Are you a business looking to upscale? Online surveys are there to help you collect the data you need to define your next move. In fact, over 80% of businesses use online surveys to collect customer feedback and make informed decisions. In today’s business, you cannot afford to be flying blind, and that’s probably why you are constantly looking for innovative ways to understand your customers and to adapt to the ever-changing market trends.
Online surveys have emerged as a powerful tool providing an efficient and cost-effective way to gather valuable insights. These insights are so crucial that some people even get paid to take surveys online. Actually, a Harvard Business review revealed that 85% of companies that make customer feedback a priority see their revenue grow. Now, let us look at some ways online surveys can help your business maintain a competitive edge.
Getting real-time customer feedback
Imagine launching a product and waiting for sales figures and reviews to gauge its performance. That feedback loop could take months, yet there is a solution to eliminate this lag. Online surveys allow you to collect immediate feedback that will tell you exactly how your customers feel about the product, their preferences and their concerns. At least with that, you can refine your offerings, and roll out updates in record time, and look like a hero to them.
Plus, being able to get quick feedback and act on time not only enhances your products or services but also builds trust with your customers. Actually, according to a study by SurveySensum, 77% of customers are more inclined to favor brands that ask for their feedback and act on it. If, after launching a feature, tech companies like Zoom often survey users to identify potential pain points and opportunities for improvement, then it may be a strategy worth emulating for your business.
Boosting customer loyalty
An eye-opening statistic revealed that companies with loyal customers grow their revenue about 2.5 times faster than their competitors. So, the importance of brand loyalty cannot be overstated, and online surveys are just the tool to help you achieve it. When you regularly collect feedback from your customers, they tend to feel like you are genuinely interested in understanding their needs and improving their experiences.
This translates into some sense of value and trust, and for most, that is all they need to come back again. Taking action on the feedback you collect makes things even better. Did you know that about 66% of consumers report that they feel more valued when their feedback is taken into account? That means that the more you engage your customers, the more satisfied they are, and with that, you may even keep them around for longer.
Interestingly, loyal customers are not just repeat buyers – they are also great marketers. Based on their satisfaction and how they feel heard, they are more likely to spread the word about your brand to those around them. In fact, statistics show that 74% of loyal customers are likely to recommend a company to their friends and family. Other than the free promotion, they are also likely to buy more and pay premium prices, and prioritizing their feedback plays a huge role in that.
Enhancing product development
With the current customer-first business model, your offerings really need to show that you understand your customers’ needs. What better way to get that information right from the source than through online surveys? You can use them to get specific details about things like features and usability of the products you offer so that you know exactly what to change. That way, you are able to remain relevant and competitive in the market.
Additionally, surveys allow you to add a personalized touch to your brand. Instead of asking everyone the same set of questions, you can opt to tailor your questions based on customer location, purchase history, background info and more. By that, you can ask the right questions to the right people and that will help you fine-tune your products based on the diverse needs of your customer base.
Take Amazon, for example. Their product adjustments and new innovations heavily rely on precise insights from their customers. It’s no surprise that this strategy has helped the company maintain its position at the top in customer satisfaction. And remember, a 1% boost in customer satisfaction increases the rate of customer retention by about 5%.
Bonus tip
With all the benefits online surveys offer, there are still some challenges to overcome. Since they are a method of data collection, badly designed questions and low responses can result in incorrect conclusions. To try and manage that, you can always keep your questions short and sweet and offer some rewards like discounts or free gifts to encourage people to participate. Also, ensure you test your questions before you issue them to ensure that they are clear and unbiased.
Conclusion
As we have seen, online surveys are no longer an optional tool but an essential strategy for your business to thrive today. Through them, you can get almost instant customer insight, which enables you to refine your products the right way, build loyalty and adapt to changing market trends with ease. So, if you are considering staying ahead of your competitors, you should probably try them out.
