Some industries are no strangers to business mergers and acquisitions. One such industry is banking and financial services, which commonly experiences consolidation with so many regional and local players in the market.
A sometimes overlooked piece of a merger or acquisition, though, is the transition of new customers to your business. We never want to assume everything will proceed smoothly and that the obtained customers will just give you their loyalty.
A great way to check-in with these new customers is with a merger/acquisition survey. This type of market research aims to understand the transition process and preferences for customers that have been recently integrated.
A great way to check-in with these new customers is with a merger/acquisition survey. This type of market research aims to understand the transition process and preferences for customers that have been recently integrated. Keep reading to learn more.
For instance, our market research firm conducted one of these studies for a bank client as they wrapped up a merger with a nearby institution. This post covers the objectives, research approach, and outcomes from the study.
Looking for more ideas to retain new customers? Explore these four strategies.
Objectives of the Company Acquisition Survey
A digital marketing agency in Upstate NY partnered with Drive Research to conduct a customer satisfaction survey for a regional bank client based in New York.
The goals of the market research project included:
- Gain a better understanding of retail/personal customer satisfaction
- Measure customer loyalty
- Identify competitive differentiators
- Other key performance indicators (KPIs) in the targeted multi-state regions
- These and other secondary objectives were addressed in the survey.
The data and findings from the market research provided the bank client with unbiased, credible, and representative views of its customer base and the general community to guide decisions.
If you work for a bank or credit union, consider these four critical surveys to help your business.
Approach to the Company Acquisition Survey
To address the objectives for the regional bank, Drive Research recommended an online survey among its customers.
Online surveys serve a number of advantages to organizations measure customer loyalty after a merger or acquisition.
Benefits of online surveys include:
- Low cost
- Quick turnaround
- Measurable results
- High-quality responses
The culmination of these four benefits creates a strong ROI for market research clients over other methodologies.
Conducting the Company Acquisition Surveys
The survey was conducted through client-provided email lists. The email lists contained current retail and business banking customers of the client’s institution.
Drive Research sent two reminder emails in addition to the initial invitation to boost the response rate.
Other details of the project included:
- The online survey took an average of 15 to 25 minutes to complete and included 64 questions.
- The survey received 351 responses.
- Fieldwork for the survey began on October 19 and lasted until November 1, 2020.
Outcomes of the Company Acquisition Survey
The detailed findings from the survey outlined in a market research report remain confidential with the regional bank client.
The comprehensive research report included background and methodology, an executive summary of findings, and an appendix.
The appendix featured a detailed question-by-question breakdown of the survey and a final copy of the survey document.
Also delivered with the report was an Excel cross-tabulation banner file breaking the data down into key segments and a full data file showing all responses.
The market research answered the following research objectives:
- What factors are important when selecting a financial institution?
- What is the overall satisfaction and likelihood to recommend the bank?
- What are the drivers to satisfaction and dissatisfaction?
- How do customers prefer to bank with the bank?
- How many customers use the bank as their primary financial institution?
- How does the bank’s PFI experience compare to competitor PFIs?
- What was the experience like for customers who transitioned from another bank?
- What else do customers want to see offered by the bank?
Drive Research is a national market research company located in Syracuse, NY. From kickoff to final reporting, our team of research professionals can help your business conduct successful merger/acquisition follow-up research.
Interested in learning more about our market research services? Reach out through any of the four ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Research Analyst, Tim is involved in every stage of a market research project for our clients. He first developed an interest in market research while studying at Binghamton University based on its marriage of business, statistics, and psychology.
Learn more about Tim, here.