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By DigitalMailer, Inc.
As competition for our member's business heats up, credit unions are focusing on member services satisfaction. With new technology you no longer have to wait two years to learn how your service was today…
Are Annual or Biennial Surveys Good Enough?
Many credit union marketers are familiar with the traditional paper survey mailed to members annually or bi-annually. The results from these surveys provide valuable information on members and their financial behaviors and perspectives regarding credit unions and other financial service providers. But most marketers wish they could “ask their members” regularly, gathering more timely information that would help them to package services, improve processes, or respond to members' needs. Just as eStatements started eliminating paper in the year 2000, eSurveys are eliminating tedious steps and costs in the process of asking members what they think. Credit Union executives are turning to shorter, more frequent electronic surveys to help them respond to changing circumstances and benchmark results.
Measure and Manage: A CU Example
I'm sure you've heard the old expression “You can't manage what you can't measure.” Even if you do measure, why measure every two years when today's technology can gauge satisfaction, help improve processes and reduce expenses 24/7 for pennies. For example, Northwest FCU (www.northwestfcu.org) launched four mini-surveys, in both electronic and paper versions, to gauge their member satisfaction rating. Their goal: Monitor the benchmarked customer satisfaction rating determined in their biennial comprehensive survey so that they could react/adjust accordingly.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
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April 18, 2005
7/26/2012 04:12 PM
Interesting but extremely misleading. There is no mention of the sample bias caused by members who do not have internet access or the fact that e-survey respondents are less inclined to offer personal financial information on-line than on paper due to confidentiality concerns. E-surveys also tend to be shorter in length than paper surveys due to the limited amount of "real estate" on a screen.
Mail based surveys do not take 2 years to complete as the article would have you believe.
E-surveys have a place in research, but they by no means replace paper surveys. E-surveys are good at providing timely measurement of transactional, service delivery member issues but are not as robust or comprehensive as paper surveys in delving into such strategic issues as share of wallet, channel usage, competitive usage, key driver analysis and member loyalty.
I'd also love to hear about how to get around all of the sophisticated spam and junk mail blockers. I currently conduct a survey for one of our products, with an option for members to receive the survey by e-mail. The response rate is EXTREMELY low and I have a feeling that my e-mails are being blocked by these types of programs.
not many people are thrilled to receive long, detailed surveys. This method is ideal for a vast majority of our members. Thank you.
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