How to Analyze Surveys for Business in Excel?

Imagine yourself as the CEO of a tech company. You’ve been tasked with making a critical decision that could affect the future of your business. You need accurate data to make an informed decision.

What do you do?

Conduct a survey, of course.

Why?

Because knowledge is power, and survey data can give you the power to make informed decisions. But wait, where do you even start? How do you analyze the survey results? Don’t fret, my friend; analyzing surveys for business doesn’t have to be daunting. With the right tools and techniques, it can be downright enjoyable (yes, I said enjoyable).

The key is to approach your survey with a strategic mindset. Focus on the goals you set out to achieve and the insights you hope to gain. Get ready to illuminate your data and dive deep into the nitty-gritty. At the end of this guide, you will be a survey analysis extraordinaire.

Table of Content:

1. Why do Surveys Matter for Business?
2. How to Write Surveys for Business?
3. How to Maximize Survey Response Rates?
4. How to Analyze Surveys for Business?
5. Wrap Up

Why do Surveys Matter for Business?

• Customer Feedback

Surveys provide an avenue for your business to collect direct feedback from customers. This helps identify areas for improvement, enhance customer experiences, and develop better products or services.

• Market Research

Surveys are vital in conducting market research. They allow you to collect valuable data on market trends, customer behavior, and competitors. This information helps you with informed decision-making, pinpoint target markets, and formulate impactful marketing strategies.

• Product Development

Surveys give you an avenue to collect opinions and suggestions. This offers insights into customer expectations, new product ideas, and how to refine existing offerings. This customer-centric approach increases the chances of creating products that meet customer needs and demands.

• Measure Customer Satisfaction

Surveys offer a measurable approach to assessing customer satisfaction. This enables you to gauge the extent to which you meet customer expectations. This data is crucial for upholding high levels of customer satisfaction, enhancing retention rates, and cultivating customer loyalty.

• Decision Making

Surveys offer insights based on data that inform decision-making processes. They allow you to assess options, understand customer preferences, and anticipate market trends. This valuable information serves as a guide for strategic planning, resource allocation, and initiatives aimed at business growth.

• Measure Marketing Effectiveness

Surveys enable you to measure the effectiveness of your marketing campaigns. You can incorporate questions related to advertising awareness, brand perception, and purchase intent. This information helps you optimize marketing strategies, allocate resources efficiently, and maximize return on investment (ROI).

How to Write Surveys for Business?

• Define Your Objectives

Start by clarifying the purpose of your business survey. What specific information do you need to gather? Identify the key objectives and goals to guide your survey design process.

• Determine the Target Audience

Consider demographic variables like age, gender, location, and occupation that align with your research objectives. This will assist you in customizing the survey to resonate with the specific audience you intend to reach.

• Keep it Clear and Concise

Avoid using jargon or complex language that may confuse respondents. Use simple language to ensure clarity and minimize the chances of misinterpretation.

• Use a Mix of Question Types

Use a combination of question types to gather comprehensive data. Include multiple-choice questions, rating scales, open-ended questions, and demographic inquiries. This variety allows you to capture both quantitative and qualitative insights.

• Sequence Questions Logically

Structure your survey in a logical flow. Start with simple, non-sensitive questions before moving to more complex or personal ones. This helps to engage respondents and maintain their interest throughout the survey.

• Avoid Biased Language

Steer clear of leading questions that may influence or skew respondents’ opinions. Use balanced language that doesn’t sway respondents in a particular direction.

• Test and Refine

Before launching your new business questionnaire, conduct a pilot test with a small group of individuals. This allows you to identify any potential issues with question clarity or survey flow. Based on the feedback received, refine and improve the survey accordingly.

• Provide Clear Instructions

Clearly communicate instructions for completing the survey. Specify any guidelines, time expectations, or additional information required from respondents. This will help ensure consistency and accuracy in responses.

• Ensure Confidentiality and Anonymity

Assure respondents that their survey responses will remain confidential and anonymous. This fosters trust and encourages honest feedback. Clearly state your data privacy practices and how the collected information will be used.

• Analyze and Act on Results

Once you have collected enough survey responses, analyze the data carefully. Look for patterns, trends, and insights to inform your business decisions. Act on the findings to make improvements, address issues, or capitalize on opportunities identified through the survey.

How to Maximize Survey Response Rates?

You have learned how to conduct a business survey. Now let me show you how you can maximize its response rates. Higher response rates provide a larger sample size, increasing the accuracy and reliability of the data.

To achieve high response rates;

1. Keep surveys short and clear: Long and complex surveys can be overwhelming and may discourage participation. Keep your surveys concise, focused, and easy to understand. Also, communicate the purpose and estimated time required to complete the survey.
2. Provide an incentive: Offer a small incentive or reward to participants as an encouragement to complete the survey. It can be a discount, gift card, or entry into a prize draw.
3. Personalize the invitation: Address respondents by name and personalize the survey invitation. Explain why their input is essential and how it will contribute to a specific cause. Personalization can create a sense of value and increase the likelihood of response.
4. Use multiple channels: Reach out to your target audience through various channels to increase visibility and accessibility. Use email, social media, website banners, newsletters, or even direct mail. Diversifying your communication channels helps capture the attention of a wider audience.
5. Optimize for mobile devices: Ensure your survey is mobile-friendly and optimized for different screen sizes. Responsive design and easy navigation on mobile devices can improve participation rates.
6. Timing is key: Choose an appropriate time to send out your survey. Avoid periods when your target audience might be busy or preoccupied. Consider weekdays, outside of typical working hours, when people may have more time and willingness to respond.
7. Express gratitude: Show appreciation for respondents’ time and effort by expressing gratitude at the end of the survey. A simple thank-you message can leave a positive impression and increase the likelihood of participation in future surveys.

