Companies use various tools to stay competitive in their industry. From creating innovative products and ways to do things to trying to be one step ahead of the competition in pricing and marketing, systematic growth requires businesses to think outside the box.
One tried-and-tested method used by companies ranging from food delivery to casinos that accept Klarna is the simple annual survey. This unique tool, dating back to 1834, when the Statistical Society of London began running surveys, can help a company grow, retain employees, and attract new customers.
Here are the nine primary reasons annual surveys are a powerful business tool.
Highlight Improvement Areas
Surveys can help a company grow by highlighting areas where it may not be performing well in the public’s eyes. Despite management’s best efforts, a company is unlikely to grow if consumers are frustrated by its operations or if a product doesn’t work as advertised.
Annual surveys allow consumers to voice these frustrations and state what about a company or product they don’t like. This information can highlight key areas where resources should be applied.
Surveys conducted among employees can also help glean valuable insight into where the workers who toil daily have seen standards slipping. Like consumer areas, these can then be addressed with the workers and become a focus until each issue is improved or resolved.
Measure Engagement
Customer and employee engagement is an important metric for a business. High levels of engagement mean that people are willing to make an effort for the company or brand, whether by raising concerns or offering praise where it is due. This engagement can also highlight whether consumers and employees think positively or negatively about a company. Should the former be true, the company can continue in the same vein without making too many changes. However, if the latter is true, the company will likely need to make significant changes before it can experience growth. These changes should be directed by the commentary of the surveys—such as if the sentiment is that the company isn’t environmentally friendly enough.
Identify Market Trends
When structured correctly, surveys can help gather data on and identify emerging trends in the market. If more consumers respond to particular issues or products, this can reveal the beginning of a boom (or fall).
Having this knowledge can help a company shift its focus to take advantage of moving trends. By preparing to do this in advance, a business can set itself apart from the competition and experience rapid growth.
However, care should be taken when capitalising on market trends revealed through surveys. As surveys often provide insight into the thoughts of a select group of respondents and not the entire consumer base, emerging trends revealed by survey results will not always be foolproof.
Evaluate Effectiveness
Another great byproduct of surveys that can help stimulate growth is giving the company a chance to evaluate any initiatives it may have embarked on. These initiatives, which commonly aim to drive engagement and sales or improve the company’s reputation, can be undertaken in various ways and may yield results that differ from expectations.
By comparing the results of a targeted survey against established key performance indicators (KPIs), management can see whether it has been effective or missed the mark. This offers insight into how it could adjust the goals of the initiative to gain the most from it should it not have been entirely successful.
Decision Making
As mentioned, surveys are an incredibly useful tool for companies in making short-, medium-, and long-term plans. The information gleaned by these surveys can help management assess the current state of the business—both inside (employee surveys) and out (consumer surveys).
Plans and strategies can then be developed that consider both the positive and negative results of the survey, aiding the company in avoiding past mistakes and preparing for future successes.
Feedback Culture
While a survey can do little to change the opinion of a company with consumers, the company acting on the feedback given within the survey can do a lot to change the business’s image. When consumers see the company acting on feedback, they become more willing to offer constructive feedback that can further help the company.
Surveys play an essential role in this feedback process. Handling issues addressed in surveys can help foster a culture of feedback within a company and with its consumers. As this culture develops, the company can expect more helpful feedback rather than common, generic complaints.
Promote Innovation
Another important aspect of surveys is their promotion of innovation within industries. By revealing what consumers are actively looking for, either in terms of a product or service, companies are forced to innovate to meet those needs. This innovation helps companies diversify their portfolio by engaging in something new and can bring significant growth if done correctly. Likewise, for consumers, this innovation improves the market by making available products and services that people actually want (or need).
Competitive Advantage
Finally, surveys help companies gain a competitive advantage over others in the same or similar industries. When used to drive innovation, steer planning, and address problem areas, the information gathered from surveys can make a marked difference in how a company operates and how the public views it.
A company that carries this out correctly is likely to develop a significant advantage over a similar company that has failed to listen to feedback and act accordingly. This advantage can often be leveraged to gain considerable market share and ensure longevity and success.
