Market Research at a Fraction of the Cost

The President and CEO of Garden Savings Federal Credit Union (FCU), Mike Powers, sits on both the CrossState Credit Union Foundation Board and the Advisory Board for Seton Hall University’s Market Research Center (MRC). Some years back, Garden Savings FCU partnered with the MRC, and the results were eye opening.

“For about 10% of the costs that we would normally expect for market research, we obtained the same detailed, tangible insights and deliverables from the Seton Hall students,” said Powers. “The market research we obtained inspired us to change our logo, our brand, and even our organization’s color schemes. If others in our industry have been looking to gain insight into their members or even nonmembers in their surrounding areas but have been scared off by the $25–$30k price tag often associated with market research, this is a fantastic alternative that produces real data that credit unions can benefit from.”

Located in South Orange, NJ, the MRC conducts market research and business consulting projects with a variety of clients. Past partnerships in the financial services sector include not only credit unions but also banks, a wealth management firm, and a fintech app. They have successfully completed over 430 projects with 200+ businesses.

Each semester, the MRC selects 14-16 organizations to partner with. Businesses are then paired with dedicated student teams to work on a semester-long project to address specific challenges such as customer satisfaction, client acquisition, awareness, messaging, and pain points. The results are win-win—students get great hands-on learning, and clients get insights and actionable recommendations at a fraction of the commercial cost. 

Note that clients do not need to be local as most of the projects can be conducted remotely.

Want to learn more or to discuss in more detail? Visit the MRC website!

Mike Powers also invites you to contact him for a reference at 973-576-2008 or mpowers@gardensavingsfcu.com.