The following blog post was written by Erica Winters, Manager of Research Analytics, and is a summary of a recent project completed by Research & Marketing Strategies, Inc. (RMS).
A credit union recently partnered with Research & Marketing Strategies, Inc. (RMS) to conduct image and awareness research. The bank wanted to better understand why some branches are not performing as well as others. The goal of the market research was to provide the bank with the information needed to develop strategic plans intended to improve the performance of particular branches.
RMS created and administered an online survey to residents living within the banks primary market area (PMA). This allowed the client to determine why members and non-members use particular branch locations. The online survey explored awareness of branches in the PMA, impression of each branch’s location, and understanding why members and non-members decide to use or avoid each location within the PMA.
RMS obtained member and non-member feedback through the RMS ViewPoint Panel. The RMS ViewPoint Panel is a fully vetted panel of individuals across the country who have opted in to provide feedback on various market research projects. Prior to the launch of data collection, the client was able to review a digital version of the survey. This allows the client to preview what the survey would look like on-screen for respondents completing each question. All surveys are programmed to adapt to a mobile, tablet, or desktop environment.
Fieldwork lasted approximately one week. Following the data collection and analysis period, RMS provided the client with a database of raw survey data through a secure FTP. In this instance, the client intended to complete the data analysis internally to streamline the market research project cost. With this arrangement, RMS is able to fill a staffing gap by providing the services the client does not have the staff to complete internally, while keeping costs lower than hiring an internal employee. However, if analysis assistance had been desired, a comprehensive report would have been provided, which would include a visual dashboard of the findings, as well as next steps and recommendations that can be used to inform strategic planning.
RMS is a full-service market research firm located in Syracuse, NY. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Vice President of Corporate Development at SandyB@RMSresults.com or by calling 1-866-567-5422.