Do you know what your members really want? Do you need more insight or complex answers than a survey can provide? If so, you may want to consider using a focus group to help ensure your goals are aligned with those of your members and potential members. Focus groups are a great way for credit unions to better understand their members and the needs of their community. A focus group can give valuable feedback about your services, products, and brand, which helps ensure that you have a solid understanding of how your organization is perceived.
It is crucial to have a clear purpose before conducting a focus group. For example, you may want to gauge interest in a new product you wish to offer before investing too heavily in it, or want unbiased feedback on whether a new credit union logo or tagline would be well-received by your members. Once you have determined what your objective is, be aware that factors, such as group dynamics, incentives, and who is facilitating the discussion, can influence the quality of a focus group. The group of people that should make up your focus group will be determined by what exactly you hope to learn from the discussion, so it is important to select those who can best provide the answers you are seeking. It is also important to keep in mind that incentives and rewards can influence participation, as people want compensation for their time. Also, having a facilitator from outside the organization will likely yield more insight, as they are familiar with leading focus groups, keeping the discussion on topic, and getting all focus group participants to share their opinions. An outside facilitator is crucial because people tend to hold back if they are speaking with someone directly from the organization, whereas talking with an independent facilitator will result in answers that are more open and less restricted.
If you think a focus group would be valuable to your organization, let PMD Group help you gain the data and information you need. We will work with you to determine what information you would like to gather and will formulate questions based on your needs. We will gather the right mix of individuals for your focus group and lead the discussion. We will then present the results of the focus group to you, along with our suggestions on moving forward.
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