As a market research company that places a lot of our focus and attention in the financial services arena, our experience in the field continues to expand. This blog post is a recap of a recently completed non-customer survey for a bank in Upstate New York and New England.
The multi-state bank wanted to better understand its image and awareness (also known as brand equity). Although many banks and credit unions may have a lot of internal data on customer needs and wants, brand equity studies help address the other half of the puzzle: the non-customer and the general population. With over 135 branches across 6 states, their market footprint is a large one.
Drive Research is a banking market research company working with banks and credit unions across the country to assist with customer and member survey needs.
Drive Research recently completed a banking survey for a bank. The objectives of the market research included understanding awareness, perceptions, and image of the bank in its key customer geographies: Massachusetts, New Hampshire (including Portland, ME), Upstate NY, Pennsylvania, and Vermont.
These and other secondary objectives were covered in this market research including source(s) of awareness such as sponsorships, taglines, and usage of banking products and services. Our bank market research company worked closely with the bank's advertising agency.
To address the objectives at-hand, Drive Research recommended using an online survey to collect feedback. Online surveys are cost-effective, offer a quick turn-around, are measurable, and gather quality data. The combination of these 4 benefits created a strong ROI for the bank over other methodologies such as in-person intercept surveys.
The survey was geographically targeted to respondents within 15-miles of each branch location. Total responses were weighted to reflect the number of the bank's branches in each of the markets (e.g. those with more branches were weighted more heavily).
Fieldwork began on Thursday, December 7 and lasted until Monday, December 19. The survey consisted of 17 questions and took respondents 4 minutes to complete. A total of 500 responses were collected including approximately 100 completed surveys in each of the markets.
Respondent screening criteria was determined as follows: (1) have or share banking decision making responsibility, (2) have and active personal, business, or wealth management account, and (3) live in 1 of the 6 states surveyed. The online survey was blinded and was not branded as the bank to ensure anonymity across all channels for an image and awareness survey.
Although results remain completely confidential with the bank, we can give you a little insight into some of the key questions that were answered in the market research.
Our banking market research company covered the following objectives. All of which provided the bank with facts and evidence to help improve its marketing strategy.
- What is the awareness of the bank?
- What is the perception of the bank?
- What do markets know about the bank?
- What are the source(s) of awareness for the bank?
- What impact does the tagline have on the bank?
- What factor is most important when choosing?
- What is the share for the bank in each market?
Now, if you're a bank or credit union, wouldn't you want answers to these questions as well? Imagine the possibilities. Make it a reality by contacting our banking market research company below.
Questions about an upcoming project or need a quote on a survey? Contact us at email@example.com or call us at 315-303-2040.