Bank and credit unions are a big business. In fact, nearly 95 percent of U.S. households (approximately 124 million households) have a bank or credit union account.
Credit union membership sales techniques are integral to the business. The success of a bank or credit union is built around its members. So how do you increase credit union membership?
A great approach is with a market growth study. This type of market research collected feedback from members and non-members to measure key performance indicators such as satisfaction, likelihood to switch financial institutions, factors of choice, and more.
Keep reading to learn about a recent market growth study our team conducted with a federal credit union to learn more about the process.
Objectives of the Market Growth Study
Recently, a federal credit union partnered with Drive Research on market research to help grow membership. The market research would ultimately assist the credit with operations, marketing, and strategy.
The primary objectives of the market growth study included:
- Understanding the size of acquisition opportunities in target markets, understanding gaps in product and service offering sets in potential new markets, and understanding how factors in choice match against current offerings and gaps in satisfaction with competitors.
- Identifying and understanding and competitive brand awareness, consideration, usage, and drivers to switching within the population, understanding prospects by intent and product need, and identifying niche segments and segments of potential members which provide the most opportunity.
- Understanding awareness, considerations, perceptions, and drivers of movement, profiling the movement audience and determining a look-a-like persona.
Qualitative Interviews Approach
Our market research company specialized in the bank and credit union space. Therefore, our team follows a systematic approach to finding the best participants for qualitative studies.
The process often involves hosting a kickoff meeting, developing a screener survey, collecting a list of pre-qualified participants to follow up with by phone, scheduling participants for the research, moderating the research interviews, and reporting on the results.
To learn more about our process for finding research participants, read our ultimate guide to recruiting participants for qualitative research.
Details of the interviews with members and non-members:
- The research interviews took an average of 45 minutes to complete and included 33 questions.
- A total of 15 research interviews were conducted (i.e., 10 with non-members and 5 with members).
- Quotas were created to ensure the mix of respondents.
- These quotas included a mix of genders, ages (at least half under 40), geographies, PFIs, types of accounts held, channel usage, tenure with FIs, and personal and business account holders.
- Fieldwork for the interviews began on July 26 and lasted until August 13, 2021.
- The interviews were conducted through Zoom with video recordings and auto-generated transcripts prepared for the client as part of the deliverable package.
Example Qualitative Interview Questions
Below are examples of qualitative interview questions. Please note these questions are for example purposes only and are typically customized for the unique objectives of a market growth study.
Q1. On a scale of 1 to 5, where 1 means all [example institutions] are the same and 5 means all [example institutions] are different, what rating best describes your thoughts? Select a rating and explain.
Q2. Thinking about [example institutions], what are some top-of-mind differentiators for you? What about a [example institution] makes it unique? Explain.
Q3. Take a minute to review the images and select one that best describes a [example institutions]. Once you made your selection let me know.
Help me understand why you chose [insert image]?
Recommended Reading: 13 Types of Advanced Qualitative Market Research Techniques.
Quantitative Surveys Approach
Being that Drive Research is a full-service market research company, we also specialize in common forms of quantitative research.
After discussing a client's main objectives in a kickoff meeting, our team is ready to roll. The process for quantitative market research includes the survey design, program, fieldwork, and reporting.
Details of the online survey with members and non-members:
- The survey took an average of 10 minutes to complete and included 53 questions.
- The survey received 1,200 responses.
- Fieldwork for the survey began on September 23 and lasted until October 5, 2021.
- With a probabilistic sample, a total of 1,200 responses at the 95% confidence level offers a 3% margin of error.
- If the survey were conducted with another random pool of 1,200 respondents, the results would yield within +3% or -3% of the stated totals in the reports.
For more insights, watch our short video on 4 critical surveys for all banks and credit unions.
Example Quantitative Survey Questions
Below are examples of quantitative survey questions. Please note these questions are for example purposes only and are typically customized for the unique objectives of a market growth study.
Q1. Which of the following [example institutions] are you aware of? Select all that apply.
- [Example institution 1]
- [Example institution 2]
- [Example institution 3]
- None of the above
Q2. Based on your knowledge, what is your perception of the following [example institutions]? Select one for each.
Q3. Which of the following [example institutions] do you use? Select all that apply.
- [Example institution 1]
- [Example institution 2]
- [Example institution 3]
- Other (Please specify)
Q4. What is your primary [example institution]? Select one.
- [Example institution 1]
- [Example institution 2]
- [Example institution 3]
- Other (Please specify)
Q5. How likely would you be to recommend your primary [example institution] to a friend or colleague? Select one.
Q6. Explain why you rated your primary [example institution] as [insert response] out of 10. Enter your response below.
Q7. How many years have you been with your primary [example institution]? Select one.
- Less than 1 year
- 1 to 3 years
- 4 to 6 years
- 7 to 9 years
- 10 years or longer
- Unsure
Findings of the Market Growth Study
The market growth study report included results from the research interviews and surveys.
- As part of the interim research interviews report delivery, a participant list with demographic data, recordings, and transcripts was provided.
- As part of the survey report delivery, a separate infographic PDF file and banner file with significance testing and crosstabs was sent in Excel.
Conduct a Market Growth Study with Drive Research
Drive Research is a full-service market research company specializing in the bank and credit union space. We offer various services specifically for financial institutions such as market growth studies, new and closed account surveys, mystery shopping, member and non-members surveys, competitive rate analysis reports, and more.
To learn more about our services, contact our team today!
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Emily Taylor
As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.
