Paper still preferred for research, CUs say

MADISON, Wis. (5/20/02)--When it comes to gathering information about member needs, credit unions still put their money in the old stand-by method: direct mail surveys. But more credit unions say they value marketing customer information files (MCIFs), and some are even adopting a customer relationship management strategy (CRM). That's what News Now's uncovered in its most recent Quick Question.

The market for CRM solutions tailored to small and mid-sized businesses is expected to double this year to $173 million, according to Jupiter Research. So far only 3% of these small companies have this software. More than half of the Quick Question respondents said they don't use a CRM service analysis, but those that do use it to find out more information about an issue already considered before the credit union.

MCIFs appear to be a favorite tool with those that have one. More than 75% of respondents said they find their MCIF at least somewhat valuable.

When it comes to methods of surveying members, credit unions prefer traditional direct mail and surveys in the lobby, while the telephone and e-mail surveys were used much less.

The informal poll was created by CUNA Research Online. Although it doesn't survey a randomly selected sample and can't be generalized to all credit unions, the survey results can yield a clue as to how credit unions use CRM.

If you're curious to learn more about CRMs, MCIFs, and member surveys, use the Resource Links.