Surveys aren’t there to just provide feedback to your business. They are a tool to help you grow your revenues and improve profits. Yet many businesses don’t realize this when they are creating surveys.
If you carry out surveys by focusing on the revenue generation afterwards, you might find more reason to conduct them regularly.
Here are several ways that surveys can help to trigger profitable revenue for your business.
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1. Build Trust Factors
Surveys can be used within marketing when you’re talking about the quality of the product or service. In adverts on television and the internet, especially within the beauty industry, there is a trend to include survey results within the content. For instance, shampoo ads can contain lines like:
“91% of women say their hair feels thicker after just four washes”
This adds trust to your marketing materials through peer approval which can be more convincing than general marketing content. Consumers are more likely to trust peer recommendations than marketing content. Therefore, this tactic can help to increase sales.
2. Build Better Processes Within Your Business
Surveys can help you identify areas within your business where improvements can be made. This can be because customers are complaining that processes or operations are taking too long, or that your business isn’t giving them a positive experience. By looking at your results, you can identify what is causing the problems and then make changes.
If you’re able to make changes to your operational processes, you may find that you can decrease customer complaints, wastage and improve customer satisfaction. This can lead to better sales and it can also lead to lowering of production costs which makes operations more profitable without the need to increase prices or make more sales.
3. Advertise Your Brand
The online marketplace is making it easier for you to sell to new audiences. But the problem is that your past customers can be easily tempted by your competitors. A survey is a great way for you to re-introduce your brand to your past customers and make them remember what they liked about your services.
This means that they will visit your brand again and perhaps carry out a sale. Past customers often make more frequent purchases at higher values than new customers. They are also cheaper to acquire. Therefore, this strategy can improve sales for a better profit margin.
4. Find Gaps In The Market
The best brands, that have the highest profits, are those that find gaps in the market and fill them quickly. Look at sites like Just Eat, Uber and other modern tech companies that are making it easier for customers to complete everyday tasks that were sometimes a pain. By conducting surveys with your audience, you can see where the distressful points are and then develop products/services to solve them.
If you can become a disrupter within an industry, you can become a market leader quickly and then you can earn lots of profits. This is how many brands have become very popular today, such as Amazon and eBay.
5. Build A Reputation For Your Brand
We’ve already spoken about using surveys to help build marketing content for your campaigns. However, surveys can also be used for reviews that can be treated separately. Reviews are very trustworthy for audiences, and when you seek them, it can improve your reputation.
If you’re looking for reviews, then there are a few rules you should follow:
- – Send survey requests at a specific time after the customer has bought your product and had time to use it.
- – Always ask nicely and tell them how much you appreciate their time to help refine your business processes.
- – Always follow-up requests with a couple of reminders but not too many. If you’ve asked three times and had no response, move on.
Reviews can help improve sales and therefore revenues.
6. Find Talent Within Your Business
When you have a large business, it can be hard to locate all the best talent within your business. Surveys of your staff can actually help by asking other members of staff about their opinions of the business operations. Those responding to your survey might give their constructive opinions and this can lead you to find those who could help build a better and more profitable business.
At the same time, employees can often spot opportunities within the business to improve operations. This can save you time and wastage.
Conclusion
When you run a business, you’ll want to maximize profits. There are two ways of doing so: improving revenues or decreasing costs. Surveys can help you with both processes. Use them to help you grow your business and you’ll be able to secure your brand for years to come.
More about surveys:
How To Deal With Inadequate Responses, click here
How To Ask Survey Questions To Benefit As An Entrepreneur, click here
Four Tips For Developing Meaningful Survey Questions, click here
Entrepreneurial Best Practices For Using Surveys, click here
How to Close Out A Survey – Don’t Write This Question, click here