Unless you’re the first business ever to get an NPS score of 100, there’s always room for improvement. Even if you’re happy with your credit union’s result, there are ways to bring it up. Read on to learn how credit unions can fix an undesirable or downright bad NPS score.
Most credit unions have NPS scores around 50, give or take. However, a score of 50 indicates a lot of room left to grow. But where to start?
Well, if you’re already on the survey train—you’ve discovered your relationship survey score, after all—then it’s time to flesh out your survey strategy. Here are a few steps we suggest to raise your credit union’s NPS score.
1. Set Up a Drip Campaign
When you first start surveying your members, your first question should be the relationship survey question. In this blog, we’re assuming you’ve already done that, and that’s why you’re looking into how to bring that score up.
One of the ways you can improve your credit union’s bad NPS score is to continue asking the same question. This doesn’t mean spam your members with the same question repeatedly! It means you should survey several dozen to a couple hundred members weekly using the relationship survey question.
This steady “drip” of member relationship feedback will keep you apprised in real-time about any changes in member sentiment. Setting up a drip campaign is the best way to see which direction member sentiment is heading.
Your constantly-updated NPS score will reflect any changes you make to your services. You’ll be able to see if the changes you make are having the desired effect.
2. Send out Transaction Surveys
Relationship survey NPS scores can only tell you about broad member sentiment. In order to better understand which services are and aren’t working for your members, you need to ask more detailed questions.
Transaction survey questions can get to the heart of an issue by asking directly about it. If your NPS scores are low, start asking questions related to issues that you think might be responsible.
For example, after seeing a bad NPS score, you might want to ask about convenience-related issues, such as ATM access, ease of mobile banking, or wait times in branches. If you suspect your services aren’t passing muster, ask about the loan application process, loan rates, or account options.
Once you’ve identified which services members are having difficulty with, you can take steps to make them more member-friendly. As you address the issues underlying member sentiment, overall member satisfaction—and consequently your relationship NPS score—will go up.
3. Have Patience
Rome wasn’t built in a day, and neither was your credit union. Similarly, fixes and improvements take time to implement, and then it takes more time till your members can appreciate them.
Another issue regarding “quick” fixes is that your members are a major variable in the equation. It can take a little while for changes to take effect, especially when one of the changes—member sentiment—isn’t something you can control.
However, so long as you’re able to stay in touch with what your members want and need, you put yourself in a better position to serve them. While the gears may turn slowly, they will indeed turn.
Other Strategies
If you can think of other strategies to improve member happiness, then by all means, employ them! The steps above are just what we think of as the easiest, most standard method of improving member relations.
The one thing we recommend against is throwing your hands up in the air and shrugging. If you want to increase your credit union’s NPS score, you have to work for it.
If you’d like to learn more about credit union member survey strategy, follow the links below!
