The Art of Conducting Effective Lost Sales Surveys

Understanding why potential customers didn’t make a purchase is a key aspect of improving your business. Lost sales surveys are a powerful tool to collect insights into the decision-making process of those who considered your product or service but ultimately walked away. In this blog, we will explore the methods and strategies that businesses use to conduct effective lost sales surveys.

Cati surveys

1. Define Your Objectives

Before diving into the survey process, it’s essential to have a clear understanding of your goals. What specific insights are you seeking to gain from these surveys? Are you looking to identify pricing concerns, evaluate the effectiveness of your sales team, or gather feedback on your product’s features? Clearly defined objectives will shape the structure and questions in your survey.

2. Select the Right Timing

Timing is crucial when conducting lost sales surveys. Ideally, you want to reach out to potential customers shortly after they’ve had an interaction with your business but decided not to purchase. This ensures their experience is fresh in their minds, making their responses more accurate. Surveys can be delivered through various channels, such as email, website pop-ups, or even in-person at a physical location.

3. Craft Relevant Questions

The questions in your lost sales survey should be well-crafted to gather the specific information you seek. Some common questions to include are:

Reason for Not Purchasing: Ask the primary reason behind their decision not to buy.

Satisfaction with Your Offering: Inquire about their level of satisfaction with your product or service.

Price Sensitivity: Determine if pricing was a significant factor in their decision.

Competitor Comparison: Ask if they considered similar products or services from competitors.

Customer Service Experience: Assess their satisfaction with interactions with your sales or support team.

Suggestions for Improvement: Encourage them to provide constructive feedback.

4. Choose the Right Survey Delivery Method

There are various methods to deliver lost sales surveys, and the choice depends on your business and target audience. Some common methods include email surveys, website pop-up surveys, phone calls, or even in-person interviews. The key is to select a method that your audience is comfortable with and likely to respond to.

5. Ensure Anonymity and Privacy

Many customers might be more open and honest in their feedback if they know their responses are kept confidential. Assure respondents that their data will be used for internal purposes only and will not be shared without their consent.

6. Analyse and Act on the Data

Once you’ve gathered responses, it’s essential to analyse the data thoroughly. Look for patterns, common themes, and areas where improvements can be made. This might involve refining pricing strategies, enhancing your product or service, improving customer service, or adjusting your marketing approach.

7. Implement Changes

One of the most crucial steps is acting on the feedback you receive. Use the insights from lost sales surveys to make tangible improvements to your business, whether that means adjusting pricing, redesigning products, or providing additional training to your sales team.

Lost sales surveys are a valuable tool for businesses looking to understand why potential customers don’t convert. By defining objectives, crafting relevant questions, choosing the right delivery method, ensuring anonymity, analysing data, and implementing changes, businesses can leverage the power of these surveys to enhance their offerings and drive growth. Conducting effective lost sales surveys is not just about gathering data; it’s about using that data to make your business more customer-centric and successful.

Talk to the team at My View Research to find out how we can create a bespoke lost sales survey for your business, or click here to find out more.