If your credit union is curious about or uses Net Promoter Score (NPS) surveys, this guide will show you two key concepts. It will introduce:
- How to better understand your NPS score, and
- How to improve your NPS score.
When it comes to delivering the best member experience possible, simply knowing your score isn’t enough. You have to actually do something about it! Otherwise, what’s the point of surveying your members?
So, let’s dive in.
How Credit Unions Can Improve Their NPS Scores
First, know that there is no one single way to improve your NPS score. Every credit union’s score is arrived at differently—even if their scores are the same.
For example, one credit union might excel in digital services while another has a major community presence. Even if their scores are the same, their different strengths led to that score… and different weaknesses kept them from scoring higher.
Nevertheless, there is precisely one thing your credit union can do to improve its NPS score:
Make a change. Don’t expect your score to improve by simply holding firm and doing nothing. Try to improve something—anything—at your credit union. Then, measure after the change and see the effect.
In fact, you could make changes blindly and may still find the results you want!
How to Better Understand Your Credit Union’s NPS Score
Every credit union is different, so knowing how to improve your NPS score will be tough. You could begin making changes blindly—and might even get the result you want…
But you’ll have better luck improving your NPS if you understand your score first.
Here are a few ways to see where you excel… and where you fall short!
- Competitive/internal analysis. Do your competitors offer something you don’t? Is there something you feel you’re not doing as well as you could? You might look here.
- Read the comments. If your survey platform allows for comments along with the NPS survey, pay close attention to the comments. They will help you pinpoint areas for improvement.
- Strategic planning. During your strategic planning sessions, you may have noticed some themes or trends to address. Or perhaps you’ve planned areas to develop already…
Of the three, only reading the comments will tell you anything definitive about what your NPS score means. However, with good deductive reasoning, (or data), you can get pretty close.
Next Steps for Credit Unions
In Part 4 of The Ultimate Guide to Credit Union NPS, we’ll go over the drawbacks and downsides to using NPS surveys at credit unions.
Subscribe to our blog to stay tuned! Or, if you’d like to explore other survey types—and when to use them—then download our short ebook for getting started with credit union surveys: