Managers who neglect to ask the right questions, may never find the answers they need to gain the competitive edge they seek. For 3Rivers Federal Credit Union, which service individuals and small businesses in the Northeast Indiana and Northwest Ohio area, gathering feedback from their customers brought much-needed insight into why business was decreasing and customer acquisition rates were stagnating.

Situation

3Rivers knows two vital factors about its customers: currently their average customer is 48 years old; but the younger demographic (18–34 years old) represents the long-term future of its business. However, the recession brought a drop in deposits and in its loan business, as well as a flat customer acquisition rate within the younger set. Management needed to know the reasons behind the changes, especially among the 18–34 year olds, and what they could do to reverse the trend. "Generating feedback from this group became a major priority," says Steve Levendoski, loan product manager at 3Rivers. "3Rivers also wanted to increase customer engagement levels and be more visible in the community."