For a large credit union, Direct Opinions conducts an annual Market Intelligence study to evaluate awareness and perceptions of non-members in areas where membership penetration is very low. One of the key objectives is to identify opportunities for member growth.
The purpose of this study is to reach consumers in target market areas to understand their needs from a financial institution, uncover their awareness and perceptions of credit unions in general and to gain an understanding of their awareness and perceptions of this credit union. The results of this study will help the credit union identify opportunities for member growth in these target market areas.
The survey methodology was developed to ensure that a large enough sample size would be obtained to achieve valid results that can be generalized to the entire population base within the target market areas. As a result, Direct Opinions completed over 1500 surveys for this study. Study results identified top of mind awareness of financial institutions thus identifying top competitors, frequency of financial institution usage, and brand and market awareness by target area. Respondents also identified their top three most valuable features as it relates to their personal banking needs. By focusing on the valuable features and respondents’ perceptions, the credit union can gain a competitive advantage in the market place.