5 Reasons to Implement Company Surveys
Company surveys give way to consumer research data, which is obtained by firms that
specialize in evaluating consumer information and reporting to the interested party how
that information correlates with business performance. In essence, consumer research
investigates the behavior of consumers as a whole and how this can be used by a business
for purposes of marketing, product development, sales projections, and a variety of
other aspects of the world of commerce.Most of the big companies use company surveys to better their products and workforce.
There are many methods to obtaining different pieces of this data, but the main goal is to
utilize a variety of these methods to arrive at the most accurate report possible. Company
surveys are often implemented through calling previous customers, contacting potential
customers, test groups, customer satisfaction cards, and the like. Through methods like
these, research can be conducted to understand consumer behavior and put together
comprehensive consumer research data that is usable for many aspects of operations.
Consumer behavior research is immensely important to many different corporations.
Smaller businesses need to understand proper market segmentation and potential
growth, as well as how the consumers they are already reaching are behaving in terms of
purchasing and spending money. Larger businesses need to understand how their growth
is being received and how the market they are reaching, even if it is a nationwide market,
is behaving, also in terms of purchasing. Take a look at some of the notable companies
from major industries across the board that use consumer research data on a regular basis.
Companies Using Survey Software
- Verizon Wireless
- Wall Street Journal
- Dick’s Sporting Goods
- Barnes & Nobles
Consumer research data is extremely important to companies to determine where they
have been on a business level, where they currently stand, and where they are headed in
the planning stages for the future. Though every business has a different focus, some of
the main reasons for obtaining consumer research data analysis are:
- To understand and analyze past consumer behavior and the correlation with
cash flow and profit and loss analysis for accurate reporting.
- To determine what has worked and what has not worked at the marketing
level, which deals directly with bringing customers in and selling certain products and
- To analyze what the company is currently doing and how it affects consumer
behavior and the bottom line.
- To plan marketing campaigns for the future based on what has worked for
them in the past and what is currently expected to work. Many car insurance companies
use company survey tools to help figure out ways to have people fill out .
- To create business plans for the near and distant future based on expected
market behavior and consumer purchasing habit trends.
Past Consumer Behavior
When a business day is over, the productivity of the day is all that day will produce.
Understandably, there is nothing that can be changed from the past or done differently.
That is not the point of analyzing past success or lack thereof. The important part of this
is to understand what led to the consumer behavior and trends, as well as the success
that was or was not had. Not only does this shed light on what could have been done
differently or was done properly, but helps to forge a path for the future of the business.
The use of customer satisfactions surveys is crucial for a company to ultimately succeed.
Previous Marketing Campaigns
By analyzing consumer behavior and market trends, a company can
understand whether or not the undertaken marketing plan paid off in the previous month,
quarter, or fiscal year. Looking at the trends in sales and time correlation, analysis can
show whether or not a marketing campaign worked as expected or if a product sold well
or not. This is important to not only understand the past sales figures, but also to point the
marketing department in a more specified direction to keep the success enjoyed by the
company or to build upon it.
Current Sales and Consumer Behavior
Looking at the trends from the current month, a business can make changes to their daily
plan to reduce costs, boost sales, and attempt to operate more efficiently. Regional and
district managers of larger corporations like to look at how a month is shaping up as far
as sales and profit and loss statements go, to attempt to increase current success.
Future in Marketing
The marketing professional or department within the company or on contract can look
at consumer data research provided to not only understand what has previously worked
or not worked, but to also look at trends as a whole in the market to see what can be
done differently in the future. This gives way to new media buys in the form of radio and
television commercials, newspaper advertisements and circulars, or that high school kid
on the side of the road dressed up like the company mascot. The marketing team needs
this data to make decisions for how to best market the product or service provided by
the company to increase sales. This directly affects the future bottom line based on the
Future Business Plans
Management and executives within the corporation will look at consumer research data
to make projections as to potential future profit and loss reporting, cash flow, sales, and
inventory management. All of these aspects are incredibly important to a corporation,
especially in an unstable economy that is not business friendly. Company surveys
that yield consumer research data will yield useful information and assist the decision
makers in a corporation in making informed decisions and implementing proper plans for
positive future growth, accurate reporting, and in turn, boost sales.
To expedite and automate company survey campaigns, most of them are run through survey software, by which surveys are created, distributed, and answered by target consumers. This has been known to reduce pressure
felt by consumers and has been able to yield more accurate results. It also reduces the
labor hours to put together, add up, and analyze the data. Reports are also automated to
deliver the most accurate results.
It has never been more important to conduct company surveys to hear what consumers
have to say and analyze the market as it is today. It is difficult to conduct business in
such a consumer driven culture without having feedback from the consumers themselves.
Companies who try a 360 feedback tool will greatly benefit from the feedback. This is where the consumer
reporting data from company surveys helps companies shine.