For your business to be successful in the short run and long run, you need to have a data-driven sales and marketing strategy. Adequate, and correct information about your existing, new, and prospective clients can enable your business to have the agility that is imperative in responding to market dynamics such as changing consumer trends, and competition.
After identifying a market niche, the next step is to collect data through surveys. Information can be gathered through telephones, mail, email, focus group, in-person interviews, or online resources such as social media. You can either collect qualitative or quantitative data depending on your objectives. Click here to know how goal is to gather relevant information for decision-making.
Aim for Feedback
The effectiveness of a survey is not only measured by the quality of feedback from the samples but also the survey response rate. This is the rate of responses out of the eligible sample size. Studies show that this rate can be 25%-30%. However, you can bolster the feedback propensity by adopting different approaches such as follow-ups, reinforcements, and even using multiple channels such as emailing and mailing concurrently.
Surveys should be well structured, well-timed, and people-centered to minimize the non-response bias from respondents. To undertake survey projects, it is vital to establish the importance of survey response rates for your business, and below are the highlights.
1. They Are Indicators of Market Relevance
The feedback rate for your survey is the first indicator of how conversant you are regarding the target market. It also showcases the impact of your brand in the market as clients are more inclined to respond to a survey for a business that they are loyal to. On the other hand, a low response rate does not necessarily indicate that your brand is not impactful, there could be other factors such as product and service mis-selling, client characteristics, or incorrect survey methodology at play.
2. A High Response Rate Achieves Data Accuracy
For your survey findings to represent the target market, there must be a high response rate. A low feedback rate increases the margin of error and when you apply the data in making strategic business decisions, the outcome could deviate from the expected goals hence exposing you to going concern risks.
3. Indicator for Efficient Use of Resources
Personnel, time, cash, equipment, and machinery, and other assets are vital in the production of goods and services. To conduct a successful survey, you need to deploy these resources which would have otherwise been used to increase production. The opportunity cost of a survey should, therefore, yield positive returns by enabling you to collate representative data and market insights to enable your business to move in the right direction. Hence, the need to achieve the highest possible survey response rates.
Improve your Survey Feedback Rates Going Forward
A survey response rate denotes the success of your market research undertaking. To inspire your respondents to proffer feedback, you need to structure your survey appropriately and understand the characteristics of your clients to avoid nonresponse bias and low completion rates that increase the margin of error on your findings. More feedback improves data accuracy, and you can make data-driven decisions to bolster your brand.