A recent Vision Critical study showed 87 percent of survey-takers want to have a say in a company’s future products and services. But we all get irritated by that annoying pop up survey or being asked too often. We hear you, so we promise we won’t ask too often, but we really value your input and feedback.
FrontFundr recently undertook its first annual community survey, with three clear objectives.
- Compare FrontFundr community attitudes vs general population
- Analyse FrontFundr community attitudes to investing to identify the target market
- Review attitudes to the platform, to help with planning future upgrades and developments
In FrontFundr’s survey of 100 women across Canada, for International Women’s Day, only 36% of women had investments for retirement and major purchases, with the main driver being lack of convenient ways to invest. We were really pleased to see that in the latest survey of the FrontFundr community, rates of adequate investment rose to 48% in women and 53% across the community. This was driven by convenient online investing, such as FrontFundr. More and more people are looking for convenience, and FrontFundr can be part of a convenient way to access a diversified portfolio.
We were grateful to receive the highest level of trust from the community, above mutual funds, roboadvisors, investment advisors and even other equity crowdfunding platforms. Trust is the basis of what we do. We believe strongly in our robust processes and most particularly in due diligence to provide you with carefully screened opportunities. We have to balance these results with your likelihood to recommend FrontFundr. Yes, you like us, but we want you to love us and recommend us to your networks, and we will be looking at how we can improve our offering to you to improve our score.
We did receive negative feedback regarding fees. FrontFundr does not charge fees to investors to invest, however the Trust funds that manage any RRSPs or TFSAs. These are in line with the fees other companies charge, although usually, they are a little more hidden. We will be reviewing how we communicate these fees online so that you get no nasty surprises.
You asked to get more updates on companies that you have invested in. We are putting together a plan that will include reaching out to all successful companies to get more regular updates as well as sector-specific growth.
You also requested more deals on the platform, and are looking for new technology, impact investing, Food and Beverage and cannabis. We have a large number of companies going through due diligence, and in these areas, we hope to meet your needs soon. We’ve also shared the list with the business development team for future onboarding.
You also wanted to cleaner split between start-ups, companies in growth mode or mature companies and between small minimum investments (bring back more $100 investments) and larger minimums. We hope to be able to share with you our new brand that will allow us to do exactly that in the near future.
Thank you to everyone who completed the survey, we have a list of around 50 action steps that need to be addressed, which we are now assigning people and timelines too. Please look out for the survey next year, and in the meantime, if you have any questions or concerns, just let us know, we are listening.