A customized series of member/customer-owner focus groups can provide your credit union with a qualitative understanding of their perspectives and an even deeper understanding of their thoughts and perceptions. The results can provide in-depth information and advice on how your service, operations, products, communications and marketing can be improved. Focus groups are also uniquely positioned to gather member/customer-owners input on product development, image campaigns, merger discussions and the creation of a re-branded credit union.

For many credit unions focus group qualitative research is an excellent starting point for research studies. Credit unions select focus groups as a preclude to quantitative market studies, online surveys, phone surveys and other quantitative market research. Focus groups marketing research is applicable to both business marketing research and to consumer research. They are especially useful in the early stages of strategy decision-making. The value provided is receiving in-depth insight into the buyer belief and attitude structure and use of this insight for business strategy development. If your credit union wants to scan for strategic opportunities by using focus groups you can uncover important consumer and business buyer attitudes, beliefs and behaviours that may precede an emerging trend.

Focus groups are very different from survey research methods. It is not a matter of adding up how many people said what and calculating percentages. Different from statistically reliable opinion and market surveys, online surveys and other quantitative techniques these qualitative methods should not be used for market sizing, measuring consumer business brand preference, brand position, customer satisfaction or buying or product usage behaviour. They are best suited for uncovering the spectrum or range of views, beliefs, attitudes, opinions and experiences. This helps in building assumptions and generating ideas which may require further assessment.

While group discussions are very popular among qualitative techniques there are many important “do’s and don’ts”. It is critical that the researcher know how, when and where they can be used and where they should be avoided. MarketSolutions customizes focus groups to your credit union’s needs by addressing specific objectives set by you. A series of sessions are typically held right in your community with groups of 12 to 16 member/customer-owners.