What FeedBox is all about:
“Bringing together the most advanced surveying technology and the best business intelligence and advice. We offer our clients the tools to know, in real time, what is happening inside and out their organization, enabling fast and accurate decision making.”
Tell me about FeedBox. What is your mission and vision?
FeedBox is an Israeli company that was founded in 2012 with the purpose of enabling our clients to have access to customer feedback in realtime across all industries. We believe that customer satisfaction is the first thing that any business should take care of, and this premise lies at the core of our mission. Initially, FeedBox actually started off as a software and hardware company, but some years later, we decided that we wanted to focus on software only and deploy our system on tablets–the core of our system. The incorporation of tablets in our agenda has vastly benefited our clients, as we can easily provide them with real-time customer feedback at the click of the button. Therefore, our clients have the ability to go into their dashboards, and easily see what questions, comments, or concerns their customers have, and act quickly upon them. Additionally, tablets have enabled us to bring so much more into our system on the client side, such as having an app that’s easily navigable, and we can also make use of various question categories (multiple choice, etc.) in surveys that we can provide our clients with. At this time, we’ve started using AI in our system, which allows us to zero-in on key demographics and deliver the right surveys to specific customer audiences. This way, our clients get exactly the targeted feedback that they need in order to help with the decision-making process. As you can see, we’ve come a long way from our initial launch in 2012, and the progression has been remarkable.
What are the biggest challenges that you encountered on the way?
Currently, our biggest challenge is expanding our company globally, trying to open new markets and such. As a bit of background, back when FeedBox was created, I brought the company to Mexico as a distributer. We worked with big names like Starbucks, Walmart, H&M, and after Israel decided to buy the Mexican part of FeedBox in 2014–2015, I became CEO. The challenge I uncovered is that sometimes we lost focus as a business. For example, we were presented with certain opportunities and we pounced on them when it wasn’t the right time, or we spent too much time focusing on one thing when in reality, we should have poured our resources into something else. Because we lost our focus, we ended up loosing time, which can be costly. But then you learn from these mistakes. For instance, right now, we’re gathering a lot of data–50 to 60 million surveys per year. Two years ago, we had the opportunity to monetize on this big dataset, but I decided to wait, which was the right call. It wouldn’t have been the right time for us back then to take the opportunity–we would’ve lost focus again, as well as time. But now it is a great time to take this data and to start monetizing and create a new revenue stream for the company. The point is this: take your challenges, analyze them, and when you make mistakes, learn from them so that you know what direction you need to take the next time you encounter a problem or are faced with a new opportunity.
What is your hope for FeedBox in the future?
My goal is to spread FeedBox globally and integrate its presence in as many places as possible. My ambition and vision is to see my logo in every single store, and I want my future clients to enter a store simply because they see the FeedBox logo, and they know what we stand for–customer satisfaction. My goal is to make FeedBox known as the standard customer satisfaction feedback tool, and I know that if we continue to push and persevere, this vision will become a reality.
What advice do you have for entrepreneurs?
Today, I give many presentations in Mexico to entrepreneurs, and my greatest piece of advice is this: you need to focus on what you are good at, and you need to become an expert in whatever that realm is. Once you have those two things nailed down, you will have the ability to proceed with success.