Supercharge Your Surveys with Questions That Matter
In today’s tech-heavy world of financial services, there are many reasons consumers will choose a bank or credit union. Historically, one of the most commonly cited reasons our members prefer credit unions is our reputation for a “hometown touch”, and a friendly caring staff. However, is this still true? Is the next generation of members still attracted by the same things that make credit unions stand out from our banking competition?
What do Millennials Want?
We know that the next generation of members are more aware of the socially conscious behaviors of the companies they do business with. We also know that they require the convenience that electronic services provide more than any other group of members in history.
But what else? Many a company has wound up making bad business decisions trying to guess what the millennial generation really wants. So how to find out what the next generation values about your relationship? Ask them, of course! By far, the best way to do this is to use something called “Transactional Surveys”.
It Isn’t Complicated
Transactional surveys are rapidly becoming the number one most popular method for staying in touch with members. While many use them for just finding out about employee performance on a daily basis, they can be used for much more. With the right questions, you will gain key insights that help the best performing credit unions achieve massive growth and increased profitability. With transactional surveys, a credit union is gathering member feedback from all their member touchpoints, at all times. Asking the right questions will aid you in attracting more of the members you want.
Ask Why They Chose You
Ask members why they joined in the first place. Were they referred by a friend? Perhaps it was a promotion you ran that worked really well or an advertisement they saw that struck a chord. Maybe you didn’t do anything to earn their business at all. Finding out what drew these most coveted members to your credit union means you’ll be able to model your future efforts based on what worked to bring in these members.
Find Out What They Like
Another important question is why they remain members. Loyalty-based questions like “How often do you use our services?” or “What is the main reason you continue to do business with us?” can give valuable insight into the underlying reasons that your members remain loyal. Once you know, you can emphasize these characteristics to new and existing members in the same category, or even promote these features to prospective members.
It’s Not Over When Members Leave
Account closed surveys are also critically important. When a member closes their account, it is a sign that something went wrong. Sending “one last” request for clarification will often yield a very honest answer about where you fell short. If you aren’t afraid of the answers you might get, this is an extremely valuable source of feedback.
Don’t Forget the Magic Question
The “open-ended” question is probably the most valuable of all. Simply asking the member “is there anything else you’d like to tell us?” can open the floodgates of information regarding their perception of your credit union, the products, the locations, any many other areas. Be sure to always have space for “open comments” on your transactional surveys.