This post is based on a chapter from our popular e-book “7 Strategic Survey Ideas”. The book contains new, creative ideas and not-so-common best practices for all types of surveys. Think of the book as your key to delivering surveys that will impact the bottom line. Download your copy today.
Don’t Waste Your NPS Efforts
The net promoter score methodology is probably the most widely used survey metric in the United States. But most credit unions who are using it are doing it wrong, and the result of an improperly deployed NPS program can be damaging to the bottom line.
What is NPS?
Designed as a predictor of member loyalty, the NPS question asks a member how likely they are to recommend your credit union to friends or family. They answer with a numeric score on a 0-10 scale. Their answers place your members into three “buckets”:
Detractors aren’t very happy with the products or services, and will more likely be leaving you for greener pastures if the opportunity comes along.
Neutrals are in the middle, not unhappy but not happy either. Their attitude won’t hurt you with negative word of mouth, but only because they don’t talk about you at all.
Promoters are your biggest fans. They are enthusiastic advocates of your products and services and tend to stay members longer—even if you make a mistake with their account. They are the “holy grail” of the NPS methodology.
The “score” of Net Promoter Score is calculated by subtracting the percentage of detractors from the percentage of promoters. The higher your score, the better off your credit union.
The Score Isn’t the End
This is where most credit unions fall short. Focusing on getting the “9 or 10” score, and seeing that as the finish line. Finding out who your promoters are isn’t the entire purpose of asking the NPS question—its only half the battle. Equally (if not more) important is engaging your promoters and creating active ambassadors for your brand.
One way to do this is set up “engagement” teams to respond to members who show up as promoters on their responses. Your survey method should allow you to monitor responses and route them based on their contents. Use a member service specialist (pick someone who is great at their job) to reply to these members with sincere thanks, and occasionally include a small gift of appreciation as well. A free coffee card at a local shop, or a gift certificate to a local business (avoid chains if possible). This strategy will further cement your status as an all-star organization in the member’s mind and give them something to talk about and a reason to recommend you to their friends.
Your survey provider should also allow you to set up automated replies based on the member response. With this strategy, we’ve seen our clients create “promoter engagement” messages that are sent to the member who gave a 9 or 10 score with a fun message like:
Subject: “You Really Like Us!”
Body: “Aww, you shouldn’t have (but we’re glad you did). We think it’s neato that you love us—and we love you too—so how about we tell the world! Here’s a link to our Facebook page, would you consider recommending us or liking our page?”
Both of these options are effective ways to extend the NPS survey to its logical conclusion and get the most out of your program. If you’re interested in a platform that can provide these features and more, contact us for more info.