Want to Double Profits? Send a Survey

Surveys engage people. But did you know they can actually influence customer loyalty and profits?

Research from the Harvard Business Review shows that simply sending a survey can increase profits. You don’t even have to take any further action based on the results in order to see improvements. Just the fact a company asks about customer satisfaction is an indication that they care, which results in increased customer retention and profits.

The study showed that customers who received a customer satisfaction survey after doing business with a company were 50% less likely to cancel their account. They were also three times more likely to purchase another product from that same company.

Of course, acting on the data collected also has the ability to help your business in the long run. If customers overwhelmingly suggest that you make improvements in one area, it could definitely be worth a change.

But don’t make changes just for the sake of making changes. The mere act of asking your customers what they think can help them feel connected to your brand and increase the chance of their continued business with you.

These surveys don’t have to be long or complicated either. In fact, you’re more likely to get customers to respond if you make it easy for them, according to online research company QuestionPro. The company suggests simply including a couple of quick questions, such as, “Rate your experience with us!” and, “Is there anything we could do to improve your experience?” along with their receipt or in an email within a few days of their purchase (the sooner the better).

You can gain some potentially valuable insights. But more importantly, you’re building a connection between your customers and your brand. Customers want to know that you care about what they have to say. They want to interact with you and offer suggestions to make their experience with you better.

Sending a simple survey accomplishes those things, and that’s what can cause double profits.

Do you want to double profits? Of course you do – so have you sent a survey to your customers yet?

Survey Photo via Shutterstock