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By Member Loyalty Group LLC
With strategic planning for 2014 in full swing, finalizing organization-wide and department-level goals is on nearly every credit union executive’s mind. Each year, Member Loyalty Group receives a great wave of phone calls from credit unions with questions about setting goals for their Net Promoter/Voice of the Member program.
Having collected almost 1.5 million member surveys in the past five years for over 40 credit unions, we have gained some insights about Net Promoter score movement and the things that can influence it. Industry leaders can use these key finding to set attainable goals while continuing their drive toward providing the ultimate in service excellence and member experience.
Below are three ideas to keep in mind when setting your goals for 2014:
Big Changes Have A Big Influence On Scores
As you set your 2014 targets, keep in mind that even the best performing credit unions have also seen score decreases. Big changes — even if they are positive ones — can and do negatively affect scores in the short term.
Large changes like mergers, new home-banking platforms, and product or fee changes often cause scores to decrease for a period. Afterwards, if the change is ultimately positive, scores rebound and then rise after a few quarters.
It is strongly recommended that credit unions be realistic about loyalty/service measurement goal setting when large changes are on the horizon. Such institutions may want to seriously consider setting a goal which maintains their score level or even factor in a temporary decrease at those times.
It is recommended that credit unions use a relationship score to set an overall organizational goal for Net Promoter. Depending on the methodology they’ve been using and the current score, institutions may want to set more conservative goals until there is historical data available on which to base future goals.
Finally, credit unions should recognize that any survey or sampling methodology changes may require a review and update of their goals once a solid base sample is collected.
Want more information on the average score increases our participating credit unions have seen on an annual basis? Download our full “2014 Goal Setting Guide” here. You can also find more information on Member Loyalty Group’s data collection methodology online at www.memberloyaltygroup.com or by contacting us at firstname.lastname@example.org.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
September 23, 2013
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