One of the best ways any business has of gauging customer loyalty and satisfaction is by sending out surveys. Most surveys deliver a metric called a Net Promoter Score (NPS). So, what can credit unions learn from their NPS?
Although surveys can answer just about any question under the sun, we’ll focus on just one question. That question is, “on a scale from 1–10, how likely are you to recommend our products or services to a friend or colleague?” It’s the classic relationship question, and it measures customer loyalty or satisfaction.
In this blog, when we talk about your credit union’s NPS score, we’ll be referring to your relationship survey NPS.
Understanding Your Relationship NPS Score
After a little standard arithmetic, your NPS score will be a score from -100 to 100. More than likely, your number will be above zero. (If it’s not, you’re in serious trouble.)
(Pro tip: we wrote a little about average NPS scores in the credit union industry.)
One of the first mistakes people make is trying to compare their NPS score to that of another business in a different industry. Don’t! Compare yourself only to businesses in the same industry.
You can imagine, for example, that the NPS scores of chocolateries are much higher than those of prisons. Similarly, your credit union NPS score should compete only against those of other financial institutions.
What Your NPS Score Tells You
On a very base level, your relationship NPS score will tell you only how likely your customers would be to recommend you to someone else. However, when strategically applied, it can tell you much more.
A couple of the basics you can learn from your NPS score include:
- How your members like you compared to the competition
- If you’re performing adequately in your field
- How your branches compare to each other
And, after you’ve already given out one relationship survey, you can learn from the next one (and any thereafter):
- If you’re doing better or worse over time
- If you’re heading in the right direction
When your relationship NPS score really shines is when you have a clear, real-time view of member satisfaction. You get all the above benefits, plus a few more, when you start a drip campaign.
How Drip Campaigns Work
If one big survey to most of your members is a flood, then a drip campaign is exactly what it sounds like. In a drip campaign, you might send out a couple hundred one-question surveys per week. As responses come in, they’ll give you a real-time picture of member sentiment.
Drip campaigns are particularly when your credit union makes major changes. Some examples include:
- Launch a new website
- Change your online or mobile banking
- Tweak your loan application process
- Change your hours
- Add or remove a teller
- Offer a new service
A drip campaign will begin showing the effect of your changes on overall member satisfaction almost immediately. Such information can be critical for understanding how your members feel about your credit union’s new direction.
How Can I Find My Credit Union’s NPS Score?
All you need to find your credit union’s NPS score is a survey platform that can measure member satisfaction. We’ve put together a comparison of three great survey platforms that work for credit unions.
If you’d like to learn more about credit union member surveys or what kind of questions you might ask, follow the links below. Or, if you want to get started making your own surveys, you can request a demo.