5 Surveys That Can Increase Revenue in your Small Business

December 2, 2022
Laura Smith

Are you a small business in 2022 wondering how you can really drive revenue and overall customer retention and satisfaction?

The simple survey is usually overlooked which is a shame as it can be a fast low cost win for many businesses of any size. Customer data from surveys can reveal preferences and if analysed correctly, can help in adapting strategies to become more successful. 

Can a survey increase revenue in your small business?

In short - yes! As a budding business owner, you want to do something that brings a maximum return for minimal effort. The good news is that surveys can do that.

Marketing surveys can help you to create buyer personas. Marketing needs to define an ideal customer profile as a foundation to create the correct marketing campaign for the right audience thus if your marketing is executed correctly you will be driving up revenue in the long term.

Example hospitality email survey
Example survey sent via email after a meal at The Broughton

What is a business survey?

A piece of software used for collecting relevant data from a predetermined audience - usually your customer base!

It consists of a set of structured questions that help you to gather information about business variables. The above was sent to me this morning after an evening meal at The Broughton restaurant.

It show's just how agile and responsive the hospitality industry needs to be to customer experience. Surveys are the perfect way to gage, collate and improve using feedback - straight from the horses mouth, so to speak.

Advantages of a business survey:

Collect feedback
Engage with customers
Product refinement

Asking open-ended questions about what your customers think about a service or what features they would like to see in a product can help you analyse whether you’re meeting all of your customers’ needs and what you can do to improve your offerings - in time increasing customer retention and revenue.

use online survey software to grow your small business

Never set up an online survey? 

The software available is easy to use - and a lot of the time is absolutely free!

Surveys aimed at collecting customer opinions can also help small business owners make stronger business decisions. Need to decide which products to include on your website? Desperate to improve the conversion process? Unsure about email broadcast format? Unaware of the level of contentment among your staff?

Here are 5 surveys that can increase revenue in your small business…

#1 Market Research Survey

Gather information about your market, such as how and where your products are purchased, your customers’ demographics as well as the competitive landscape. Research a specific target market, measure brand awareness, and identify product and pricing opportunities.

#2 Lead Generation Survey

Gather contact information and some preferences from your target audience. It allows you to assemble a list of prospects who might be interested in your service.

Ensure it’s focused.  You don’t want too many questions. It should include a question related to their preferences regarding your product or service, contact information (e.g., first name, email address), and an opt-in for email subscription.

#3 Customer Satisfaction Survey

Measure your customers’ satisfaction with your brand, products or services. Help to increase sales as customers respond to positive reviews from other customers, especially if the reviews are published online. Look at the example used in this blog - a simple email sent directly after a customer experience can be so valuable.

#4 New Hire Survey

Identify problems with your recruitment process and make any necessary changes to ensure a positive experience for future employees. Highlights employees’ experience during their first weeks or months on the job, which can set the tone for their productivity in the long term. Increase employee satisfaction: helping you attract and retain the top talent within your industry. 

#5 Employee Satisfaction Survey

Determine whether employees are satisfied. Asking employees for feedback on different parts of the job and environment while allowing them to share their frustrations. Positive survey responses can show that employee motivation is high, negative responses alert you to any issues.

What are the characteristics of a good business survey?

What are the characteristics of a good business survey?

Some essential characteristics of a good survey are a clear understanding of the focus of the research and the type of data that needs to be collected.

A clear and consistent format.
Clear and concise instructions.
Clear language for the questions.
Definition of terms.

While marketers have used surveys as a key tool for decades, online software variations now make the process of surveying your customers so easy!  Use surveys regularly to gain important information about products, services and enhancements and see your business thrive.

Enjoyed this quick read? Check out our other blogs and reviews, all aimed at supporting startups and small businesses.

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