Modern Law Magazine Issue 69

EDITORIAL
BOARD
Adapt, Innovate, and Thrive
In today’s dynamic business landscape,
the ability to gather and utilise customer
feedback effectively has become a
cornerstone of success for organisations.
By actively listening to the voices
of their customers, businesses gain
invaluable insights into the strengths
and weaknesses of their products
or services, enabling them to adapt
swiftly to evolving market demands and
customer preferences. By prioritising
the collection and strategic utilisation of
customer feedback companies will forge
deeper connections with their customers,
whilst also fostering loyalty and driving
sustainable growth.
Below are some areas to consider
when tackling this task: Establish
Multiple Feedback Channels: Offer
various channels for customers to
provide feedback such as online surveys,
feedback forms on your website, social
media platforms, email, direct customer
service interactions, and even through
third-party review sites.
Actively Listen to Customers: Train
your staff to actively listen to customers
during interactions and encourage them
to gather feedback. Sometimes, valuable
insights can be gained from casual
conversations with customers.
Analyse Feedback Data: Regularly
analyse the feedback data collected from
different channels. Look for patterns,
trends, and common issues raised by
customers. Use data analysis tools or
software to streamline this process.
Prioritise Feedback: Prioritise
feedback based on its potential impact
on customer satisfaction and business
goals. Focus on addressing issues
that are frequently mentioned or
have a significant impact on customer
experience.
Implement Changes: Act on the
feedback by making necessary
improvements to your products or
services. This could involve refining
features, updating processes, or
enhancing customer support.
Communicate Changes: Inform your
customers about the changes you’ve
made based on their feedback.
Transparency builds trust and shows
customers that their input is valued.
Monitor Results: Continuously
monitor the impact of the changes
implemented. Use metrics such as
customer satisfaction scores, retention
rates, and sales figures to evaluate the
effectiveness of the improvements.
Encourage Ongoing Feedback: Foster
a culture of continuous feedback within
your organisation and among your
customers. Regularly seek input from
customers on new features, updates, or
any changes you’re considering.
Stay Agile: Remain flexible and
adaptable to evolving customer needs
and preferences. Keep gathering
feedback regularly and be prepared
to make changes to your products or
services as necessary to stay competitive
in the market.
In conclusion, companies that prioritise
the collection of customer feedback are
better equipped to adapt, innovate, and
thrive; ultimately positioning themselves
as leaders in their respective markets.
Recognising the importance of customer
feedback isn’t merely an option—it’s a
strategic imperative for any forwardthinking
company committed to
sustained growth and success.
Kathliya Harwood
Marketing Manager, Philips Dictation
A Holistic approach to client
care is essential
In the last edition we discussed the fact
that your clients, and indeed ours, in the
financial planning community do not
think in silos, because the problems to
be solved, or advice required invariably
crosses disciplines. It is against this very real
backdrop that the expression ‘holistic client
care’ becomes less a trendy catchphrase and
more an essential approach.
In the financial planning community,
we have over the past 20 years, moved
away from offering transactional advice
on individual aspects of finance, such as
protection, investments, and retirement
planning, recognising that approach to
be flawed. Far better to consider a client’s
overall current financial position and more
importantly their desired journey through
life, incorporating goals and aspirations
along the road.
However, we cannot do everything that
needs to be done to give our clients’ plans
the best chance of success on our own.
We can use cash-flow modelling, consider
inflation, tax regimes and which products
or tax wrappers, of course, but we will also
need to outsource where external expertise
can supplement and enhance our own. An
obvious example for us at Matrix Capital
would be to outsource investment strategies
to complement our financial plans to
carefully discretionary fund managers.
In exactly the same way, when we
implement financial plans, they are for the
long term and will need to take into account
numerous ‘what if’ scenarios. This is where
our holistic approach, to be fully effective,
requires us to outsource to qualified private
client solicitors to established LPAs, wills
and occasionally trusts to complement and
underpin our client strategies.
Not surprisingly therefore, it is our firm
belief that a similar approach will be
effective for the solicitor community. Not
only because, just as our financial planning
clients need ancillary legal advice and
support, your clients will frequently need
financial planning. Whether it be clients
considering care or future care for elderly
relatives, those going through separation, or
trusts needing to invest to meet objectives,
or families consider how best to ensure
their children inherit tax efficiently, your
advice simply must be enhanced and
complemented by ours.
Also, not offering this holistic and
comprehensive approach can mean clients
only getting part of the available solutions,
which cannot, using your own regulatory
parlance, be in their best interests. It might
also mean dissatisfied customers down the
line, which cannot be good for business
growth. Client retention, where legal advice
is often, by definition transactional, is
difficult enough for law firms, and working
holistically for your clients with carefully
chosen fellow professionals can truly provide
the clue that makes them stickier.
Dave Seager
Consulting Advisor, Matrix Capital
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