Visibility

“Do more for less” becomes the mantra for every business when the economy is shaky. Sure, belt-tightening is important. But it’s not simply a matter of spending less; rather it’s acquiring insights quickly that can help you survive and prosper during a recession.
 
One of the most cost-effective ways to accomplish this is to outsource your research to the web. Online survey tools provide the knowledge you need quickly and inexpensively.
 
Knowledge is Power
The importance of basic demographic information about current and prospective customers is taught in Marketing 101. Everyone knows this takes the guesswork out of your marketing efforts. Unfortunately, companies of all sizes often fail to take the time to get up-to-date customer research. If your current marketing strategies and tactics are based on outdated data, there’s a good chance you are wasting valuable money.
 
That’s the position Jeff Davis found himself in when he became marketing manager of Conestoga Log Cabins and Homes. He knew that the primitive data he currently had about his customers would hinder his attempts to reach his goals. He turned to an online survey for a quick and inexpensive way to get current demographic information.
 
He created a 20-question survey with two sections the first section asked for traditional customer feedback – “How did we do? What do you like about us?” The second set of questions included optional demographic questions – “What do you read? Age? Gender? Income? Key leisure activities?”
 
He had an impressive response rate of 30% from his customers. Since the online survey tool he used came with easy-to-use, real-time reporting tools, he got valuable feedback within a couple hours of sending out his survey. Jeff had used other online survey tools in the past and was use to a 3 – 5% response rate. (See sidebar for tips on selecting an online survey tool).
 
Creativity is Rewarded
The Conestoga Log Home example shows how online surveys can be used in a rather traditional way. Applying innovative approaches throughout your business is an effective way to increase your ROI during a weak economy. So, spend a few hours brainstorming and you’ll discover valuable ways that online surveys can help you reach your business objectives. Here are a few examples:
 
Evaluate Website Usability
If your company does a substantial part of business online, a poorly designed Web site can cause you to lose sales. Little changes to your site can go a long way to improving conversions. Survey current and former customers. Determine what content they desire, what they don’t like about your current site and make improvements based on their feedback.
 
Retain and Reward Customers
Everyone knows your best customers are repeat customers. An online survey can be used to identify which customers are most likely to return. Once you identify your loyal customers, you can offer buying incentives and loyalty programs to strengthen that bond. A survey can help you identify what you need to do to attract more loyal customers, identify customers most likely to return and offer loyalty-based incentives to select clients.
 
Learn and React to Market Changes
The last few months have shown just how quickly consumer-spending trends can change. By administering frequent surveys to those who make buying decisions, you’ll learn how to adjust your business model. An online survey can help you recognize new trends, discover what products or services are not working and learn investment opportunities.
 
Build to Customer Specifications
The ability to research customer preferences can help you meet their specific needs and desires, which can give you an advantage in the marketplace. Unfortunately, this type of research usually takes a month or two. An online survey can deliver answers in about a week. If you use a survey tool that enables you to include images, you can even survey customers asking for feedback on product prototypes.
 
Enhance Internal Communications
Don’t forget to get internal feedback! Happy employees are productive employees so a quick survey is an easy way to let employees know you value their opinion. For example, send a survey asking team members to vote on a new logo or help select the location of a holiday party.
 
Urgency is Essential
Now is not the time to waste money. It doesn’t matter what your specific questions are, an online survey delivers results in mere hours, which enables you to quickly react to market changes. The sophisticated reporting tools, which are standard with most online survey software, provide the valuable data that’s needed to stay ahead of the competition.
 
Once your company starts using online surveys, it’s easy to become dependant on the instant data. The next step then, is to make online surveys a regular part of your business strategy. For example, if you send out a new product catalog each quarter, follow up with an online survey. If an e-newsletter or other type of publication is part of your marketing plan, make a point of surveying your readers each quarter to learn which articles have been most read, then tailor future content based on this feedback. If you hold seminars, survey attendees prior to attending to determine what they already know to keep the content from being too elementary. Afterwards, routinely send a post-event survey to learn what needs to be improved for future events.
 
Online surveys deliver fast, accurate information. This type of knowledge is helpful when the economy is strong and downright indispensable during a recession.