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Perform Market Research

VIEWS: 8 PAGES: 28

Market research refers to scientific methods and purposefully, systematically collect, record, collate the relevant marketing information and data analysis of market conditions, understand the present situation and development trend of the market to market and marketing decisions to provide objective , the correct information. Including market surveys, market survey, sales of the possibility of the investigation, but also consumers and consumer demand, enterprise products, product prices, affecting sales of the social and natural factors, sales channels to conduct investigations. Currently, in addition to traditional methods, some professional organizations have adopted a professional online survey system, which greatly reduces the cost of market research, and was accepted by more and more customers.

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									Step 3




Perform Market Research
             esearch is the practice of going up          unions in


 “R          alleys to see if they are blind.”

                  There are 39 million Hispanics in the
                U.S.—a number that is growing rapidly.
 Although household incomes are less than white fam-
 ilies, there are more consuming members of the
                                                          your locale
                                                          that already
                                                          have Hispanic
                                                          outreach
                                                          efforts
                                                          started.
 Hispanic family than with the average white family.
 As a result, Hispanics spend more on groceries, appar-     Some of
 el, and other necessities. How do you reach them?        the research
                                                          options you
   That’s where research comes into play. Done right,     should consider:
 research can help you develop the target group you         1. Focus groups (formal or informal)
 need to start your Hispanic outreach program. The          2. Surveys—telephone, paper-based, Internet
 face of research is multifaceted. It can be as simple      3. Local demographic information to profile the
 as a “Google” search on the Internet to find national         potential new Hispanic member
 data or as complex as a stratified telephone or            4. Census data (www.census.gov/population/
 paper-based survey of 1,500 select members of your            www/socdemo/hispanic.html)
 credit union. Local research is more difficult and         5. Competitor information (the who, what,
 often expensive to conduct because it is more tar-            where, when, why, and how of other
 geted. Though, because it’s more targeted, it also            services/vendors)
 provides much more valuable information.                   6. CUNA’s Credit Union Environmental Scan
                                                            7. Pew Hispanic Center (pewhispanic.org)
   A focus group, for example, provides qualitative         8. A local or regional ad agency that specializes
 background information that may or may not be                 in serving Hispanics.
 indicative of your entire membership or even a
 subset of your membership.                               At a minimum, you’ll want to:
                                                            1. Segment your Hispanic market.
   Regardless of the type of research you conduct              - documented vs. undocumented
 there’s no question that your credit union will have          - lower and upper income
 to do some research if it’s going to successfully             - first generation vs. second generation
 target the Hispanic market. Flying by the seat of             - media preferences
 your pants will get you some results, to be sure,             - ethnographic research
 but not necessarily the best results possible.             2. Recognize that documented does not
 Remember this advice: Anything worth doing is                 necessarily imply upper income, nor does
 worth doing well.                                             undocumented mean the reverse.
                                                            3. Focus on local population data rather than
    There are any number of places to find informa-            the census, which tends to underestimate
 tion about the Hispanic market, including CUNA’s              undocumented immigrants. Study population
 Hispanic Resource Center (cuna.org/initiatives/               projections.
 hispanic/index.html), your state league, and credit


                                                   HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-1
                                                                                                                                                         Market Research
                                                                                                                                                         Analysis Matrix
                                                                    Instructions:
                                                                    Complete the matrix based on the focus/survey questions asked. This document will be used as an analysis tool to determine what market seg-
                                                                    ment your credit union will choose to serve. You want to focus on the largest segments first and foremost.


                                                                               Question asked                     *Generation             Answer from          Answer from       Answer from        Answer from     Answer from “not
                                                                                                                   (First =1st,         documented and       documented and   undocumented and   undocumented and   defined” individual
                                                                                                                 second = 2nd,           lower-income         upper-income      lower-income       upper-income
                                                                                                                  third = 3rd)             individual           individual        individual         individual




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS
                                                                   * First generation= recent immigrant/Spanish speaking only
                                                                     Second generation= speaks English & Spanish, but prefers Spanish
                                                                     Third generation= fully assimilated to U.S. culture




3-2
The Following Pages Are
Credit Union Samples




                   HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-3
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-4
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-5
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-6
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-7
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-8
                                                       Neighborhood CU - TX
as of 2004




             HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-9
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-10
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-11
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-12
                                                                           Neighborhood CU - TX




—Conculsions (about bilingual material)

• Need all or nothing approach.
• Other than letterhead, envelopes and business cards, all printed material
  needs to be bilingual (if this strategy is adopted).
• All brochures need to be one piece (1⁄2 English; 1⁄2 Spanish)
• All applications and disclosures need to be in English and Spanish (examples,
  = membership application, loan application, etc.).


                                 HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-13
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-14
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-15
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-16
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-17
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-18
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-19
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-20
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-21
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-22
                                          Neighborhood CU - TX




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-23
                                            Hawthorne CU - IL




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-24
                                             Hawthorne CU - IL




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-25
                                             Hawthorne CU - IL




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-26
                                             Hawthorne CU - IL




HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-27
                                                                           Hawthorne CU - IL




Hispanic Households by city




                              HISPANIC QUICK-START KIT: A STEP-BY-STEP GUIDE FOR CREDIT UNIONS   3-28

								
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