How Member Surveys Can Reveal Upsell and Cross-Sell Opportunities
Credit unions are treasure troves of data. Yet, using that data isn’t always simple. Moreover, drawing actionable conclusions from that data can be an enormous undertaking.
But not all data is hard to understand. Some data is useful without a shred of analytics.
Read on to see how your credit union can use member surveys to pinpoint upsell and cross-sell opportunities.
No Need for Data Analytics…
Generally, when people talk about how useful data is to credit unions, they’re talking about the results of data analytics. Feed numbers in one side, get graphs and charts on the other.
But graphs and charts are just an easier way to read what the numbers said in the first place.
The next step is to get that data connected somehow—to other systems, to automations, to decision-makers… That’s where all the magic happens.
But the reality is that using this data—especially using it in a sophisticated way—can be extremely complex. Not all credit unions have access to the tools or the talent they’d need to use their data effectively.
Survey data is a different story, however.
Why Survey Data Is Different
Yes, you can feed survey data into any data analytics or business intelligence software. It can be complex.
But unlike most other data (and like sushi), survey data is useful raw.
That’s because survey data are answers to specific, direct questions. You can use survey answers without running them through any fancy algorithms.
How to upsell using a survey:
For example, let’s say you ask, “Would you be interested in a premium credit card?”
The answers you get are immediately actionable to the respondents. Furthermore, if they say “yes,” then you can build a whole audience based on those members’ attributes.
How to cross-sell using a survey:
Many credit unions send surveys after key transactions. For example, after a member applies for a car loan, a credit union might ask “Would you like to know about GAP insurance for your new car?”
This will alert members to a potential product need. Plus, any answer of “yes” gives the credit union a great cross-sell opportunity.
Preventing a loss:
Even something as a simple NPS response can push you to immediate action. If a member gives you a very low score, you can reach out immediately—automatically or personally—to see how you can repair that relationship.
While this isn’t necessarily a sale, it will very often prevent attrition (and create more sales opportunities in the future)!
Tying Surveys to ROI
One of the most common questions credit unions have regarding surveys is about ROI. The truth is that it’s impossible to connect the two because surveys don’t directly drive sales, nor do they directly drive higher member satisfaction.
The power of surveys is that they give credit unions information. How credit unions use that information may certainly affect ROI, but the information itself is inert.
However, if your goal is to increase your credit union’s income, surveys can show you where to start. Finding upsell and cross-sell opportunities in your survey data is as easy as including the right questions. (In this case, the “right” questions are any that will lead you to making a strategic sales decision.)
If you’d like to learn more about how surveys can drive sales, please don’t hesitate to contact us!