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Once the decision has been made to conduct a member survey here are a few basic questions CUs must ask before choosing a research vendor: 1. What information will be asked? Can the credit union give input as to the types of questions asked? 2. Who constructs the "instrument"? How...

By Staff Writer | Updated on July 03, 2001

Once the decision has been made to conduct a member survey here are a few basic questions CUs must ask before choosing a research vendor: 1. What information will be asked? Can the credit union give input as to the types of questions asked? 2. Who constructs the “instrument”? How will you define information needs to determine question content? 3. Will the survey be conducted by mail, telephone, focus group, or personal interview? 4. How much will it cost? How many pages is the questionnaire? 5. Is postage included in the cost estimate? If not, how much will it cost? 6. What is the sample size? How is it chosen? How will you define groups of interest to provide a sampling frame? 7. What percent of mailed questionnaires are expected to be analyzed? How many returns will we need for a desired confidence level? 8. Are follow-up mailings conducted? Do you follow up with non-respondents? 9. How long does it take to complete the project? 10. How will you process returns, prepare tabulations, and analyze results? How will the editing, coding, entering data, etc. be completed? 11. Is a written analysis of the survey results included in the cost estimate? 12. Does the report provide a written analysis of market-segment differences? 13. Does the report contain recommendations based on the survey findings? 14. Do you take into consideration any misrepresentation of age groups or product users when analyzing the data? Do you adjust for these occurrences? 15. Do you have prior experience in financial research? May I review any written analysis from former clients? Always check their references. 16. Can you reliably compare our members’ responses to those of other credit unions we have studied? Source: CUNA Market Research

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