Entrepreneurs can benefit hugely from surveys. They can help shape the future of your business in many ways from how you interact with staff to how your business’ products can be improved. Here are some of the best reasons why entrepreneurs should be using surveys in their business.
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1. Surveys Can Help To Develop Products
An important aspect of product development is customer feedback. If your products aren’t liked by the end-user, then they aren’t going to sell well. Product development is the perfect time for you to collect information from end-users on what they like and don’t like about the product. Then you can use this feedback to make improvements before the final release.
This has been done countless times in the past, the developers of Fortnite, Epic Games, have used online surveys to help them collect user feedback. They’ve then used the respondents’ answers to identify needs of the development and implement improvements.
The more they implement from suggestions, the more the game has been developed to match the needs and expectations of the end user. This has helped them to gain a competitive advantage over others in a crowded market.
2. Surveys Can Help Build Two-Way Conversations Between Businesses And Customers
One of the biggest advantages of surveys is that it creates a platform for two-way communications without embarrassing the respondents. This can help to not only develop the product, as mentioned above, but also to refine marketing techniques and identify your brand’s core audience.
It also helps with marketing. When you are shown to seek out and listen to consumer comments, you generate positive marketing that draws more attention to the brand and increases conversion rates. This is another benefit that Epic Games have found. They are in a very crowded space, not just competing with console game developers, but also mobile, desktop and other devices. They rely on user-generated marketing to attract and retain users and to make in-game purchases.
This is why their user surveys have become very important to their marketing. They’ve helped them to differentiate themselves from the rest of the market. This has led them to become the market leader in the genre.
3. Retain Key Staff
When you run a small business, you know how important your staff are to your business’ success. A bad hire can make success harder to achieve and a good employee is the ticket to success. Retaining key talent within your organization is important, but often employees can be unhappy and you don’t know it.
Surveys can be a successful way to take the pulse of your staff’s current mood and determine if they are at threat of leaving. This is of vital importance at the moment as there are staff shortages appearing in the employment marketing across the world. In addition, there are general skill shortages in areas such as leadership and technical areas.
Research has also found that many businesses are failing to use data properly in their HR operations. This is causing businesses to miss out on significant cost savings as one bad hire can cost your business $10,000 or more to replace and repair damage caused by the employee.
4. Cost Effective Data Collection
There are many ways you can collect information for your business. But surveys offer the best solution on price. Surveys are relatively cheap to initiate. They only require your time to design, send and then analyze the data. And with sending, it is often only done with one or two clicks of a button.
With other methods, you might have to speak individually to people. This limits the number of potential respondents you can collect data from. This therefore increases the inaccuracy of the information. In addition, having to speak to participants individually, you’re also increase costs and reducing work productivity.
5. Surveys Are More Standardized
When you are individually asking people for responses, you’re going to experience some divergence in the way questions are asked. This can cause problems. You and your staff might think that you’re asking the same question over and over, but small changes in the language or the mannerisms in asking the question can change how the subject responds to your question.
This contaminates your data and makes it less valuable. Therefore, you’ll struggle to get accurate answers. If you don’t get accurate responses, then you could take your business in the wrong direction and this might lower profits of your company.
One way that your staff might change questions is when they’re getting a common response from people to one question like: “do you use the internet on your phone?” They might get several people saying yes to this instantly. Then they might change the question to “You do use the internet on your phone.” which is more of a statement. The respondent might just say yes, without thinking about it. But some people probably don’t. So, instead of getting a yes response rate of 88%, you might get 95% or more.
The common reason for this is the person asking the questions forming pre-determined expectations of the answers. And the person answering believes this is what the right answer should be and doesn’t want to seem socially incorrect. A survey can’t make this mistake, so the data is more accurate.
Surveys for entrepreneurs are so important. They help them in product development, managing staff, recruitment and communicating with customers. Therefore, they are an essential part of a process to not only attract customers and generate revenue, but also to keep the business profitable.
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