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#144607 - 12/31/03 04:53 PM Customer Surveys
Anonymous
Unregistered

We are thinking about doing a customer survey in 2004. I have received several suggestions from different departments - mini-lobby surveys, direct mail surveys to customers, direct mail to non-customers and eb-site surveys.
Anyone have any good or bad points based on their experience? I tend to lean more towards customer/non-customer focus groups (done by an outside firm).

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Marketing
#144608 - 01/02/04 06:12 PM Re: Customer Surveys
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,425
Florida
One type of continuous loan survey that can have hidden benefits, is for the customer to rate you rate your service in the lending process.

If set up properly, it could be used:
As part of an incentive for employees;
To determine if there are ways to improve procedures or perception;
To eliminate potential complaints, and
As a means of solicitation.

The President would send the “Report Card” out with a return envelope going to an Executive Sounding department – NOT the loan department.

As with a good customer service area, the responses need to be honestly analyzed for customer issues – those recommending procedural changes made it to a management meeting (at least the first time the change was brought up). Customers requesting responses to their survey comments were less than 5%.

Many good points were brought up, and employees gave better customer service knowing that the surveys were sent to all customers and that results were tied to incentives.
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Integrity. With it, nothing else matters. Without it, nothing else matters.

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#144609 - 01/02/04 07:30 PM Re: Customer Surveys
Anonymous
Unregistered

Do you track your response rate? We will be starting a lobby survey this month and then I'm hoping to do a mail survey but I'm trying to prove to management the information we obtain will far outweigh the costs.

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#144610 - 01/02/04 08:52 PM Re: Customer Surveys
CEB Offline
Member
CEB
Joined: Jul 2002
Posts: 67
California
Anon- Send me a note and I can help you out. No strings attached!

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#144611 - 01/02/04 10:23 PM Re: Customer Surveys
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,425
Florida
Quote:

Do you track your response rate?



Because the customers were asked for their opinion if they were treated fairly, how smooth the process was, unresolved issues, etc., it was around 50%.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

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#144612 - 01/09/04 05:17 PM Re: Customer Surveys
Anonymous
Unregistered

I think surveying your customers shows them that you care how they perceive your bank and their input is appreciated. We bulk mail a survey to all of our customers yearly so we can measure our service level on an annual basis and compare if we did better or worse than previous years. It also allows those who have a gripe to share it with you. You could always put the survey in their statements to save on mailing costs.

Through our surveys, we have learned about several products customers wanted us to add, where they want a branch, who would be most likely to use a branch, how many bank at other banks, which employees they like, I could go on forever! Our response rate last year was 27%.

We also send a different survey to non-customers using our prospect list. Again we gained valuable insights on why they don't bank with us. Now we know what we need to overcome.

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#144613 - 01/09/04 05:47 PM Re: Customer Surveys
CEB Offline
Member
CEB
Joined: Jul 2002
Posts: 67
California
Survey's can be extremely helpful when it comes to designing products and delivery channels. One thing that many institutions fail to take into consideration is that by just sending out surveys and tabulating the results will not give you a valid view of your customers. Keep in mind that in general the people that complete surveys have time on their hands, for example retired people. I would strongly recommend that you segment your customer base according to age and income and then weight the responses based on those segments.
I would recommend that you talk with vendors that specialize in survey's and/or focus groups.
Good luck!

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#144614 - 02/04/04 03:47 PM Re: Customer Surveys
MoneyMaker Offline

100 Club
MoneyMaker
Joined: Dec 2000
Posts: 215
Atlanta, GA USA
If you want creditable results which can be used to really improve your bank's relationship, don't do the survey yourself. You will not be told what is "really" wrong, if there are any points. People do not like to confront a bank with problems, as a general rule. Hire an outside firm to survey. You will get much, much higher quality results.
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Short cuts to bank revenue growth and higher employee happiness.

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#144615 - 02/04/04 04:13 PM Re: Customer Surveys
Anonymous
Unregistered

Hate to be disagreeable, but Rick, I happen to feel the exact opposite as you do. As a customer of any business, I am more and more wary of answering questions from a third party - not only does it minimize my belief that the powers that be at that company will actually see or care about my answers, but nowadays, the skeptic in me thinks they are just asking me my opinion to gather demographic information about me so that other companies can solicit me about things. While I agree that it is a good idea to have outside help in crafting your survey (and that is why I use the ABA Client Satisfaction service), i want my customers to know that they are giving their feedback directly to me, and I reinforce this by responding personally to any survey I get back that warrants a response, which always impresses customers. I take it one step farther and I send a thank you note and movie passes to customers who write positive comments that just hit home - the kind of comments you would like to use as testmionials in every piece of marketing material your produce. In fact, I run a full page ad a few times a year with selected comments - it is basically a testimonial ad.

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