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4 min

Customer due diligence surveys: 3 signs you need help

You can make mistakes that might do more harm than good to your Market Research. Find out why with due diligence surveys

Aug 29, 2022
B2B market research
B2C market research

Customer due diligence surveys are one of the most effective ways to understand your customer better. You can use them to gain insight into your audience and evaluate customer satisfaction, who they are, what they like, and what they dislike. But if you're not careful, customer surveys can quickly become a balancing act of asking the right questions while getting enough responses to be meaningful.

According to Thomson Reuters some financial firms’ are spending up to $500 million on compliance with KYC and Customer Due Diligence (CDD).

If you're wondering whether you need help conducting more effective customer surveys, three signs indicate it's time to ask for help:

1. You don't contact your customers after due diligence surveys

If your customers have taken the time to share their feedback via your customer due diligence survey, you'd better believe they'll want a talk about any issues raised in that data. And if you don't follow up on the feedback they've given you, customers will feel ignored.

But what happens when a customer offers feedback that needs clarification? For example, maybe a customer reports in your due diligence surveys that they love the way you organise the restaurant's menu, but they're unsure which of your options is best suited for people with diabetes. In a case like this, it would be beneficial to be able to reach out and ask them for suggestions!

If you don't currently have a way of contacting customers to follow up on their survey responses, it's time to get help from an expert! For instance, our customer survey company utilises resources such as paid Facebook ads, geofencing technology, and panel vendors to reach your target demographic. To learn more on commercial due diligence check out our blogs.

2. You're getting poor response rates

If you're getting poor response rates, you need help with customer due diligence surveys. It could be because they don't think it's worth their time. Or the audience doesn't care about the survey. Whatever the reason is, these are both bad for business. Ensuring that you have a high participation and completion rate is very important for due diligence survey results. When your business receives low feedback rates, you could be missing out on valuable information that will help you improve your service.

Hiring a professional company with experience in creating due diligence surveys can ensure that your customer satisfaction surveys designs are engaging and that they increase participation rates.

3. When Data Doesn't GuideYour Business Decisions

Getting started with customer due diligence surveys is an exciting experience. As a business, you can use your feedback to improve your products and services and provide your customers with precisely what they want and need. But what happens when the data from your customer surveys is not effectively guiding your business decisions? When this happens, it may be time to seek professional help.

Your customers will get frustrated if they feel like nobody listens to their suggestions. It can be helpful to determine what you hope to learn before you conduct your customer satisfaction survey. You are less likely to get customer feedback if you are unclear about what you want.

Final Thought on due diligence surveys

Due diligence surveys don't have to be intimidating or complicated. It's just a matter of choosing the right implementation partner, a reputable company with experience in survey design and implementation. You can rest assured that your survey results will be easy to use, no matter your type of business! With GrapeData, you can rest assured that your survey results will tell their story with clarity. Contact us today— our survey services are just what you need.

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