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Income survey is a type of demographic survey, conducted with an intention of understanding the financial situation of an individual. This generally brings out how much a person earns annually, be it an individual income or a family income, it depends on the questions asked.
But why do companies need their customers’ income? Well, many types of businesses be it banks, money lending business or even a product based company, they all run on one factor and that is “Customers”. In order to predict the customer’s financial status will help banks and money lending businesses to see whether the customer will be able to repay the loan or not. In case of product driven companies, an income survey will tell them what kind of customer base they have with respect to the financial standards and whether they can afford their products or not.
Isn’t income a sensitive topic? Almost all the businesses face this issue while asking for demographics from the customers or responders. Most of the respondents feel hesitant while providing their personal information in a survey, mostly their income. It makes them feel that income showcases their growth and status hence end up feeling embarrassed about it.
Apart from these moral obligations, businesses use income survey result for identifying their target audience, planning better product prices and marketing and their over al betterment. It helps the researcher to know where to place the products and its prices in a way that it appeals to a larger customer base of all sorts of income ranges.
Example: a home décor shop wishes to find their target audience and a price range for their products for which they conduct an income survey. In such demographic surveys, the business will ask the customers to fill in their age, sex, income, etc. which will help them draw a better picture of their narrow target audience and plan their strategies accordingly.
Create an actionable feedback collection process.
Here are 5 elite tips for you to frame a perfect set of income survey questionnaire in order to get the desired results from the customers:
Before framing the income survey questions, it is important to KNOW your audience. For example, if you are a business who provide online courses for engineering degrees, you will look for the audience who is pursuing their degree in engineering or teaching the subjects related to that. You will not look for students and teachers from MBA courses.
According to your target audience, depending on their ability to spend on an online courses, you will frame your questions shedding some light on their expectations and capabilities.
Make sure you communicate with the respondents clearly. They should understand your questions thoroughly and easily.
For example, be clear about “What is your total household income?’ and “What is your individual income?”
Make sure you frame your questions this straightforward to let tit not make any confusion while answering.
It is really important to watch out for your words and language while asking such sensitive demographic questions to the customers. The reason behind it is, demographic questions are already sensitive and risky enough to put the respondents off guard and you don’t want to piss them off by making it more offensive and intrusive for them.
For example, avoid asking very narrow and personal questions like “How much is your partner’s salary?”, “How much was your salary this month?”
Make sure you avoid asking too many income-related questions back to back, provided your information gathering is not just focused on the income of the customers. You might find it intriguing to ask as many income-related questions as possible so that you can get a closer look at their income background. But it is not at all pleasant for the respondent.
For example, you can ask a generic question like “How much is your annual family income?” and avoid asking questions like “What is your parent’s income?”
Make it easier for the respondent by giving them a range of income.
For example:
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In this section we will look at some commonly asked income survey questions which yield good results:
$0
$1 – $50,000
$50,000 – $100,000
$10,000 – $150,000
Prefer not to say
$0
$1 – $50,000
$50,000 – $100,000
$10,000 – $150,000
Prefer not to say
Yes
No
Prefer not to say
last year?
Yes
No
Prefer not to say
year?
Yes
No
Prefer not to say
or utility payments from someone who does not live with you?
Yes
No
Prefer not to say
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