In this extremely competitive market place, great advantage can be created by finding ways to increase your value proposition and to differentiate yourself from your competition. One of the best ways to increase your competitive advantage is to survey your prospects and customers.
1. Feedback: Your prospects and customers know exactly what they want. A well-crafted survey will bring to light what they think, feel, and perceive about your product/service offerings. Often an “aha moment” results from a completed survey, the thought that, “Now this makes sense. Now I know why our prospects and/or customers buy or do not buy from us.” Knowing exactly what they want empowers you to make better business decisions.
2. Know Your Competition: Find out why your organization may be losing its market share. Any business wanting to increase its market share needs to know why a prospect and/or customer chooses your competitor over you. It might sting for a second, but, the “bitter medicine”—the results of the survey–empowers you to improve both your marketing/positioning and your product/service offerings. And, moving forward, you can more effectively delineate your competitive advantage by differentiating your business from the competition.
3. Benchmarking: A survey allows your organization to know how prospects and customers feel at a particular moment in time. It also provides a “stake in the ground” beginning position so you can measure your growth. Over time you can then (using the data you receive on the completed surveys), evaluate whether your business progresses toward your goals as you improve your service/product offerings through your marketing/positioning efforts.
4. Expanded Product/Service Offerings: A completed survey will give you the feedback you need to justify the allocation of resources to add an additional service/product in order to increase your overall profitability. Most businesses look for additional revenue streams, and your prospects and customers can communicate what they would like to buy that you do not currently offer.
5. Strategic Decisions: The more data you have, the better the decisions you make. Surveys allow you to recognize your blind spots—You donʼt know what you donʼt know. And you donʼt know that you donʼt even know that. You empower yourself when you recognize these blind spots and make decisions based on a foundation of knowledge rather than a “feeling in oneʼs bones” or the flip of a coin.
6. Positive Prospect & Customer Perception: According to the latest data, 90% of business owners do not know what their prospects and customers want. But, even if you are among the 10% who truly know what they want, the value of surveys is not negated. Your prospects and customers will value the fact that you are interested in their wants and needs, their feedback. It is kind of like asking your spouse how their day was and truly meaning it.