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Many companies are recognizing the power of customer feedback by using survey software. Surveys are just one way companies can improve their products and services. Numerous credit card companies are conducting surveys to solicit 360 feedback from customers and employees. The feedback is analyzed to offer credit card offers that will be attractive to customers.

Credit Card SurveyWhy is survey software used?

Survey software allows companies to produce surveys in a record amount of time. The usability level of most survey software is high. Most people can learn the software in a matter of minutes. Listed below are a few reasons why survey software is used by numerous companies.

  • Software is Customizable. With some survey software, companies may add their logos, questions, choices, graphs, text, messages, reports, images, emails and nearly any other thing to improve their surveys. Companies may also change the colors, fonts and coding for the surveys. The information may also be exported to SPSS, Excel and other external software programs for analysis and data manipulation. The information may then be placed in a report format and shared with sales, marketing, promotions or product development. Each department will work to improve credit card sales and increase the number of qualified applicants. Collaboration between departments will help credit card companies produce the best product possible.
  • Software is Universal. Whether your customers or employees are located domestically or internationally, survey software will help you get consistent feedback. The survey software is designed to administer questions in over 48 different languages. This is an essential tool for global companies that need to pay attention to how their product performs in different cultures. Marketing tactics that work in the United States will not work in other countries. Global credit card companies must be aware of this when conducting their surveys and modify them accordingly. Many survey software applications allow companies to do this with ease.
  • Many Survey Software Companies have Excellent Support. Friendly support staff members can help clients develop surveys that will get the information you need from your customers to aid in credit card improvement. Technical support is also provided complimentary support via phone call or chat. Since many survey software applications operate in a cloud, customer support and technical support can assist the client easily or simply. Additionally, when you select cloud computing survey software applications, no data intensive software will slow down your computer.

Credit CardsExamples of Companies that Have Used Survey Software

Survey software is used by many leaders in the business world and academia. In fact, many of the world’s top business schools use survey software, along with most of the major universities. Even government agencies, retail and non-profit organizations use the software. Listed below is an example of a company that used this survey software.

ABN Amro Bank uses surveys in their business to find out customer opinion about their products. The company primarily provides home loans with low interest rates. After the surveys were conducted, ABN Amro improved their self-service loan qualification system and generated an additional $1 million in revenue. ABN Amro had so many calls that the system paid for itself in a matter of one month. This same survey system may be transferrable to credit card surveys.

How do surveys help companies?

Employee surveys are written documentation of the public’s opinion about the product. A company may produce a product that sells well, and they may not be aware of why. Alternatively, the product may be performing poorly.
Customer feedback provides insight into how companies can establish a competitive advantage. This can help companies view their product historically, presently and establish where they are going in the future. Surveys can be an effective form of communication.

Surveys are also a way for companies to build brand loyalty. When companies solicit new customers, marketing and advertising costs are significantly more than retaining a new customer. Companies conduct surveys to determine how to retain their current customers and build brand loyalty.

Companies also want to determine how to attract new customers, while investing their marketing dollars in ways that will instrumentally benefit the customer. When customers are loyal to the product or service, companies do not have to work quite as hard.

How has technology improved surveys?

With the Internet, surveys are easier to administer than ever. In the past, customers and employees would be mailed a survey. Customers and employees were asked to complete the survey and mail it back. They also conducted surveys via telephone. Both of these methods required substantial time and effort.

Paper surveys are fast to complete, but they require a trip to the post office to mail them. Telephone surveys are often time consuming, because most customer service calls are between five and 30 minutes long. An additional five to 10 minutes per survey takes a significant amount of time.

The introduction of Internet surveys allowed customers to perform the surveys on their own time. Internet surveys are also less expensive to administer. The survey can be created online, and the results may be processed electronically. Other surveys require manual labor to enter the information into a computer.

Because it is such an inexpensive marketing tool, companies issue surveys frequently. Credit card companies in particular can issue a survey after every chat conversation, every credit card application and every customer service call. Companies may also conduct a survey with visitors that visit the site and do not complete an application. Business owners find out why customers are not interested in their products. With the information, companies may reduce their bounce rates and improve their credit card offerings to entice more customers.

Some companies save so much money that they can offer their customers promotional discounts or special complimentary products to build brand loyalty. When customers receive free products, they feel appreciated and are more likely to continue their relationship with the bank that issued the credit card. This business model increases the longevity of companies.

Online surveyFinal Survey Tips

Companies that use surveys to increase their credit card sales will probably notice significant gains in a short period of time based upon results with other companies and products. Credit card companies should consider surveys as a solution to obtain feedback and increase revenue. Compare credit cards online for FREE with our credit card chaser tool!

 

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Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!

One Response to “Credit Card Surveys: The Power of Survey Software”

  1. The survey measures customer satisfaction by looking at six factors: customer service, credit card terms, billing and payment systems, rewards, problem resolution, and benefits and services.

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