Market research has gained a reputation for being an expensive and lengthy process that smaller businesses can’t afford. A reputation which isn’t entirely true.
Online surveys are a great way for B2B companies big and small, to easily conduct their own market research using online survey tools, such as Check-Market, that make it simple for companies to preform in-depth, tangible research that won’t break the bank.
6 benefits of B2B online surveys for market research.
1. Starts a Dialogue With Your Customers
B2B online surveys start a two-way conversation between you and your customers. You’re asking them what they think about your business or how you could improve; and they’re giving you direct feedback that you can use to make improvements and guide future strategies.
Additionally, once a customer has completed a survey and offered their feedback, it gives you an opportunity to keep the dialogue going by following up with customers. This is always useful for building loyalty and trust among your customer base, while also helping to identify any issues or unhappy customers.
2. Strong Return on Investment
B2B online surveys take less time to complete and cost a lot less than other methods of market research, and tend to deliver results that far exceed the cost.
Market research doesn’t have to be expensive. Using online survey software, it’s easy to design, distribute and analyse surveys that don’t deplete your time or resources. Additionally, the feedback collected from customers during online survey can be used to identify unhappy customers and spot up-sell opportunities; helping your business to reduce customer churn and exploit gaps in the market.
3. Provides Accurate & Actionable Data
The best way to find out what customers think or want is to ask them.
One of the main benefits of B2B online surveys is that they provide customers with an opportunity to give honest feedback and insights directly to the company. So instead of guessing what’s important to your customers and making decisions based on gut feeling, you can ask your customers what they really think and make decisions based on facts and sharp insights.
4. Identify Hidden Strengths & Weaknesses
Online surveys are a great way to pinpoint where your company falls down, and where it excels. And not just in the more obvious and broad terms of customer service, sales processes, etc.
Another advantage of B2B online surveys is that they can also highlight hidden strengths and weaknesses that might be otherwise overlooked; and can be used to develop a unique selling point (USP) or competitive advantage for your business.
For example, your customers might be satisfied overall with the responsiveness of your customer sales team but there might be one account manager or rep that gets consistently high praise. Or there might one specific aspect of your purchase process that wows your customers or your competitors aren’t doing.
Using online surveys, B2B companies can get a deeper understanding of what customers like and dislike about their business; they can then use this data to improve their offering or exploit opportunities in the market.
5. Easy to Use
Generally speaking, B2B online surveys are quick, simple and easy to fill out. And you don’t need to be a computer genius to either design or complete an online survey.
Respondents don’t need to complete the survey straight away and can dos so at a time and pace that suits them. This has the added benefit of allowing respondents time to think and reflect on their responses, resulting in more accurate and honest responses to the survey.
6. Easy to Analyse
Once a participant completes an online survey, the data is collected immediately within the system and can be accessed at any time. From here, information such as panelist data, individual responses, trends, NPS, etc., can be quickly and easily broken down for analysis or exported into other software for presentation purposes or further analysis.