There are numerous reasons why any credit union should survey their members. Frankly, we could probably list a dozen off the top of our heads, and we’d just be getting warmed up. (Don’t believe us? Check our blog history.)
But let’s talk about one reason that nobody can ignore:
You can increase your credit union’s profits by sending surveys.
How Credit Union Surveys Increase Profits
Look, we know it’s a dubious claim. Fortunately, we’re not the first ones to make it. Actually, we’re probably not even one of the first 100.
That surveys can help any business increase profits is fairly well-worn territory.
So, let’s wear it down a little further. Here are three ways that surveys can directly affect your bottom line.
1. Product and service direction
Surely, your credit union offers products and services. And surely, you do some kind of research to see which ones your members want and which ones they don’t.
Well, the best way to find out what they want is by asking them. And the best way to ask them is through a survey.
2. Focus groups… sort of
There’s this old “rule” called the 80/20 rule. It’s not really a rule, so let’s not get too hung up on that part. But the idea is that 20% of your members account for 80% of your profits. A little analysis and targeting can help you identify these members. Here’s why you might do that:
They’re more likely to take out a loan, get a premium credit card, or take you up on your holiday offer.
So, you’ll want to make sure that the new credit card rewards you’re looking at meet their needs. Or that your holiday offer is something they’d be interested in.
Before launching a new product or service, ask your members if they’d prefer option “A” or option “B.” Their answers can help you develop more useful and attractive products and services, thereby increasing profits.
3. Member retention is important
Even the simple act of surveying tells your members that you care. But it does more than that. It also gives you actionable information with which to improve your credit union.
What we’re trying to say here is that surveys can help you build a better credit union. In turn, that makes your members happier.
Happy members are less likely to leave.
Considering member acquisition costs are rather high, retaining members can actually increase your credit union’s profits.
Maybe we took the easy route. All we really did was say that surveys give you knowledge and data. And knowledge is power. Data is money.
Basically, surveys increase credit union profits by giving you better insight about how to improve products and services, which of them to market, who to market them to.
But if you want more reasons, stay tuned. We’ll keep this blog updated regularly.
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