Why Conducting a customer survey could double your profits!

Customer Surveys are the most inexpensive way of generating profits, which any business could dream of. Companies like IBM used to pay their sales people, a bonus, based on the customer survey rating. But how could they really boost your profits? This article uncovers some of the secrets.

Existing customers are the life blood of every company. They have already bought from you, so they know the value of what you provide. Too often companies are not fully sure of the reasons as to why their customers have made purchases.

In order to successfully market to other similar customers, you should talk to your customers and ask them to tell you why they bought, what the purchase has enables them to do, and how they have put a value on it.

This exercise, properly done, not only helps you get testimonials that you can use in your marketing to other prospects, it also help you with two other key profit generating activities.

It reminds your customers of what you provide, and encourages them to buy from you again. Customers, who have bought before, are 5 times more likely to purchase again, than people who have not heard of you
It also gives you the opportunity to ask for referrals. These could be other non-competing companies, or indeed customers or suppliers who they might have.
It is recommended that this questionnaire that follows is conducted either in person or on the phone. People do not respond well to giving this type of information, online, by email or even in written form.

Open the call by telling the customer who you are and checking if they have a couple of minutes. If not, find a time to call back, telling them that you are just conducting a short customer survey.

Assuming they are able to speak with you, ask the following;

Do you remember using our service and were you happy with it?
Can you remember, specifically why you used us in the end?
What did that enable you to do?
How would you put a value on it?
Repeat back to the customer, how they answered the last three questions.
Now ask them if they would mind you if you used that information as a testimonial – tell them you will email them a copy of the wording.
Since they were satisfied, ask them if they know anyone else who they believe would benefit from your services.
Thank them for their time, and finish by asking them if they would like to be on your emailing list, tell them you send out short articles and information bi-monthly.
This is incredibly powerful, obviously it will need to be tailored to your company, but it serves as a template that you can use. It shows them that you care. It also really helps you understand how customers actually use and put a value to your products and services.

This article was written by Peter Lawless, founder of 3R Sales and Marketing. For previous articles like this, visit 3R's Articles. Alternatively, subscribe to Success our free monthly Information Bulletin with sales and marketing articles.