I was a banker.

I enjoyed it, but “confession” because some people find the profession objectionable.

Of course, it depends on what you do with it. For those on the good side of The Force, it is a profession that enables one to help.

But that’s right, earlier in life I was a senior credit officer. First, with a bank in the San Francisco Bay Area and later, after moving South, with a bank in Beverly Hills.

So, later, when I went into business for myself and had created my survey company, I had a deep understanding when conducting market research and surveys for banks.

And what do you think is it that customers most want from banks? Well, what is it that you most want from your bank?

Mostly, bank customers want an actual relationship their bank – a personal relationship. A check bounced (with a painful overdraft fee) but you’re sure there was sufficient funds in the account. Or some other banking mishap, but try to talk to someone who understands and is willing to help.

Or maybe you managed to have established a relationship with the branch manager or an account executive at the branch….And then they move – they get promoted to a management position out of the branch. Or maybe they are hired away by another bank.

Surveys often provide a company with gems for the marketing department, but there are times when they can open the door to operational changes that can expand  – can improve – an existing scene.

I worked with the President of a bank based in Los Angeles. Armed with the above information, they issued policy that loan officeers would not be promoted out of the branch. They would get raises (to keep them happy and to help prevent them from being hi-jacked), but they would stay where they were and service their customers.

This bank actually became known for this policy. At this bank, your banker would “always” be there for you. The bank became very successful – very profitable. After years of strong success, they were eventually bought by a big Japanese bank for an eye-watering price.

There was a similar situation at U.S. Bank a decade ago.

Banking was changing and the bank found that customers were becoming less satisfied with existing services. Yes, more were banking online, but help was still needed with other services.

The bank conducted extensive surveys.

Customers found the branches “intimidating” and wanted digital tools inside the branch to reduce wait times. They also wanted advice and solutions not just digital transactions. You know, someone they could talk to.

The bank launched a program called “Smart Branches”. They redesigned branch layouts to make them feel more open. They added self-service stations for quick, in branch transactions. And they conducted training for the tellers as “bankers” enabling them to have advisory conversations with customers.

The Results?

• Customer satisfaction went up 27 percent in those areas where the program was implemented.

• Cross-selling of loans and investment accounts increased double digits.

• The branches using the new design produced two and a half times higher profitability per square foot than the older branches.

Well done surveys can reveal outstanding “Hot Buttons” that can help pump sales to all new levels. But sometimes they can also open the door to operational changes that lead to handsome expansion.

A few years ago, a client contacted us. They were going to relocate their company from the northern part of the country to Arizona. They provided a service that was primarily used by seniors – not exclusively, but primarily. And they wanted some surveys done to get a sense of the market.

Often times, when conducting surveys for clients, we get some demographic and some lifestyle information: what periodicals do they read, where do get their news? That kind of thing.

It turns out that the senior population in the city into which the client was moving watched a particular TV news channel by an overwhelming majority. Given this information, the client, who had not used television advertising in the past, decided to give it a try.

They moved South. Got set up and then purchased some advertising on this one particular station. And right out of the gate, their business boomed. Instant success.

Sometimes you hit a home run your first time at bat.

And the last time I checked, they were still thriving big time.

The point of this short story of course is that surveys can not only provide some powerful marketing material, they can also uncover operational opportunities that can take sales and income to a whole new level.

Could a survey help expand your business?

We would love to help you find out.

Best,

Bruce

Bruce Wiseman

President & CEO

On Target Research

www.ontargetresearch.com

Br***@**********an.net

1-818-397-1401