Focus groups help credit unions determine members’ needs

A focus group, defined as a small group of people whose reactions are studied in guided or open discussions, can be a useful tool for credit unions.

Why conduct a focus group? What sets it apart from surveys and data analytics? “Focus groups allow you to probe deeper and find out “why” – the motivations and subjective feelings behind actions,” said Research Director Doug Foister with Cornerstone Credit Union League. “They also provide flexibility, and the group dynamics, where one idea or comment builds on another, can be extremely productive.”

They can help credit unions determine the needs of members or target audiences such as millennials, explore why consumers aren’t joining, or gauge reactions to new branding. Focus groups can also discover consumers’ goals and high-tech needs, as well as help gather information on members’ expectations, frustrations, and overall experiences from frontline staff.

What’s more, focus group results can help credit unions apply changes to address member needs, such as adding a Millennial advisory board, communicating through social media, tweaking marketing efforts, clarifying misunderstandings, adjusting technology offerings, or getting more involved in the community.

The Cornerstone Credit Union League offers focus group services through its Research & Demographics area. As part of this, Foister works with credit unions to determine the types of groups, moderate sessions, collect data, and provide strategic and tactical recommendations. Foister also collaborates with credit unions to develop a moderator guide. Because getting the questions exactly right is critical, he goes back and forth with the credit union until everyone is in agreement.

What makes our focus groups different?

Cornerstone focuses solely on credit unions. The cost is affordable, and if the credit union has an especially tight budget, the cost can be reduced by hosting the session at the main branch and by using staff to recruit group members.

This service has a relatively short time frame. From the first meeting to the group session takes about three weeks, and after the data is gathered, the recommendation report is delivered approximately three weeks later.

For more information, contact Doug Foister at dfoister@cornerstoneleague.coop or 469-385-6477.