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|Date Published||July 17, 2009|
Beat The Competition By Surveying Your Customers
What if I told you that I knew how to get my hands on specific, accurate and timely facts that could double your sales and that it was scientifically proven to do so by the Harvard Business Review? How much would you be willing to pay for that sort of advantage over your competition in the middle of a recession?
Put your cheque book away. I’m going to tell you for nothing.
Your customers can and will provide this information to you (also for free) and all you need to do is ask them!
In the research study, conducted by Rice University Professor Dr. Paul Dholakia and Dr. Vicki Morwitz, two groups of customers, totaling 2000 individuals, were surveyed and compared. One group of customers was given a financial services company’s satisfaction survey over the course of a year, while another group of their customers was not. The study found that at the end of that period, of the customers who were surveyed, they were three times as likely to have opened new accounts and were more profitable than the customers who hadn’t been surveyed. As well, this trend continued during the year and surveyed customers continued to open new accounts at a faster rate than non-surveyed customers.
It’s important to note that this study only included customers that were (reputedly) already satisfied and only looked at one company within one type of industry. However, the findings indicate that surveys can definitely have positive outcomes for organizations, if conducted properly. The study concluded that conducting surveys, especially when customers are satisfied with the organization, can also enhance loyalty and profitability.
What does this mean for you and your organization?
It means that companies that want to be competitive, successful and spend more resources selling to existing customers rather than searching for new ones, are well advised to survey their customers. In addition to the fact that engaging your customers will make them more likely to think highly of you and spend more with you, it also allows you to keep tabs on where you’re meeting expectations or failing to provide what your customers want.
Best of all, people are dying to tell businesses how they can improve what they do. There are times when the only significant difference between one organization and its competition is the level of service that’s provided. If you know what your customers want, and can provide it, you will have an advantage over your competition.
Creative Organizational Design can help you obtain this information quickly and inexpensively. Let us help you show up your competition.
How Surveys Influence Customers by Paul M. Dholakia and Vicki G. Morwitz
David Towler is the President of Creative Organizational Design.
Re-printable with permission.
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