This is why it is essential to ensure that you break down all your survey data until you are left with small bits of data elements that you can easily use in making crucial decisions that impact your business growth. However, your business can only grow only if your customers are happy and satisfied.
Also, you can only satisfy your customers if you generate vital insights from your survey data to enable you to understand their side of the story and what they expect once they get in touch with your business. Let's get to business and uncover more information regarding survey analysis and later expand to different survey analysis types.
What is Survey Analysis?
Survey analysis refers to the process of transforming the results generated from a given survey into data insights and data that you can use to make decisions that impact the growth of the business. The process involves using different visualization such as the Likert scale chart, box and whisker plot, sankey chartand the comparison bar chart to analyze different data variables.Importance of Performing Survey Data
There is no need to conduct a survey, and you do not analyze the results you get at the end of the process. The answers you get from the survey may seem obvious things that you are used to, although they have deep insights that you can use in making vital development decisions. When you dig deep into your customer data, you will realize that many things need to be addressed.Once you identify that various customer needs haven't been addressed, you can go the extra mile to ensure that all aspects are sorted out and all the customers are satisfied. According to the research conducted by the Harvard business review, satisfied customers tend to collaborate with a particular brand for more than five years, and they end up spending more than 140% of their money on the business.
In addition, a proper understanding of the survey results enables you to get new models of attracting more potential customers, thus impacting the general growth of your business. According to the CEO of Sidepost, “If you analyze and use the survey data properly, you stand a chance to increase revenue by 25% as well as the customer retention rate, which propels the general growth of your business.”
Drawing Insights from Survey Data
You can easily conduct a survey depending on what you want, and you end up experiencing problems when analyzing the data and generating insights out of it. What is the best method used to generate insights from survey data? Let's address this question using different perspectives!1. Interrogate the Big Question
This is where you need to deal with the inevitable part to find out whether you have been thinking about a particular aspect from the wrong perspective. However, this is not the most important part of this scenario. You must be careful when examining what you need from a particular survey and the possible results.Note that this is a crucial element to consider to enhance your survey's success. The immediate step is to ensure that you clearly know what needs to be answered and the mode in which the questions need to be addressed. Even though this seems to be a simple task, you need to ensure that your question responds to the exact needs of your survey.
You should operate with what your team members want to be fixed to avoid inconvenience. In most cases, you need to focus on the long-term modes of retaining customers to ensure that your business generates as much income as possible. This will give you a good foundation to tackle the other open-ended questions.
2. Filter and Examine All Results of the Open-Ended Questions
This is the point where you need to address the nitty-gritty. Upon importing the data to your preferred tool, such as ChartExpo, AnyChart, or Power BI you can utilize the filter features to generate hidden insights from the data. You can do things such as cross-tabulating the survey data, which mainly involves slicing and dicing the data using data filters to identify any hidden patterns or trends.Cross tabulating is a common feature that is mainly used to break down all the customer responses into different customers to help you understand all your customers' grievances in a better format. The process involves isolating different demographics such as age, location, gender, and many more. When you have the right data visualization tool, the analysis process takes the shortest time possible since all the huge tasks have already been done, and you are good to go.
Remember that the open-ended questions tend to have lots of information that you can utilize to predict the state of your business and whether the customers are satisfied or not. Also, this is where you get to learn more about what people say about your business brand and how they perceive it.
3. Analyze the Survey Results to the Open-Ended Questions
At this point, you need to unpack all the crucial data elements from one point and get the insights hidden within the data elements. Suppose you realize that you do not have much data on the open-ended questions. In that case, you can utilize the manual code survey response analysis mechanism to generate insights from the data.In addition, you can decide to do the work manually to collect more data insights. This is only possible if you only choose to remain objective by limiting the number of different eyes used in the process. However, if you have a bunch of data sets, such as more than five hundred entries, you are more likely to get confused within the process, thus ruining the accuracy of the results that you get at the end of the process.
You can use a word cloud to analyze the open-ended question responses to identify the words that appear to be more dominant. This is a simple strategy that you can adopt and collect all the vital insights without experiencing any challenges.
Final Thought
Proper survey analysis enhances customer retention by 5%, given that all the customer needs to tend to be addressed. It is essential to ensure that you have a good strategy that will enable you to cut across all the essential customer needs to ensure that every customer concern has been addressed to the latter. This guide has detailed information enabling you to analyze your survey data and place you on the right end within the business industry.Data Sources:
Proper survey analysis enhances customer retention by 5%You stand a chance to increase revenue by 25%
spending more than 140% of their money on the business.
Research conducted back in 2019
We give you the best daily information on news, technology, lifestyle, career, health tips, agriculture, business and entertainment. If you can write very well and want to make a living writing online, click HERE!