by Rich Edwards Mar 11, 2022

What we're reading - 03/11/22 Edition

Mo' knowledge is Mo' power

This Friday, we’re looking at best practices for community banking and customer reviews, Uber’s move toward super app status, and leveraging First Principles in your thinking to leap ahead.



1. “Your digital footprint outside of your own properties is increasingly how decisions are made”

Jen A. Miller at Independent Banker shares some practical advice on collecting and boosting customer reviews. In addition to monitoring other places where your customers and prospects shop, Miller offers examples of how to be proactive in your feedback collection:

Northpointe Bank is “not apologetic about asking for reviews” when customers have a good experience. That’s because while unhappy customers are quick to vent their anger through an online review, happy customers are “less likely to go out and share that in social forums,” he says.

The community bank has identified touchpoints where a customer is most likely to be highly satisfied with their experience, like when a loan closes, and uses those as opportunities to ask for a review. However, they are careful never to say that they want a positive or five-star review.

“We want them to leave honest feedback that allows us to hopefully shine,” says Clancy, “but get better if there’s a gap.”



2. Uber pilots expanded payments offering

Uber this week began a limited trial of Uber Explore. The new feature of their chart topping app enables users to use Uber to pay merchants outside of their Uber/Uber Eats marketplaces.

For the first time, users can book experiences and buy tickets through the app with their Uber wallet and payment profile. With one-click rides, you can instantly book a trip to the restaurant or concert venue.

Based on your Uber and Uber Eats history, you’ll see recommendations for things like food and drink, art and culture, music and nightlife. There will be offers available, including discounted rides to certain restaurants. Uber says the deals will change depending on what’s popular in a given area.

The feature goes live today in 15 areas: Atlanta, Chicago, Dallas, Houston, Los Angeles, Memphis, Minneapolis - St. Paul, New Orleans, New Jersey, Upstate New York, Orlando, San Antonio, San Francisco, Seattle and Mexico City. Uber plans to bring Explore to more locations and to add other types of events and experiences.

Uber's foray into broad payments


3. “To survive as a business, you need to treat your customers well. And yet so few of us master this principle.”

Shane Parish of Farnam Street writes on employing the idea of First Principles in your thinking. In addition to making the distinction between cook and chef, and play stealer and coach, Shane adds:

When you can’t change your mind, though, you die. Sears was once thought indestructible before Wal-Mart took over. Sears failed to see the world change. Adapting to change is an incredibly hard thing to do when it comes into conflict with the very thing that caused so much success. As Upton Sinclair aptly pointed out, “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” Wal-Mart failed to see the world change and is now under assault from Amazon.

If we never learn to take something apart, test the assumptions, and reconstruct it, we end up trapped in what other people tell us — trapped in the way things have always been done. When the environment changes, we just continue as if things were the same.



And so closes another week. I hope you find that your reality meets your expectations.. Drop a line with likes and hates at blog@mindspaninc.com, and if you made it this far, take a second to share below.

Share the post: