Drive Research recently partnered with a creative advertising agency to conduct a credit union market research study for a credit union As part of this market research, we were looking to better understand healthcare audiences and their choices and behavior with banks and credit unions.
Over the past few months, the teams worked together to structure an in-depth and detailed look at several healthcare audiences and how they engaged, interacted, chose, and worked with financial institutions. This post recaps the objectives, process, and some of the questions which were answered as part of the market research.
Learn more about how our credit union market research company can help provide you with the data and facts you need to accelerate your operations, marketing, and strategy.
The creative advertising agency partnered with Drive Research to conduct market expansion research. The market research study provided the client with the necessary data to better understand a regional credit union’s strategy to expand into the healthcare industry as well as other secondary objectives. The data and findings from the market research provided the client and the credit union with unbiased, credible, and representative views of its target markets. The market research will fuel operations, marketing, and strategy for the client.
To address the objectives at-hand, Drive Research utilized two methodologies: (1) an online survey followed by (2) one-on-one interviews. Online surveys are cost-effective, offer a quick turn-around, are measurable, and gather quality feedback.
The online survey was fielded from December 8, 2017 through January 4, 2018 using panel participants and social media outlets. The survey was targeted to healthcare nurses, therapists, and technicians of specific age groups in the designated ZIP Code market area.
The market area included Maryland, Virginia, Washington DC, and North Carolina. A total of 268 responses were collected (a +/- 6% margin of error). A total of 10 $100 Amazon gift cards were raffled to survey respondents to entice participation.
One of the final questions of the survey asked respondents if they would like to participate in a follow-up paid discussion with the market research company. This was a main objective of the quantitative work.
A total of 20 interviews were completed from January 29 through February 7, 2018. Interviews were pre-scheduled through phone calls and emails. Participants were asked to sign into a screen sharing platform so visuals could be shared as part of the 20-minute web interview. Participants were rewarded with a $75 Amazon gift card.
Although the results remain confidential with the client, several objectives were addressed in the combination of the online survey and in-depth web interviews.
Credit Union Market Survey
Here were the questions addressed in the survey which was targeted to the 4 healthcare audiences in the multi-state market area:
- Do you currently have an active checking account?
- Which of the following job descriptions best fits your role?
- How valuable would it be for a financial institution to focus on healthcare workers?
- Would any of the following benefits inspire you to select a bank or credit union?
- Which of the following financial services and products do you use?
- What bank or credit union is your primary financial institution?
- Are you familiar with the National Institutes of Health?
- What professions work at the National Institutes of Health?
- What banks or credit unions do you use for lending?
- Which of the following best describes your age?
- What ZIP Code do you reside in?
- What is your total annual household income?
- What gender do you most identify with?
Credit Union Research Interviews
In addition to the online survey, participants were asked if they were interested in participating in a follow-up web interview. These participants were re-screened, qualified, and pre-scheduled for a 30-minute block with an experienced interviewer.
- Confirm role, employer, and type of healthcare setting
- Discuss primary financial institution (PFI) and other institutions used for other services.
- Understand which healthcare-specific benefits offer the most value and why?
- Showcase 3 different healthcare banking visuals and obtain top-of-mind feedback and ratings.
- Showcase 3 different credit card designs and obtain top-of-mind feedback and ratings.
- Ask about associations and websites healthcare professionals use.
- Understand whether or not participants believe they could be a member.
- Discuss common bonds and associations with the types of professions.
The final report included an executive summary of themes from the survey and the interviews. The appendix of the report had full breakdowns of charts and graphs as well as responses to the interview questions. The client was also provided with interview recordings and an Excel sheet of all responses to both the qualitative and quantitative research.
Contact Our Credit Union Market Research Firm
Drive Research conducts market research for a variety of credit unions across the country. Interested in a member survey, new account survey, closed account survey, or ongoing member satisfaction market research?
Contact us at email@example.com or call us at 315-303-2040.