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Why it makes financial sense to use customer feedback surveys

Posted by Ethan Hawkes on May 31, 2017 9:00:00 AM
Ethan Hawkes
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The fact is, surveys are by far the most valuable way to monitor your customer's experience. They simply make financial sense when you compare other customer experience methods like hiring an agency or social media monitoring.

Survey software is inexpensive, but more importantly, it can optimize and streamline your business' profits.

Save money

We've had multiple case studies where clients have saved money all because of customer feedback surveys. One of our biggest examples was Pearl Theaters.

They put out a survey asking how their customers looked up movie times. Turns out two of the methods they were using to advertise their times (company Facebook page and newspaper ads), hardly anyone used.

This was costing them $37,000 a year. Even if you think you run a tight ship, you can always find a few holes that could use some patching.

Create new revenue

But let's say you just want to find new revenue streams. Customer feedback surveys can open up new doors, by asking the customers you already have.

You can ask an open-ended question like, "What is one product or service you'd like us to offer?" to gather ideas. Afterward, propose a list of your favorites ideas to customers and see which ones the majority will actually like and purchase.

This reduces the risk of brand new business ideas going belly up and costing your potentially thousands of dollars.

Attract and keep loyal customers

You probably already know, with the onslaught of loyalty programs, why loyal customers are so valuable to your company. They spend 60% more per transaction and buy 90% more each visit than normal customers.

ValueofCustomer-03.pngA loyal customer is worth about 3x more to your business than an average customer. You'll want to keep them around while trying to convert other customers to loyal ones by meeting and going beyond their expectations.

How do you find the needs and desires of both loyal and non-loyal customers? You might have guessed it, surveys.

With surveys, you can find out why your customers are loyal and keep those aspects of your business if you're thinking about pivoting. Keeping those loyal customers means your business will remain profitable and continue to grow.

No matter what survey software you use, surveys are a cost efficient way to improve your business and stay in touch with your most important asset, your customer.

Click below if you want to know the best questions to ask on your survey!

Download Guide: How To Create An Effective Survey

 

Topics: Survey Strategies

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