It’s one thing to think you know how your customer views your product or service. Its another thing when it’s backed by real customer data.
Most people or small business owners creating a new product or service that never existed before, more than likely started with an idea based upon their instinct or some problem they observed. Combined with a feeling or assumption that there is market opportunity to for your product idea that solves a problem. The problem, most business ideas are not backed by true potential customer data at the start, making them just a guess.
Big companies can spend thousands of dollars to employee top research firms to conduct robust customer surveys and allow them to make corrections, giving them a competitive advantage. Conversely, small businesses and entrepreneurs cannot. Survey Monkey has become the premier go-to survey tool to help level the playing field. They even offer a free basic plan, so no upfront cost or out-of pocket expenses required to create and launch your survey.
At TrakGo (www.trakgo.com) when we wanted to stop guessing and back our assumptions up with data, we turned to Survey Monkey. Creating our account was fast and simple. We chose to create a customized survey versus choosing from several templates. Our goals was to achieve two important things. One, keep the survey short and sweet and second keep it under two minute response time. We achieved both and asked only seven questions with multiple choice answers.
Up until then, we had only gotten verbal feedback from our Angel investors, some individual family members associated with the TrakGo tech development team, a few service providers that wanted to work with us, millennials college students on two different university campuses that download the TrakGo app beta version and two venture capital firms on the east and west coast. We felt this simply was not enough. The feedback before was mostly from insiders, dealing with TrakGo in someway. We needed to get closer to our customers and real outside feedback.
Instinctively, we knew that millions of small businesses worldwide were increasing using messaging apps, like WhatsApp and Facebook Messenger to connect with, engage with, sell products and services over chat platforms. The pain-point came the second the seller needed to take the payment for the product or service selling over chat. Today sellers or merchants have to redirect buyer to take extra steps, go outside the mobile chat conversation to perform a traditional payment the old fashion-way and this makes no sense. TrakGo was designed specifically to solve change this.
What Survey Questions Revealed
One of the most revealing clues uncovered in our Survey Monkey responses was that 70.59% of respondents were unsure if other messaging apps in the United States provided instant payment services in their chat platforms. Conversely, 5.88% of respondents said Yes to there being another US instant messaging app with instant payments in chat. In North America currently, there does not a exist, a true messenger app service with B2C and B2B payments. Nevertheless, the answers revealed we had to increase our marketing efforts to educating buyers and sellers, about TrakGo’s unique differentials. Otherwise, we ran the risk of being viewed as just a “me-too” product, offering nothing special to cause buyers and sellers to take action to use our platform and app.
On the second most revealing question, and the one that goes direct to the big market opportunity “Have you ever paid for product or service inside a text messaging app before?” 64.7% of the respondents said No. And 17.6% said such a capability was unavailable in their country and another 17.6% said they had. The TrakGo solution fills this void, closes the gap and is in a position to shift cash flows from the status quo to a new up-in-comer, mainly TrakGo.
The next question reveals that more than 41% of respondents require some conversation first with the seller from the buyer before they purchase decision is made. Which fits right in TrakGo’s sweet spot and is a strong indication that purchases conversation can take place over different channels; legacy channels like email, phone and physical or in-store purchases and new ones like chat messaging channels.
Finally, one of the question relating directly with the TrakGo app, uncovered that 41% of respondents felt that our app was best used for buyer and seller communications and transactions. Another 47% said it could be used by anyone.
Armed with real insightful data from true customer feedback, combined with nice graphs and charts, has helped TrakGo identify key customer segments, create better marketing messaging campaigns with clear differentials and customer value proposition benefits, positioning our product correctly in the market, confirming our product market fit and understanding our customers better.