Conducting a CSAT or customer satisfaction survey is not just a way to gather the voice of the customers about your products and services. This simple, informative survey unlocks the gateway to a host of solutions to many common and not-so-common business challenges and offers a high ROI.
In the pandemic era, these challenges are only getting bigger so it makes sense to understand even more closely what customers need to deliver the right experiences and retain them. To do this, let’s have a look at the top 3 challenges and the solutions that CSAT surveys offer to tackle these.
Challenge #1: Dip in sales
In the wake of the pandemic, consumer behavior changed drastically and businesses are still trying to manage a big dip in sales while dealing with a complete overhaul of their operations. Studies show that the new normal will require businesses to:
- Reinforce positive new beliefs
- Adjust messaging to consumer mindsets
- Survey and examine consumer behaviors, beliefs at a granular level
- Monitor emerging habits and provide new offerings accordingly
Solution: Knowing the customers’ pulse, understanding their concerns, knowing what prompts them to leave at any point in the sales cycle or move forward for a purchase/subscription using accurate feedback gathered with CSAT surveys is an excellent way to keep a dip in sales figures in check.
What’s more, it even helps with competition benchmarking.
Challenge #2: Customer churn
Increasing competition and changing trends make it very difficult for a business to retain loyal customers when they have so much to choose from. Customer churn can happen at any stage of the customer’s journey and it’s essential to measure their experience and satisfaction levels to deal with this.
Solution: Running CSAT surveys like the ones that measure Net Promoter Score or NPS to check how likely a customer is to recommend your business to others is a practical way of knowing how to channelize your efforts towards this. A follow-up survey helps you understand how to work with people who are either not satisfied with your brand, are indifferent or are loyal so that you can segment your strategies accordingly.
Challenge #3: Product-market fit issues
5 out of 10 products fail in the first year.
Developing a product and then expecting customers to like it can’t be a smart way to do business. Many businesses end up facing this challenge due to inadequate market research insights. Take Blackberry for example, a brand that couldn’t innovate their product based on the changing needs of customers who then turned away to invest in its competitors.
Solution: CSAT surveys also serve as the perfect tool for market research. These can be in the form of surveys to understand customer expectations, demographics, satisfaction metrics, feature evaluation, pricing, placement & promotional aspects and more. Conducting surveys is an art and a science. To do it successfully, you’ll need to know which survey to run, when to run it, where to run it, how to analyze the survey data and more. Doing this requires the right expertise to develop a step-by-step program based on your business objectives.
When it comes to developing actionable insights from feedback surveys, Ken Research can be your partner in developing the right strategies to turn things around. Whether you are an SMB or a large enterprise, we can help you flesh out your pain points, examine your process of seeking client feedback, and provide you the research you need to turn prospects to clients and clients to brand advocates in no time.
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Ankur Gupta, Head Marketing & Communications
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