2012-09-24 00:00:00 Marketing English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08195517/Sep24th-A-tool-to-feel-the-market-pulse1.jpg Surveys – A Tool To Feel The Market Pulse

Surveys – A Tool To Feel The Market Pulse

2 min read

Surveys are an extremely potent tool to get a feel of your customer’s pulse, understand his buying/ rejecting behavior, use his feedback to draw up on-going and future strategies of the business. They are also extremely popular with small and medium businesses for being economic and ‘eye-opening’. Know the following survey-related essentials When to go in for Surveys? Make an assessment of your business’s requirement to find out when you should go in for surveys. It could o To get a feedback on an already introduced product/service that includes – Scope for improvement – Doing away with redundant features or adding necessary ones – Correcting bugs o To assess the viability of introducing a new product or line of service. What is an ideal Survey Questionnaire? The ‘ideal’ questionnaire is the one that helps you to find answers to the questions that have been disturbing you. But remember to o Keep the questionnaire short, ideally to a maximum of 10 questions. Long questionnaire often scare away people. o Keep the questions short and easy to answer o Have a mix of open-ended and close-ended questions o For closed-ended questions, include all possible answers, and make sure there is no overlap between answer options. o Avoid technical jargon o If you use a rating scale in the questionnaire, keep it constant throughout the survey – say 5 = High and 1 = Low Which type of survey – Field/ Online? In the pre-Internet age, field surveys was the most preferred way of finding out what the customer thought about a product/service. This involved, literally speaking, taking down inputs right from the ‘horse’s mouth’. In today’s times, with the explosion of the internet and online tools, surveys have evolved to become digital, fast and a lot more analytical. o Does it mean that field surveys are dead? Well, no. Field surveys still rule the roost in cases where the business is localised, has a clear clientele and most importantly, where the business owners/stake-holders come in direct contact with the clients on a regular basis. Haven’t you seen stores, salons, restaurants still using those ‘Feedback forms’ to collect inputs on products/services? The disadvantages that plague field surveys are that they are time-consuming, make analysis cumbersome and can often prove to be expensive. o Online Surveys are then the panacea This information age has brought along with it numerous online survey tools that have proved to be a more economical, convenient and faster means of data collection on customer behaviour or feedback. Online surveys can beadministered from remote locations using mail, email or telephone. Some of the most commonly used online survey tools by SMEs are SurveyMonkey, Survey Gizmo, Kwik Surveys, etc. These tools are – • Easy to use for both the researcher and the participant. • The researcher can add logos and banners, change colors and customize in many different ways helping the survey remain attractive to the participant. • Distribute your surveys using email invitations, Twitter, Facebook, and other social media. • Their real-time reporting features help analyse and take action on your data. Be sure to do a cost-benefit analysis of the tool that you choose and only when you are convinced that it will best meet your requirements, set out to feel the ‘pulse’.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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