44% of US Private payroll is from small businesses.
50% of all US private sector employees are from small businesses.
64% new jobs were generated within the 15 year period in US was with the help small businesses.
97.3% of all identified exporters are from small businesses.
While the above mentioned statistics are true, the following are also true.
25% of startups fail in the very first year.
90% of tech startups fail.
Startup failure ratio was 91% according to Census of 1994.
Interestingly, this picture holds true not just in the US but in other economies too.
So what plagues small businesses?
Besides insufficient capital and the lack of a business plan, the failure to understand the market and customers is a primary driver for failure. Most small business run on gut instinct and fail to look at data to target current and potential markets and develop their sales and marketing strategy on the basis of understanding their customer sentiments and preferences.
Recent research reveals that if businesses are able reduce customer churn by 5%, they can increase their profits by 25% to 125%. Even though businesses know that 80% of their firm’s revenue is going to be from 20% of their customers, they still miss understanding their customers’ sentiments. Most of the time, they fail to spot trends and drivers behind the loyalty and satisfaction of customers, which otherwise could have offered them a significant advantage over their competition.
The solution lies in analyzing the wisdom of the masses through surveys. Unfortunately, small business shy away from this process – the task of conducting and collating survey results, analyzing data and creating reports on a periodical basis to spot trends seems like a long drawn and overwhelming process.
With the advent of companies such as Survey Monkey, Question Pro and many others, survey execution has become very simple. Now, with the help of easy surveys, the small businesses can get data about their customers, but they also need a solution to leverage the data to steer their business in the right direction.
As a logical next step, for deriving insights from the survey data obtained, the firms will need an easy, affordable, and collaborative platform.
The platform should able to counter the inherent problems of survey data arising out of incomplete and inconsistent survey responses. It should be able to analyze and identify the key variables which influence the company’s performance. Besides, the platform should also be able to analyze textual responses – decipher the tone and intent of the customer. Not just that, but also visually convey the verbal responses of the customers using word clouds and theme clouds.
If all this complex analytics can happen online with a pay-per use model then I’d say, “Nothing like it!” Small businesses that would like to make sense out of their survey data at an affordable cost to compete with the market giants; Surveyi2i solution is your magic wand.
It’s not just for the small businesses. Big boys – You can jump on the Surveyi2i bandwagon too!
Surveyi2i is a cloud-based integrated survey analysis and reporting platform with advanced analytics and text mining capabilities. For more information, please visit http://www.bridgei2i.com/surveyi2i.html
Know more about Surveyi2i at: http://www.bridgei2i.com/surveyi2i.html
This Surveyi2i Use Case elaborates on use of survey analytics to derive actionable insights from customer satisfaction survey data.
We would love to get your views on the use of surveys for customer insights for small businesses. Please leave a comment below or write to us at email@example.com
This blog is authored by Alagiri Samy, Business Analyst at BRIDGEi2i. Alagiri is a National Level Award winner in the area of Data Visualization and was awarded by Dr. Montek Singh Aluwalia. In the past he has also been an Editor for a News organization based in Canada.
BRIDGEi2i provides Business Analytics Solutions to enterprises globally, enabling them to achieve accelerated business impact harnessing the power of data. These analytics services and technology solutions enable business managers to consume more meaningful information from big data, generate actionable insights from complex business problems and make data driven decisions across pan-enterprise processes to create sustainable business impact. To know more visit http://www.bridgei2i.com