Wondering why credit unions use market research and if it is necessary for your branch? Credit union market research assists financial institutions fuel marketing and strategies, learn more about member/potential member needs, understand member/potential member personas, and find new members.
Getting started with credit union market research may seem like a daunting task. It can be helpful to partner with a bank and credit union market research company to assist with implementing a study specific to your goals, challenges, and specifications. Learn more about how to get started with credit union market research.
There are many different market research methodologies specific to bank and credit unions. One in particular is a brand equity study. A brand equity study helps organizations measure awareness, identity, sentiment, and perceptions among their customers or members as well as the general public.
Drive Research, a bank and credit union market research company, recently completed a brand equity study for a local credit union. This case study will outline the objectives, approach, and outcomes of the brand equity project to help any financial institution implement a similar study on their own or with the help of a third-party.
A brand equity study is one of the many market research options for a credit union. Learn how this institution used online and mail surveys to learn more about non-members in their community.
A regional credit union partnered with Drive Research to conduct a brand equity survey with non-members as part to help future marketing and business initiatives.
The objectives of the brand equity survey included:
Understanding the credit union’s brand image in the community.
Identifying how and what the credit union delivers, in terms of products, services, and access to match up with what residents want/need.
Determining the most effective communication channels to get the message out.
Understanding what it will take to prompt non-members to consider utilizing the credit union to satisfy their family’s personal financial needs.
These and other secondary objectives were addressed in the brand equity study for the local credit union.
Drive Research recommended a mixed-mode survey with both online and mail outreach. The survey was sent to a random population in the target market for the credit union using both online and mail surveys. This hybrid market research approach is often helpful when trying to reach different generations of audience members.
Drive Research often recommends online surveys because they prove to be cost-effective, offer a quick turn-around, are measurable, and gather quality data. The online survey was distributed through paid social media advertisements using geographical targeting to ensure to maximize responses from the given target market.
For this particular study, our bank and credit union market research firm also recommended conducted the same survey through mail. The mail survey ensured the brand equity survey reached non-digital users of the community and those who do not have access to social media or email.
The brand equity survey was equally targeted to specific ZIP codes. It confirmed respondents were (1) not currently a member of the credit union and (2) used financial products/services.
Fieldwork for the survey began on October 12 and lasted until October 29, 2019. On average, the survey took 8 minutes to complete and included 20 questions. In total, the mail and online brand equity survey received 212 responses.
The credit union market research report included a background and methodology, executive summary of themes, infographic, respondent personas, recommendations and action items, and the next steps for market research. The appendix included a detailed question-by-question breakdown of the results.
Key findings answered each of the following questions:
- What is the brand image of the credit union?
- What types of products/services do residents use?
- What matters most when residents choose a bank or credit union?
- What institution are residents using as their current PFI?
- How satisfied are residents with their current PFI?
- What will it take to prompt non-members to switch to the credit union?
- What are the most effective communication channels to reach residents?
Wondering what a credit union member satisfaction study looks like? We’ve got you covered.
Drive Research is a financial services market research company located in Syracuse, NY. Our team has implemented various market research studies for financial institutions across the country.
Interested in learning more about our bank and credit union market research services? Reach out through any of the four ways below.