How to Analyze Surveys for Business?

Looking to turn your survey data into a visual masterpiece that even Picasso would be proud of? Look no further than ChartExpo for Excel. With ChartExpo, you can analyze survey data like a pro. At the same time, present your findings to make your audience go, “Wow!”

Benefits of Using ChartExpo

• Creating charts shouldn’t be rocket science. ChartExpo’s interface is so intuitive that even a novice can whip up an insightful chart in minutes. No coding skills are needed.
• Want to add some personality to your charts? ChartExpo allows you to unleash your creativity and customize your charts to match your brand’s unique flair.
• Don’t break the bank on expensive charting tools. ChartExpo offers top-notch features at a fraction of the cost. It has a 7-day free trial and a wallet-friendly $10 monthly plan.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Example

Let’s say you own a restaurant. You want to collect feedback to determine customer satisfaction levels with your services. This necessitates you to create a feedback survey consisting of the following questions.

• Do you agree that our food quality is up to the mark?
• Do you agree that we need to add more food items to our menu?
• Do you agree that you will recommend your friends to try our food?

You embed the response scale below to the questions.

1. Strongly Disagree=1
2. Disagree=2
3. Neither agree nor disagree=3
4. Agree=4
5. Strongly Agree=5

Assume your survey yields the results table below.

Do you agree that our food quality is up to the mark?	Do you agree that we need to add more food items to our menu?	Do you agree that you will recommend your friends to try our food?
Strongly Agree	Neither agree nor disagree	Strongly Disagree
Neither agree nor disagree	Strongly Agree	Agree
Strongly Agree	Neither agree nor disagree	Strongly Agree
Neither agree nor disagree	Disagree	Agree
Disagree	Strongly Disagree	Strongly Disagree
Strongly Agree	Agree	Strongly Agree
Agree	Strongly Disagree	Agree
Neither agree nor disagree	Agree	Disagree
Agree	Strongly Agree	Strongly Agree
Strongly Agree	Strongly Agree	Strongly Agree
Strongly Disagree	Neither agree nor disagree	Disagree
Strongly Agree	Strongly Agree	Strongly Disagree
Neither agree nor disagree	Strongly Disagree	Disagree
Strongly Agree	Strongly Agree	Strongly Agree
Agree	Agree	Agree
Strongly Disagree	Neither agree nor disagree	Disagree
Strongly Agree	Strongly Agree	Strongly Agree
Strongly Agree	Disagree	Strongly Agree
Disagree	Strongly Disagree	Strongly Agree
Strongly Disagree	Disagree	Disagree

This table contains example data. Expect many responses and questions in real life.

• To get started with ChartExpo, install ChartExpo in Excel.
• Now Click on My Apps from the INSERT menu.

• Choose ChartExpo from My Apps, then click Insert.

• Once it loads, choose the “Likert Scale Chart” from the charts list.

• Click the “Create Chart From Selection” button after selecting the data from the sheet, as shown.

• When you click the “Create Chart From Selection” button, you have to map responses with numbers manually. The Likert scale has this arrangement:

• Strongly Disagree=1
• Disagree=2
• Neither agree nor disagree=3
• Agree=4
• Strongly Agree=5
• Once all is set, click the “Create Chart” button.

• ChartExpo will generate the visualization below for you.

• If you want to have the chart’s title, click Edit Chart, as shown in the above image.
• Click the pencil icon next to the Chart Header to change the title.
• It will open the properties dialog. Under the Text section, you can add a heading in Line 1 and enable Show.
• Give the appropriate title of your chart and click the Apply button.

• Let’s say you want to add text responses instead of numbers against every emoji.
• Click the pencil icon next to the respective emoji. Expand the “Label” properties and write the required text. Then click the “Apply All” button.
• Click the “Save Changes” button to persist the changes.

• Your final chart will appear below.

Insights

• 60% of customers agree to recommend the food to others, while 40% do not agree.
• Regarding the food menu, 45% agree, 35% do not agree, and 20% are neutral.
• Regarding food quality, 55% agree, while 25% do not agree, and 20% maintain neutrality.
• Overall,
  • 54% of customers gave positive responses to the survey questions.
  • 34% gave negative responses.
  • And 13% gave neutral responses.

FAQs

Are surveys good for business?

Yes, surveys are beneficial for businesses. They provide valuable feedback, insights, and data that help in the following;

• Understanding customer needs.
• Improving products or services.
• Informed decision-making.
• Developing effective marketing strategies.
• Driving business growth and success.

What are good survey questions for a business?

1. How likely will you recommend our product/service?
2. What factors influenced your decision to choose our business over competitors?
3. How satisfied are you with the customer service experience we provide?
4. How frequently do you engage with our brand on social media?

Wrap Up

Analyzing surveys for business is a crucial step in deriving meaningful insights from the collected data. To effectively analyze survey responses, you should take into account several key considerations.

First, carefully review the survey data to ensure its accuracy and completeness. Check for any missing or incomplete responses and handle them appropriately. Then, organize the data in a structured manner, categorizing the responses for ease of analysis.

Look for patterns, trends, and key findings that align with the research objectives. Identify significant insights, strengths, weaknesses, and improvement areas. Also, compare and analyze data across different demographic segments or groups to gain deeper insights.

Lastly, communicate the survey findings effectively through clear, concise reports or presentations. Highlight the most important findings, provide actionable recommendations, and share the implications for the business.

To make this analysis easier, use ChartExpo for Excel.

Why ChartExpo?

With ChartExpo, you can create appealing, insightful visualizations to make gleaning insights a breeze. Thus you can identify important trends and patterns that facilitate informed decision-making.