The best way to run a B2B survey for due diligence
Introduction
The task of running a B2B survey for due diligence can be overwhelming. There are many steps involved, and the results need to be presented in a clear and concise manner. But if you follow some basic principles, your survey will turn out great!
Create a clear purpose for the survey.
As you embark on the survey creation process, it’s critical that your team has a clear idea of what they want to learn and how they want to learn it. For example:
- What kind of information do we need? Do we want feedback on pricing or product features? A certain number should answer yes or no questions, while another set is asked for their opinions about specific topics.
- How do we get that information from our audience? With a company-generated email survey, an online form with drop-down answers, and a free text box for additional comments, or something else entirely.
- Who will be completing the survey? Will it be just one person in charge of each department who will have time during regular office hours (8:30 AM–5 PM), or will you need to reach out directly to customers who aren’t always available at those times—for instance, contractors working outside normal business hours or doctors who might be on call 24/7?
- How many people should complete this survey in order for us to feel confident about its findings? This question may seem obvious because there are many factors involved in determining statistical significance (e.g., sample size). However, if the answer isn’t clear before data collection begins then any results could potentially be skewed by including too few subjects.
Make sure you know who is going to complete the survey.
The first step in creating a successful survey for your business is knowing who you’re targeting and how to reach them. Here are the details of what you should know:
- Who are they? Know your audience by demographics, pain points, and goals. If you’re doing a B2B survey for due diligence, then it’s important that all of these pieces of information line up with who your target market is. For example, if all of your customers/prospects are men aged 18-35 working in IT or finance, then that should be reflected in all aspects of your survey—from the language used on the page to what kind of questions are asked (i.e., if they’re only applicable to this demographic).
- How do I reach them? After knowing who they are and why they’ll complete the survey (i.e., because they have an interest in changing something about their current situation), it’s time to figure out how exactly you plan on delivering this information back into their hands once completed so that nothing gets lost along the way.
Determine how many people you need to send the survey to.
The first question you should ask yourself is how many customers you need to send the survey to. The answer to this will depend on the size of your business, but in general, it’s good practice to ensure that you have enough responses to be statistically significant. For example, if you sell a product that costs $10 and has 1 million customers, sending out 100 surveys would probably be enough for you to draw some concrete conclusions about the overall customer base.
In addition to ensuring statistical significance, we recommend sending your survey only to representative samples of your customer base. To conduct B2B market research effectively, we recommend using a panel provider like us so that you’re more likely to get good-quality responses.
Don’t underestimate the follow-up.
Don’t underestimate the follow-up. “Don’t give up on people who don’t respond to your survey,” says Brian Sutter, founder of B2B research company The Research Council. “You may find that they have a good reason for not responding.”
There are a number of ways to ensure that you reach everyone in the target audience who should be receiving your survey. Some surveys are sent out via email, with instructions in case someone doesn’t know how to use it or wants more information about how it works. Others use pop-ups on websites so visitors can take part without leaving the page they’re browsing; these also provide an option for those who want more information before filling out the survey. Another method is through phone calls or text messages (if there’s enough contact information), though these might be restricted by regulations depending on where you live or what industry you’re in—for example, regulations state that callers must always identify themselves when making unsolicited calls and texts.
This type of follow-up ensures that no one gets left behind and also allows you time during which someone may have second thoughts about their answer(s) and change them if needed before submitting their answers officially.
Keep your questions short and direct.
- Don’t ask questions that are too vague or open to interpretation. For example, instead of asking what a customer’s favorite brand is, ask them which brands they prefer in specific categories (such as beverages or automotive parts). This will help you avoid the risk that the respondent will not answer your question accurately due to a lack of understanding or confusion over how they should respond.
- Don’t ask questions that are too long; if something has been included on your list before, remove it unless there’s a good reason why it should remain there. If this is something new you’d like to learn more about, include it but make sure you don’t burden respondents with too many repetitions of information they’ve already provided elsewhere in their answers. This is one way for your survey results not only to become less accurate but also less useful overall.
- Don’t make your questions unnecessarily complicated by trying too hard at being clever: no one cares about an acronym other than those who created it themselves and even then only after some time has passed since its creation.
Avoid leading questions.
The best way to ask a question is in a neutral, non-leading way. This means that the respondent has the chance to answer your question without any influence.
For example, if you want to know how many people use your product or service, don’t ask “How many people use our product?” instead ask “How many people use our brand for a specific purpose?”
Avoid leading questions by asking neutral and open-ended questions like these:
- How often do you use our products?
- What are some of your favorite features of our products?
Use conditional logic where possible.
As you may have noticed, there are many ways to ask the same question in a survey, and it’s important to know how to use conditional logic when creating your questions. Conditional logic allows you to present different responses based on previous answers from participants. For example, if someone says they bought from the company in question before and it was a good experience for them, then you could ask them “What made it a good experience?” If they say that great customer service made it so memorable, then you could ask what other companies they’ve dealt with that provided great customer service so that we can learn from their experiences as well.
Make sure you’re asking the right questions in the right way.
Your survey should be tailored to the audience you’re targeting. If you’re running a survey to understand your key customers, it makes sense to use language that they would use and ask questions that are relevant to them.
For example, if you’re speaking with financial services clients who often talk about “exposure management” and “portfolio diversification,” then ask questions like:-
- What are the key factors within your organisation that influence exposure management? How do these change over time?
- Do you have any specific concerns about portfolio diversification, such as increased volatility or increased correlation between assets?
Using the right language isn’t just about sounding professional; it also helps ensure that respondents know what information is most important for them and can provide relevant feedback.
Conclusion
When it comes to running B2B surveys, you should always keep in mind that your goal is to collect data that will help you make better business decisions. Your survey should therefore be carefully crafted so that it collects only the information you need and nothing more. You can do this by following a few simple guidelines: First, define an effective purpose; Second, make sure that those who fill out your survey have experience with the topic at hand; Thirdly, determine an appropriate number of responders before sending out invitations; Finally: avoid leading questions as much as possible while keeping them short and direct.
