Running a startup business is, in fact, quite difficult. Aside from trying to find a way to make it on the market, there are also a lot of challenges and obstacles startup owners face. It’s also quite complicated to fully understand whether or not your business idea will succeed on the market and if there’ll be any demand for your products or services. What’s more, startup businesses usually lack the sufficient funds to conduct extensive and thorough market research.
Luckily, where there’s a will there’s a way – and that’s conducting surveys. That way, startup owners can obtain the necessary information that will help them create a good strategy, without investing too many resources into it. In addition, you can rely on relevant data you’ve obtained directly from your target audience and potential customers. Simply put, you’ll be able to make more strategic and smart decisions. Here are a few ways surveys can help you build a startup company strategy.
Identifying your target audience
As mentioned before, startup businesses are generally not funded enough to conduct in-depth market research. You can assume who is most likely to be interested in your products and services, but you can’t know for sure nor do you know anything important about those potential customers. However, the key to success is knowing all there is to know about your target audience. Fortunately, surveying people doesn’t involve a hefty investment at all.
When creating a survey for your research purposes, make sure you include questions that will shed light on your audience’s demographics, overall interests, preferences and expectations. This will help you familiarize yourself with your target audience and understand their needs as consumers. That information will help you improve your products or services, so that you’ll have a better product/market fit for your startup. You can conduct the surveys both online and in person. Just make sure you analyze the data properly in order to extract vital information from it.
Tracking customer satisfaction
If you’ve started to build an online presence for your startup and also started making sales, it’s important to know how your audience perceives you so far. Customer satisfaction is essential for business success. The main reason is that if your customers aren’t happy, your reputation, bottom line and chances of success may drastically decline. That’s why it’s important to follow-up with your customers after interactions, sales and other activities.
Therefore, don’t be afraid to ask your customers for feedback. You can offer a simple incentive to your customers and ask them to participate in paid surveys online. That way, in exchange for their feedback, your customers will gain something of value in return. This will help you gain information that will assist you in improving your customer service and support. Not only that, but it will show your customers that you’re making an effort and that their opinions matter to you.
Testing products and features
Every business looks to grow and develop further by introducing innovation. Adding features to your products or services may be a good way to boost engagement with your customers, but it may also backfire if not done properly. If you want to add something new, it’s safer not to surprise your customers, but instead, ask them for their opinions. You can conduct a survey where you’ll describe new features to customers in detail and ask them what they think about it.
If your audience is generally pleased with the improvements, you can move on to the implementation stage. If not, you should avoid it altogether. That way, you not only show your customer that you care and that their best interest comes first when designing new features, but it also saves you time and resources on developing features that might fail from the start.
Assessing your marketing performance
When launching a marketing campaign that has a purpose of promoting your startup business and inspiring your audience to engage, it’s always a good idea to track important metrics and key performance indicators (KPI). However, without a general input from the customers themselves, you can’t be absolutely sure how well-received your marketing campaign actually is. It’s very risky to keep an ineffective marketing campaign running.
That’s why you should turn to surveying your audience once again. Ask for feedback on your marketing efforts and encourage customers to speak up. Make sure you ask the right questions, so that you can gather the most valuable information from the answers. Their feedback will provide you with information on how to improve your content, promotions and offers. In short, it will help you improve your marketing campaigns, so that they become more efficient in delivering value to both your customers and your startup.
It’s no secret that many startup businesses have difficulties maintaining their growth while trying to figure out the best approach to stand out on the market. That being said, surveys can be quite beneficial to startup owners, especially when they lack the means and the funds to conduct proper research. If you ask the right question from the right people, you’ll gain valuable information that will help you develop an exceptional startup company strategy.
Guest author, Raul Harman, is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying football and great food, you can find him on Technivorz.com