How often do you survey existing clients (residents)? Every major consumer brand does this as religion. How do companies find out what their customers are thinking? They ask them. They want to know, right from the horse’s mouth, how are we doing?
Why is this important? Because our current customers are the future of our business. Our current customers are future customers.
- What do you think of our product?
- Do you intend to renew your lease?
- What factors influence your renewal decision?
- How can we improve your experience with our company?
- What other properties did you consider before choosing this property?
Renewals (customer retention) is the lifeblood of reducing turnover.
Even Taco Bell ask you to “ring the bell” and complete their on-line survey in exchange for a freebie. Subway gives away a free cookie to people willing to complete their on-line survey. Even Bayer Aspirin ask for feedback and they’ve been around for 100 years! What are these companies looking to learn? What’s the nugget? Insight into current and future behavior.
Survey design is important and requires the guidance of people with experience. It does no earthly good to ask 100 people if they would like to own a Rolls Royce. A better question is, for example, if you could afford any automobile in the world what vehicle would you choose? If only 15 said “Rolls Royce” that is valuable market information for the company.
The term customer for life is a real-time event
This question conveys top of mind visibility for the manufacturer and will inform the company about what other cars people think about if they were buyers. A more concise question is to pose this query only to those that can afford the vehicle in the first place.
Take the same inquiry and apply it to apartment marketing. Asking only people who can afford your product type, is one stanza, focusing on those already residing on property is even narrower with greater value in terms of market information providing real-time insight!
Sometimes the outcome of surveys are a complete surprise. Other times they confirm core beliefs about branding, customer service and satisfaction. Employ market research professionals in this endeavor. It will save you extensive time from receipt of “garbage in/garbage out” survey results.