Why Conducting Surveys Can Benefit Your Bottom Line
August 22, 2019
Market Research / Survey Tips
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Conducting surveys and processing the data that comes from this research will benefit your bottom line, regardless of the industry of your organization.
This is likely common knowledge for researchers working in industries where research is a key tenant of their offering like social opinion, polling, market research, etc. But today, on Voxco’s Blog, we’d like to cover the benefits for those that don’t work in a directly research-adjacent industry.
Keep reading below for more:
If you work in a corporate environment…
Understanding your customers
This is often the central interest for corporate survey distributors. We know that the data from these surveys is an asset to building customer experience journeys and robust marketing strategies.
As B2B and B2C marketing trends shift more towards personalized experiences for customers, survey data is the vehicle to getting there. In fact, an average of 71% of consumers find impersonal shopping experiences frustrating. More personalized customer strategies can directly correlate to more sales.
Getting to know your employees better
Building strong company culture starts with getting quality employee feedback. Reaching out to employees in a standardized fashion can help employers glean more clear insights that can be actioned on for a retention strategy.
Some studies state that it can cost an average of 6 to 9 months’ salary to replace a salaried employee, do candidate interviews, and train a new hiree. In that regard, not investing in retention can be very expensive for businesses.
If you are a patient care provider…
Improving patient satisfaction
Like a commercial business looking to get a gauge of customer satisfaction, patient care providers should seek to get that same understanding as well. In fact, the quality of a provider’s service may have significant impact on the patient’s health – so it’s critical that these providers do what they can to query patients.
Patient satisfaction surveys are often conducted by phone, but the right survey software can reach patients wherever they are: whether it be online or in person in addition to the phone. This is a huge benefit for providers as patients can be difficult to reach.
Ensuring regulatory compliance
Compliance with the litany of regulations in place to protect providers and patients can be intimidating and that may make it difficult to implement a survey research process in your workflow. That being said, in many cases it is essential and even required that you do – for instance HCAHPS surveys.
In other cases, concerns may be more centered around the treatment of data, like in the case of HIPAA regulations that exist to protect the information of patients.
As such, it is critical that these providers ensure their compliance and the effectiveness of their survey software at keeping them compliant. Failure to comply with these regulations will result in costly fines and penalties.
If you are a government agency…
Conducting inquiries on their programs
Again, the surveys used to determine the effectiveness of government programs can be akin to customer satisfaction surveys. Prioritizing the satisfaction of the public in these programs is actually an essential piece to convincing budgetary powers of their needs to secure funding year over year.
An inability to demonstrate the value that their programs are delivering can unfortunately result in funding that is not renewed.
Supplementing the application process for grants & loans
A unique use of survey software for government agencies is to use the interface as an online application for grants and/or loans. The advantage of doing this is that agencies can ensure that applicants can be treated securely and that it is all going to a centralized database for easy processing.
This can help speed up the application processing time and is less resource intensive for government agencies that wish to save time and money.
If you are a law firm…
Improving relationships with clients
Client relationship management is very important for law firms to ensure retention and satisfaction. But it’s equally important that information is collected properly – protecting both the law firms and the clients, with the right survey software. According to a study by Altman Weil Pensa, 85% of law firms believe they should conduct formal surveys regularly to assess their clients’ satisfaction.
On the topic of legal client surveys, the website Attorneys at Work states: “You can’t fix something unless you know what’s broken.” In short, your bottom line can depend on understanding your clients’ experience with your services.
Facilitating face-to-face client communications
Law firms can use surveys to field potential clients and even include an option for the client to waive confidentiality upon completion of the survey. As such, it becomes easier for lawyers and clients to meet in person and have productive conversations.
This helps law firms get in touch with more potential clients and determine which clients would be a good fit based on their survey responses.
Would you like to learn more about your specific use case for conducting surveys? Contact an expert here to get the conversation started.
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Listening to the Voice of the Customer (VoC), is rapidly becoming essential to ensuring a fruitful Customer Experience (CX) program. Online survey software can help you get an accurate idea about your customers’ expectations, wants and needs when it comes to product & service offerings.
When dealing with products, services and enterprises it can be quite easy for researchers to sideline or even completely ignore the human aspect of research.
Market Research helps you glean insights that can direct your future strategies in a more informed manner. It’s indispensable today, as technology has empowered demographics, which in turn has introduced more factors for researchers to consider.