed qualitative feedback. 

• Engage customers in an outreach asking for a 15-30 minute touch base to understand the customer journey to fill in some gaps. 

• Paige Arnog-Fenn, Founder & CEO at Mavens & Moguls, lists the ‘movers and shakers’, people she admires and shoots some open-ended questions. “Listen with no strings attached, you’ll be amazed at what you find.” 

#3 Create a Client Council

This refers to an informal group of 3-5 clients meeting every quarter to vocalise their demands for a product/ service. Strategist Kyle Porter’s experience dictates that creating a special venue performs better than non-engaging surveys, where feedback is not requested but actively listened to. 

#4 Hone Social Listening Skills

People emote on social media. Leverage its power to contextualise complaints, purchase behaviour, and macro/microeconomic trends. Don’t limit yourself to searchable brand mentions. Follow hashtags on competitors' social media handles. Identify key influencers in your demographic, and keep an eye on thought leaders in this space. Duolingo showcased its social listening skills by cleverly reacting to Twitter’s brand change to “X” with a humorous twist.

Biz Essentials

Stay Ahead of the Curve

• One thing to see 👀 5 must-watch videos of CEO Jensen Huang you cannot afford to miss.

• Trends 🗣️ Reddit Shares Tips for Holiday Marketing Campaigns

• One thing to read 📚 5 Vital Lessons I Learned By Taking a Mini Break From the Entrepreneurship Grind

• Productivity ✏️ Don’t wrack your brains inventing new designs. Use this pack of striking YouTube templates to update banners, create custom thumbnails, and nail down your content planning roadmap.

  What’s inside

  • 100 YouTube thumbnail templates

  • 25 YouTube banner templates

  • 7 YouTube description templates

  • 1 YouTube road map strategy sheet

Don’t Miss It!

Networking | Business Development | Entrepreneurship

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