In today’s increasingly multi-channel customer contact environment, many companies are now trying to utilise the online channel to gain customer feedback. Infact technology’s impact on the voice of the customer is of growing influence.A survey can only be truly valuable when it’s reliable and representative for your business.
The survey be it of any kind will give you meaningful and relevant result only if the sample size is decided properly. The sample size has a great impact on the result of the online poll and at the same time it also affects your cost and data. You have to strike a balance between your budget and data which you want to gather. The size of the population which you have selected will decide the reliability and authenticity of the data collected.
Though there is no well set pattern for selecting your sample size, there are some points which should be considered before finalizing your population. The checklist given below will help you as a surveyor to finalize your sample size for better results.
1. The Analytical Plan
The proper planning of the online poll is very important before it is brought on the floor. Chalking out an effective analytical plan will bring relevant data for business decisions. The analytical plan should be such that it encompasses all the requisite factors which might affect the result. An analytical plan will ensure everything falls in place once the plan is implemented.
2. The Variability in the Population
The results gathered from the selected sample population should not display much of a variance. If the data collected shows a lot of variability, it is better to go for a larger sample size. If around 50% of the sample population have the same opinion and exhibits the same behavior, you can go ahead with the same number of people for your sample.
3. The Confidence Level
The level of confidence that you have on your respondents is also significant in deciding the size of the sample. The confidence level is inversely proportional to the estimate accuracy. It simply implies that if you are confident about the result gathered from the respondents, there is no need to set a percentage for estimate.
4. The Margin of Error
It is also known as the sampling error which indicates the level of precision of the estimates which you intend to see in your data. It defines the lower and upper bounds of the confidence interval containing the parameter estimate, indicating the estimate’s reliability. The larger the sample, the smaller the margin of error and the greater the estimate precision.
5. The Cost Involved
The cost factor involved with the gathering of data from the sample population also decides the sample size. If your budget does not allows you to go for a large sample population, you will have to restrict yourself with smaller group of people. The larger the sample size, the better it is for your online survey but it should be decided on the basis of your business’s budget and need.
In today’s scenario of competitive and aggressive business environment, deciding your sample size for online poll is very important and significant. Whether designing a customer satisfaction poll for a new product, coming up with a more cost-efficient production process or targeting a new market, it calls for much of brainstorming and here online poll come in as a blessing for the business owners. Many online poll sites are there on the internet like Survey Monkey, PollDeep.com, Doodle, etc which will be helpful for business to conduct poll and make decision making a much more easier and comforting task. Go for the one which best suits your need and make your customer loyal to your brand.