You may be already conducting customer surveys at your bank, however, are you taking the necessary steps to analyze the data correctly? Many institutions will simply take the survey results by face value to determine whether or not the results are significant. However, that approach doesn’t always mean it’s correct. You must take a deeper look and even perform some analysis testing to make sure that any differences you see are significant.
Here we’ll go through why you can’t just take a quick glance at surveys in order to get the full picture.
What You’re Seeing May Not Be Significant
Depending on the data you’re analyzing, you may need to perform different testing to make sure that what you’re seeing is worth anything. For example, if you want to see if there is a difference between the customer satisfaction between males and females, then you’d perform a T-Test. If the results from that T-Test is under 0.05 then that means that there is a difference between the two genders. If the results are over 0.05 then that means that there is no difference between the two genders even though it may look like it based on the survey results.
There are other tests that can be done like NOVA testing, cross-tabulation analysis, regression, correlation and more. If you’d like to dive deeper into these types of analysis click here.
You Won’t Be Able to Get a Full Picture of the Data
By exporting all your survey data into an excel sheet and reorganizing different columns to see if there are any relationships between the questions will help you gather a greater understanding of the survey results. For example, you might notice that those who said they had a poor customer service experience may have also answered another question stating that they went into the bank to learn about mobile banking. This is great insight to have because you’ll notice that you may be failing in teaching your employees how to explain to customers how to use mobile banking.
You Won’t Be Able to Construct a Meaningful Plan
As stated earlier, when you reorganize the data to inspect each part of it to see if there are any relationships you’ll be able to find problems and opportunities that you may not have thought of before. As a result, any plan you make based on a quick glance of the survey results will not be meaningful. When you take the time to analyze each question and find relationships, you will then be able to create an action plan that will provide results.
What Next?
I recommend that you create a plan to analyze your survey data once a month (depending on how often you send out customer surveys). Once you have a plan in place and organized, taking a deep dive into your survey results will become second nature. Not only will your marketing plan benefit from it, but your bosses will be happy about it too.
If you’d like to take a look at my latest blog post on the types of questions you need in your bank survey check it out here.
