Is it time for an NPS Tune-up?
Implementing NPS is easy. Implementing it effectively is not. If you’re thinking about pursuing an NPS strategy at your Credit Union, or even if you already have, here are some common mistakes to avoid, and some great tips to help fine-tune your approach:
Mistake #1: Too Many Questions
We have seen this one: A client thinks “Since I’m sending out a survey, I might as well ask for all the information we could possibly want.” Seems logical, but there’s an important factor at play here that isn’t immediately obvious. The more questions you ask, the fewer responses you’ll receive. The survey drop off rate goes up for every question you ask, which means you want to make sure the value of the data you are collecting is worth losing a certain number of responses. Puts the number of questions in a whole new light, doesn’t it?
Also, if you are asking the NPS question, there are ways to infer some of the other answers you may be seeking anyway. You don’t have to ask about satisfaction if you know how to read your NPS results.
Mistake #2: Bribery
Trying to get more responses by offering some prize or bonus item is a logical way to get more people to complete your survey. It works, too. The problem is, the answers are tainted, so the data you get back is less useful. Two main factors make this no-no a real loser:
- People who want the prize will fill out the survey with no regard to their answers. They just want to get to the “submit” button to get their chance to claim the prize.
- Others will give glowing scores and comments in a (hopefully) futile attempt to curry favor and “win” the prize. Again, not what you are looking for in terms of quality feedback.
Mistake #3: Survey Everyone at once
If some NPS scores are good then a whole bunch is better right? Not exactly.
The problem with this approach is that you end up with a whole bunch of data providing you a snapshot in time, but no data for a long time after, because you’ve already surveyed everyone. Then, another snapshot a year (or six months) later. Think of it as trying to watch a basketball game by seeing one still photo from each quarter of the game. You would have no idea what was happening. The snapshot is not nearly as useful as a picture of score movement over time as you monitor your business.
Tip #1: Switch to Mobile-friendly Subject Lines
Short subject lines that grab the reader’s attention are very important for response rates. In 2014, the percentage of emails opened on mobile devices surpassed PC’s for the first time. There’s no going back now. Your invitation email is more likely to be opened on a phone than a computer. Write accordingly.
Good: How was Summit Branch today?
Short, plus using the name of the branch that they visited is a great way to grab their attention.
Bad: Please give us your honest feedback about your recent visit to our Summit Branch
Seriously, I almost fell asleep writing that one.
Tip#2: Always Finish with Gratitude (and follow up, too!)
People are busy. Your member just took time out of their day to provide you some very valuable information to help your business grow. Go ahead and thank them. Sincerely. As I mentioned before, incentives are a no-no, but a bit of buttering up can definitely make the member feel appreciated for finishing the thing.
Also, if they are a promoter (score 8-10) you should really ask them to consider posting a quick note on your social media. Provide a link to make it easy.
If they are a detractor, have follow-up tools and policies in place to reach out and attempt to rectify any issues. Even if you don’t necessarily give them everything they want, your members will appreciate the effort.