Being member owned, credit unions don’t just care about their members, their business is built around them. Ergo, the best way to measure a credit union’s success is by the satisfaction of their members.
The best way to measure the satisfaction of their members?
Understanding member needs, expectations, and experiences is key to providing the best member experience possible. So how do you get that information?
So, when it’s time to expand products or services? Attract new members? Improve member retention? How do you decide where to direct your resources?
You guessed it—surveys!
To find out how to serve your members best, it makes sense to go straight to the source.
Surveys Prevent Member Churn
Preventing member churn is in the details. Asking for feedback on everything from ATM access to their loan transactions will aid you in that mission. If a member has a poor experience and you provide them with a platform to share with you, what do you get?
A couple of things:
- Your member knows that their opinion is valuable
- You have the chance to address that bad experience and offer an apology
- You can improve upon that interaction and solidify member loyalty the next time
Now, if you don’t extend that line of communication, you’re losing out on a few things.
First, you miss your chance to build a stronger member relationship.
Second, you miss your chance to improve upon your operations.
Third, your reputation as a community business is probably affected by word-of-mouth. If that unhappy member has repeat experiences with the same problem (unbeknownst to you) they might tell their friends to take their business elsewhere. You end up with a closed account and numerous lost opportunities.
Chances are, if you started surveying your members for the first time today, you’d find a lot of common themes. Addressing those common complaints or concerns could drastically improve your member satisfaction rating.
With the average cost of acquisition at $400 per member, you feel it when accounts close. What affects your bottom line, affects your members too. Avoiding member attrition means you can offer greater benefits. You’ll increase loyalty and profit. Best of all, you’ll have resources to redirect to new products and services.
Surveys Improve Member Acquisition
Acquiring new members is easier when your existing members are happy. If you have a low member acquisition rate, you probably want to know what your competitors have over you. Surveys are the best way to make sure the members you already have are happy and spreading a good word about you. Reputation is everything.
Thus, asking members the right questions is the best way to bring in new, happy people.
You Can Pass on the Benefits
The best thing you can do for your members is give them a voice. A few operational tweaks based on your members’ preferences can reap big rewards. When you prevent churn and improve member acquisition you have a lot more flexibility. That flexibility mean you can shift focus from sustaining daily operations to growth.
The best direction for growth?
The one your members care about. Surveys are an excellent opportunity to find out what your members’ values are.
Do they mention that the loan process takes too long? Invest in training or developing a system to help expedite the process.
Do they mention that their favorite thing about your branch is the annual event you host? Look into holding more!
Nothing to Lose, Everything to Gain
While starting a new survey program will take time and careful planning, you’ll start to see results immediately.
Here are some of the key components of building a good survey program:
- Surveying promptly. Members are more likely to provide feedback when the exchange is fresh in their minds.
- Setting a goal for what you want to gain from member insights
- Having a system for organizing and reviewing survey results
If you’re ready to launch a survey program, you might be wondering what your first step is.
Our e-book, 12-Month Survey Roadmap to Credit Union Success takes the guesswork out of getting started.
What Is a Live Survey? And Why Would I Want One?