SAN FRANCISCO (4/22/14)--Businesses that are local and have a personal touch--both key characteristics of credit unions--are favored by consumers when they select a company to do business with, according to a recent survey.
In its April 7 daily survey, the market research firm Ask Your Target Market captured the preferences of consumers and the buy-local trend.
Fifty-six percent of respondents said they pick a small local business vs. a big-box store because they feel it helps the local economy, just like credit unions keep their loans and deposits local (AYTM.com April 8).
The personalized experiences that consumers receive came in at No. 2, with 53% attributing their local shopping habits to the customer-focused touch.
According to eMarketer, a 2013 study by Web.com and Toluna found that 86% considered customer focus and face-to-face interaction to be the top two reasons shoppers preferred small businesses. These "personalized, customer-focused environments" are drawing in consumers, eMarketer noted (April 21).