Credit Union Market Research: Where to Get Started?

January 4, 2018

If you are a credit union looking to get started with market research you are in the right place. Our credit union market research company highlights several options to choose from below. Each with their own unique pros and cons to help you get answers from those who matter most.

 

Market research is an excellent way to collect objective and fact-based information from respondents to help guide next steps with strategy. It quantifies your gut by giving you and your team the confidence to know the decisions you make and the next steps you take are the right ones.

 

Read about your credit union market research options below.

 

 

Here are a few options to chose from to get started with market research at your credit union.

 

 

 

Credit Union Member Survey

This is always an excellent way to start with market research at your credit union. Why? It's a broad study that casts a wide net to collect a variety of information. It usually points to areas of strengths and weaknesses and paints a strong picture of where your credit union stands. This can be completed through email, over the phone, or through the mail with your members.

 

 

Credit Union New Account Surveys

Starting a new member experience out on the right foot is critical. By evaluating this experience from the get-go, it sets the tone for the member relationship with your credit union. These can be conducted through either email or mail with an option for phone call reminders. A report can be created to deliver monthly, quarterly, and yearly tracking results.

 

 

Credit Union Closed Account Surveys

On the flip side, it is also important to understand why members leave your credit union. Was it something your credit union could control or not? Who are they using now? What can be improved? These are all critical questions to ensure you keep a large percentage of your members year-over-year with minimal churn.

 

 

Credit Union Mystery Shopping

Wondering how the services is for your members with tellers, loan representatives, or call center representatives? Wonder no more with a formal mystery shopping program with your credit union market research company. In this type of study the vendor sends representatives to the credit union to evaluate the experience. Specific scenarios are designed so the representative can act as a real life member. Feedback is collected and delivered back through a comprehensive report. 

 

 

Credit Union Brand Equity Study

Whereas the member survey focuses on internal audiences, the brand equity or image and awareness study focuses on the general population. The credit union market research company will work with your team to develop a market area or targeted geography around your branches. A survey is developed online and feedback about awareness of your credit union, perceptions, and word associations with the brand are collected. This gives your credit union an idea of key metrics from the general community including many non-customers.

 

 

Credit Union Website Surveys or User Experience (UX) Research

This can be tackled through a pop-up survey on your credit union site or through in-depth interviews (IDIs) using scheduled screen shares on your site. The website survey is a pop-up shown to a small percentage of site visitors. The short survey can either be completed right in the pop-up window or the respondent can be taken to an off-site survey. UX interviews are a more in-depth and exploratory look at your website. Live respondents are recruited to surf your site and answer questions about paths, usability, and ease of use.

 

 

Contact Us

Drive Research is a credit union market research company in Syracuse, NY. We work with a number of banks and credit unions across the country to assist them with collecting market research to assist with organizational decisions, strategy, and marketing.

 

Contact our team using one of the following 3 options:

 

(1) Email us at info@driveresearch.com

(2) Call us at 315-303-2040

(3) Message us on our website here