Feedback surveys are the best way to know how your business is performing. Once the data is collected, it needs to be processed. Data, when processed, becomes information and this information is powerful. When armed with this powerful information, there is no stopping you to improve, grow and be the best in the market! By the time you are through with this article, you’ll know exactly how to process data to extract real-time insights from your target audience.
Before delving into how to analyze survey data, let’s first divide it into qualitative or quantitative types of data. Based on this, it is categorized into the following:
- Nominal scale: No numerical value is specified in this type and it is like general information.
- Ordinal Scale: It tells the order of the data. It is qualitative as the values provide information about the order.
- Interval Scale: It gives information and the difference in values and can never have a zero value.
- Ratio Scale: This is similar to the interval scale but it has a true zero point value which conveys information about the customer.
Steps to Analyze Data:
1) Analyze the top research question: This step involves going through questions to reach the desired results. A question covering a huge amount of data (e.g.: “How was the experience with the product?”) is analyzed and further segmented into narrower data (e.g.: “Will you recommend this product to friends?”) to find the interesting insights from data collected.
2) Cross Tabulation of Data: Cross tabulation deals with the variables. The relationship between multiple variables is recorded to provide a category of specific responses. These responses give a filtered sample size.
3) Statistical Significance: The factual conclusions are drawn from the sample size to draw meaningful results. To verify the accuracy, these results matched with the population taken to conclude.
4) Comparing with the Past Data: The data collected is compared with the previous year’s data to keep a track of better or worse occurrences. This technique gives an insight into how the new marketing initiatives implemented have affected the data.
Different online tools, techniques, and algorithms are used at Solugo to analyze the survey data to extract real time insights from your target audience, making it easier for our clients to form better strategies for their business.