Answer:
Properly done, Customer Satisfaction Surveys can be very helpful in improving revenues, customer retention and gaining proprietary insights into competitors. The key is in how they are done.
A good survey, done once a year, should be adequate.
As to number of questions, 5 - 8 or so is best. Most of these should be multiple choice, but a couple of 'open-ended" ones is good.
The most important point to remember is that this survey should be done by an outside professional survey firm. Bank employees aren't good and sending written forms to customers will generate virtually all positive statements, even if the customer has negatives to say. Customers will give a stranger on the phone more candid remarks than any written survey. The extra cost to having an outsider doing this is money well spent.
First published on BankersOnline.com 3/5/01
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