Summary Results of the Subscriber Survey

Q1 : Do You Receive our 'Weekly Summary Email' ? YES 98% : NO 2%

Q2 : Do You access the full 'Weekly Investment Bulletin' ? YES 92% : NO 8%

Q3 : Do you find the website easy to navigate ? YES 92% : NO 8%

Q4 : Given a choice which do you prefer
              - to read the 'Weekly Investment Bulletin Online ? YES 58% 
              - to have the choice to read it from a PDF (printable document) ? YES 42%

Q5 : Are you aware that the €99 subscription price goes to €149 on 1st October ? YES 63% : NO 37%

Q6 : Would you like the option to have your subscription rolled over automatically ? YES 27% : NO 73%

Q7 : Would you welcome the introduction of audios and/or webinars ? YES 65% : NO 35%

Q8 : Would you invest in a fund following our investment approaches if offered ? YES 79% : NO 21%

Q9 : Would you recommend our website to a friend or relative ? YES 96% : NO 4%

Observations & Comments
There are a couple of strong messages coming from the survey and I would summarise them as follows (with comments added);

• A significant 42% of respondents said that they would like the option to read the 'Weekly Investment Comment' in PDF format. I'm not sure if all subscribers are aware that you can print the bulletin on the home page. There is a 'PRINT' icon at the top right of the Home Page. It is not in PDF format but should do the job (some of the charts do move when you print from here). To put the 'Weekly Investment Comment' into PDF format would be too onerous for us. But it might be feasible to do it monthly which I am sure most subscribers would find adequate. We will research whether this would add to costs in such a way that it would have to be passed on, which could be done via a modestly higher subscription price for any subscriber availing of this option.
   
• 37% of respondents said that they were unaware that the €99 subscription price was an introductory offer for the first year of the new website. We must take the blame here for poor communication of an important issue and I will put it down to 'Over-worked'. During the summer of 2009, we re-marketed the new website on the basis that the price was to be reduced from the then €249 price to €99 as a first year's introduction - our attempt to find the market. But many subscribers came on board after that marketing campaign and we realise now that the wording on the website did not make it clear. It was always the intention to move the price up to €199 after year 1 but due to our self-inflected confusion we struck for the middle ground. I would hope most subscribers recognise that €99 is not an economic price for the service on offer. We, ourselves, have not come across any website globally at a comparable price. I believe the €149 is a reasonable interim price with a view to the subscription price moving to €199 longer term. Clearly, if subscribers are not happy with that they will vote with their feet and not re-subscribe. So it is up to us to prove the site's worth and value to you.
   
• A larger than expected 27% of respondents said that they would like the option to have their subscription rolled over automatically. We are investigating this. The critical issue is security of credit card details. Our IT consultants, Claude Saulnier of Wandsoft, informs us that he has not got the solution required. Hence, it should be possible for us to offer this facility while still ensuring absolute client security regarding credit card details.
   
• 65% of respondents said they would welcome the introduction of webinars and that too is in train. Hence, we should be able to offer more regular training and communication via webinars fairly soon.
   
• A much greater than anticipated 79% said they would look at investing in a fund following GillenMarkets approaches. My initial response is to say thank you for your confidence in us but also to point out that establishing an independent fund is a very costly exercise. The only fund type I have any interest in operating is an investment company quoted on the stockmarket - and this could cost us in the order of €300-400k to establish. Hence, I would want to know that I could raise at least €25 million before committing to such a venture. But rest assured I will explore the area.
   
• A huge 96% said they would recommend the website to a friend which again is a great endorsement of our service. No website service will get 100% positive feedback and an A plus is a strong vote of confidence. The ultimate test, of course, is website subscription renewals and we are coming up to our first major hurdle in that regard.