credit union faqs

15 East Genesee Street, Suite 210 Baldwinsville, NY 13027 (315) 635-9802 www.RMSresults.com Market Research for Credit Unions Frequently Asked Questions o We have a strict budget. Can we afford market research? Yes. There are many different forms of market research and various scopes to fit your budget needs. Perhaps the better question is, what is the cost of not doing market research? Disloyal members, poor service from your reps, the inability to capitalize on a new market, and improvements from your competitors can all have lasting negative impacts on the growth of your credit union. These negative impacts will far outweigh the cost to do market research. In many cases, market research will not only reverse negative effects, but it will allow your credit union to capitalize on its strengths. o We do our own market research in-house, why should we outsource it? In many cases, the in-house approach represents false savings and carries with it a lot of unforeseen pitfalls. Here are a few questions to ask yourself if you are doing/thinking about doing market research yourself: What are the total costs of managing the project internally including staff time and software? Does the organization have the internal resources and expertise available to do the job properly? Can we be objective enough (or perceived to be objective enough) to do the research internally? Will your members give you honest answers if they know you will be reviewing their data? What are the costs of making a wrong decision that is informed by faulty research? If any of those questions are a concern to your credit union, you should consult with a third-party. o Our credit union is doing very well, why do we need to do market research? Efforts and resources need to be focused on your truly loyal members. Find out what they like, what they dislike, what you do well, and what you need to fix. The worst thing to do is to not measure this loyal audience in order to limit customer churn to another bank or credit union. Financial institutions spend a lot of time and effort trying to develop new customers/members rather than strengthening the

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RMS tackles a few FAQs that a credit union might contemplate when deciding whether or not to conduct market research.

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15 East Genesee Street, Suite 210Baldwinsville, NY 13027

(315) 635-9802www.RMSresults.com

Market Research for Credit UnionsFrequently Asked Questions

o We have a strict budget. Can we afford market research?

Yes. There are many different forms of market research and various scopes to fit your budget needs. Perhaps the better question is, what is the cost of not doing market research? Disloyal members, poor service from your reps, the inability to capitalize on a new market, and improvements from your competitors can all have lasting negative impacts on the growth of your credit union. These negative impacts will far outweigh the cost to do market research. In many cases, market research will not only reverse negative effects, but it will allow your credit union to capitalize on its strengths.

o We do our own market research in-house, why should we outsource it?

In many cases, the in-house approach represents false savings and carries with it a lot of unforeseen pitfalls. Here are a few questions to ask yourself if you are doing/thinking about doing market research yourself: What are the total costs of managing the project internally including staff time and software? Does the organization have the internal resources and expertise available to do the job properly? Can we be objective enough (or perceived to be objective enough) to do the research internally? Will your members give you honest answers if they know you will be reviewing their data? What are the costs of making a wrong decision that is informed by faulty research? If any of those questions are a concern to your credit union, you should consult with a third-party.

o Our credit union is doing very well, why do we need to do market research?

Efforts and resources need to be focused on your truly loyal members. Find out what they like, what they dislike, what you do well, and what you need to fix. The worst thing to do is to not measure this loyal audience in order to limit customer churn to another bank or credit union. Financial institutions spend a lot of time and effort trying to develop new customers/members rather than strengthening the relationship with their existing members. Loyal customers out-perform others by 16:1 in retail, 13:1 in restaurants, 12:1 in airlines, and 5:1 in hotels.

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