How to save $10k in Product Development Costs with Online Surveys

Making assumptions about what your customers want is dangerous.  You'll go broke if you create too many products that no one wants to buy.

There's a better alternative today, however:  Use an online Survey to ask your customers what they want!

Before the Internet market research was expensive and time-consuming.  But today, you can get feedback directly from your target market using inexpensive online tools.  Blog comments, web site polls, and even surveys are all cheap and easy ways to let your customers direct your efforts.

I RECOMMEND SURVEY MONKEY:
For example, Survey Monkey is an easy-to-use online survey tool.  For FR-EE you can collect 100 survey responses and for just $19.95/month you can collect 1000 responses to a customer survey.  Their system handles all hosting and you can easily customize a survey to match your branding and colors.

I suggest that you use their web-based system to ask your customers questions like:

• How could we improve our products?
• What problems did you visit our web site hoping to solve?
• What do you like most/least about our products?
• How is our pricing?
• Which of our competitor's products do you also use and why?
• Do you recommend our products to your friends?  Why/why not?

Simple questions like these open a world of possible (and cost-effective) product improvements to you.  Plus, the dialogue engages your best customers and makes them feel appreciated.

Survey Monkey makes it easy to ask "yes/no" questions, ask 1-5 ranking type questions, or use open-ended "comment" boxes.  A mix of question types will best help you uncover nuggets of valuable info. 

Tip:  Be sure to include "open-ended" questions that allow room for responses - it's the unstructured feedback from customers that is often most valuable and unexpected.

EXAMPLE SURVEY: 
Here's an example of a recent Reader Survey I conducted here at ScottFox.com.  It's probably longer than you'll want to wade through, but hundreds of people have filled this out in the past 2 weeks in exchange for an e-book "Special Report".  (The report is called "5 Instant Internet Businesses".  You're welcome to complete the survey here, too, if you'd like a copy.)

With hundreds of my most interested readers answering 45 questions (some with as many as 11 parts!), you can bet that I got a lot of info.  This feedback has already proved very valuable as I develop my next products (for launch next Friday 12/12 - stay tuned!).

Using online tools like Survey Monkey can save you tons of time, money, and other resources.  In fact, $10k is quite a low estimate compared to what you could waste by producing products that don't meet your customers' needs.

Why not try asking your customers what they'd like from you?  It's a win-win business proposition and cheaper to implement than ever before.

(Note:  No actual monkeys were harmed in the production of this blog post.)

Have you used online surveys?  What do you think of this strategy, of Survey Monkey or of other vendors?

Comments

[Amy]

I used to use survey monkey for free but when I needed more options I signed up with Zoomerang. For $19/month you get unlimited questions and responses, and I save a lot of time by customizing their templates. They also have some great tips and suggestions posted on their blog and website.

[Scott Fox]

Thanks for the comment, Amy.
It would be nice if you had disclosed that you work for Survey Monkey's competition, though.