Your Net Promoter Score can tell you a lot about your credit union’s member experience. But how do you know if your NPS score is good? When should you worry, and when you bust out the bubbly?
With any luck, this article can shed a little light on what NPS scores look like in the credit union industry. Before we get started, you may want to familiarize yourself with relationship and transaction surveys and Net Promoter Scores.
How Do Net Promoter Scores Work?
Here’s a brief rundown: Net Promoter Scores are a standardized metric that measures customer satisfaction in countless industries.
The basic question is this: on a scale from 1 to 10, how likely are you to recommend a brand’s products or services to a friend or colleague? Depending on the score they give, they’re considered Promoters, Passives, or Detractors.
- Promoters give scores of 9 and 10
- Passives give scores of 7 or 8
- Detractors give scores of 6 or less
Your credit union NPS score is determined by subtracting the percentage of Detractor members from the percentage of Promoter members. The resulting number ranges from -100 to 100.
But What’s a Good NPS Score?
Certainly, a Net Promoter Score of 100 is great. However, it’s an unrealistic goal. Nobody gets 100. Similarly, a -100 score would be catastrophically bad. Fortunately, scores anywhere near that low are exceedingly rare.
A good NPS score depends on which industry you’re in. Some major technology and lifestyle brands see scores in the 90s. However, most financial services sit a bit lower at about 45.
Credit unions who have surveyed their members with LiveSurvey see a wide range of NPS scores. At the low end, some credit unions score in the high 30s. At the other end of the spectrum, some credit unions rest in the high 60s.
What Can I Do with My NPS Score?
Credit unions can actually accomplish quite a bit just by asking for member feedback! We’ve seen some credit unions change significantly as a result of credit union member surveys.
(You can read a little about how MAPS Credit Union incorporated member feedback into their branch layout here.)
Another thing that credit unions should remember is that NPS scores change over time. A good credit union member survey strategy is to begin a drip campaign.
Drip campaigns measure member relationships by just a handful of members at a time. Drip campaigns allow credit unions to see member sentiment and experience over time. By keeping a constantly-updating NPS score, credit unions can measure the effect of any changes they make to see if they’re heading in the right 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.
Check out our other great survey related blogs here:
Credit Union Member Survey Ideas
The Three Tenets that Should Shape Your Credit Union Member Surveys