I’ve read the statistic probably a hundred time now: 40% of new account holders leave their new financial institution within a year of joining. That’s freaky. Plus, that statistic doesn’t include accounts that just get abandoned.
Clearly, keeping new account openers engaged and happy is critical to minimizing attrition rates. And yet, how can you stop people from leaving?
Well, for starters, you could ask them. It may help you identify early on the members who will require a little extra effort or attention.
Tips for New Member Surveys
A lot of people have written pieces on how to reduce credit union attrition rates. We don’t have any fancy techniques for reducing attrition rates. However, we do know how to connect credit unions with the voice and feelings of their members.
So, with that in mind, here are eight tips to help you create a better credit union member survey.
Keep it simple, stupid!
Hey, sorry about that time I called you “stupid.” It’s a popular acronym, and I got a little carried away. Nevertheless, the underlying message doesn’t change:
Your new member doesn’t know you well enough to answer a ton of questions about your relationship. Maybe they’re still in the “it’s complicated” phase. Either way, keep it simple and easy to understand!
2. Less Is More
Not only should your members’ first survey be simple, it should also be short. Nobody, or at least, almost nobody likes a long survey. Don’t frustrate your members with a survey longer than a page.
No big deal if you keep it shorter, too. When it comes to surveys, shorter is often better.
Have a specific goal in mind. What is it you’re trying to measure?
Don’t get off track. Don’t try to cram two or three survey topics into one survey. Keep your focus!
4. Use a Template
If you’re not feeling confident in creating a credit union new member survey, or if you want to use a survey that has already worked, you can try out a template. Survey templates take some of the guesswork out of survey creation.
You can always create your own new member survey from a blank template, too. Still, templates are almost always a viable option.
5. Follow-Up Surveys
One of the great things about keeping a narrow focus on a survey is that you can really drill down into an important topic. But what if you need to learn more about something?
That’s where follow-up surveys come in. After your initial survey, you can send another survey that touches on the topics you missed before. LiveSurvey makes follow-up surveys very easy, but just remember—don’t survey your members too often!
6. Evaluate Your Feedback
Monitor your survey results as they come in. Sometimes when writing survey questions, we forget that what may be clear to us is confusing to others. Often, it’s because we didn’t word our questions clearly.
Make sure that the survey responses you’re getting are in line with your intentions. See if any questions are getting skipped or answered strangely. Are you getting the feedback you need? Is it the right feedback?
7. Follow-Up Questions
When members give you a negative score on your survey, you can ask them follow-up questions. You may ask, “why did you give this score?”
Including follow-up questions in your survey can help give context to or explain some answers. Especially when the feedback is negative, you will want to see where you failed to meet expectations. Over time, follow-up questions will help you to improve your services that have fallen short.
8. Set Negative Score Alerts
Not every member is going to give you a glowing review. That’s okay! In fact, hearing negative feedback, as much as it may alarm, is actually an opportunity to grow. If you want to ensure that your new member gets what they need, then you should be prepared to follow up with them. It’s the key to reducing member attrition.
For surveys that render very negative results, follow up with the unhappy participants. Show them your commitment to taking their needs seriously.
Identifying unsatisfied customers early—and then addressing their concerns—is key to reducing credit union member attrition.
Unfortunately, there’s no perfect solution for how to reduce member attrition rates. There’s also no such thing as a perfect new member survey for your credit union. Like so many things in life, there’s a lot of guesswork and putting your best foot forward.
Still, it’s important to remember that there is an easy first step toward making new members happy. Just by reaching out with a survey, you let your new members know that you’re there and you’re ready to listen.
Plus, if you start making changes to improve your credit union’s new member experiences, then you’re well on your way to providing unparalleled first-year member experiences.
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