Surveys are an integral part of any customer or member satisfaction program, and a critical practice for any successful financial institution. It’s the best way to identify areas for improvement and how you can continue to better your customers’ banking experiences. It’s also important for learning what you’re doing right, what your customers or members love about your financial institution, and what makes your bank or credit union stand apart from the rest. I’m sure most financial institutions have a process in place for addressing negative survey responses, but what are you doing with your collected positive responses?

In today’s marketing landscape, social proof is everything. Social proof is validation, and consumers are more likely to trust you if they see others validating and recommending your institution, products, and services.

Don’t miss the opportunity to take advantage of your positive survey responses. So how can you use surveys to boost social proof? Simple.

Ask For a Review

One of the best forms of social proof, and easiest to acquire, is online reviews. According to a study performed by BrightLocal, 93% of consumers use reviews to determine if a local business is good or bad. So, once you’ve filtered out all of your positive survey responses, ask for a review. Instead of just sending a simple thank you email to customers or members who took the time to complete your survey, express your appreciation in hearing their positive experiences. Then, ask if they’d be willing to spread the word. Include links to review your bank or credit union on Google, Facebook, or any other relevant platforms. Incentivize them to participate by offering a gift card or a “chance to win” in exchange for taking the time to leave a positive review. Regularly incorporating this into your survey program is a great and easy way to build up positive online reviews and boost social proof.

Promote Your Refer-a-Friend Program

Word-of-mouth marketing is a term that has become very popular among marketing professionals, and another prime example of social proof. According to a study performed by HubSpot, 90% of people trust suggestions from family and friends. So, now that you’ve identified all of your “brand champions” through your positive survey responses, recruit them to be spokespeople for your financial institution by reminding them of your refer-a-friend program. Offering incentives, such as gift cards, is a good way to entice your customers or members to invite their friends and family members to join your bank or credit union. Using social proof to build referrals will ultimately help you grow your financial institution family.

Core iQ makes surveys simple and allows you to automatically unlock the voice of your customers or members, dive into response data, and take action. Complete the feedback loop at your bank or credit union and contact us today to learn more.