Member Loyalty Group’s credit union industry loyalty benchmark hit an all-time high in Q1 2017. According to the CUSO’s exclusive quarterly report, the Credit Union Industry Average Relationship NPS© was 61.33 compared with banks’ overall average of 35, according to the 2016 Satmetrix report. As you can see in the chart below, the first quarter […]
Have you ever wondered what the ROI is of your credit union’s Member Experience Program? Or, if there is a link between major investments in member experience and financial results? Having collected over 3 million member surveys in the past 8 years for more than 100 credit unions, Member Loyalty Group has gained some insights […]
By Michelle Bloedorn, CEO of Member Loyalty Group This blog was originally published on membersdevelopment.com Almost every day I read about a new, “perfect” measure that will be the “North Star” to use toward understanding our members—to make them happy, loyal, and profitable. You may have heard of some of these: satisfaction, net promoter, member […]
By Michelle Bloedorn, CEO of Member Loyalty Group People often ask us what really drives member loyalty. After collecting 3 million member feedback surveys on behalf of our participating credit unions, we’ve learned that there are three key factors that help drive loyalty. As you can see in the chart below, the three key drivers […]
Every year at planning time, we receive numerous phone calls from participants and non-participants with questions about setting goals for their Member Experience Program and Loyalty or Net Promoter Score.
As of 1st quarter 2016 data, the Credit Union Industry Average Relationship NPS© improved slightly to 60.85 compared with banks’ overall average of 35, according to the 2015 Satmetrix report.
Data shows that credit unions with true member loyalty enjoy higher net income, lower costs and faster growth than credit unions with less loyal, engaged members.
In customer experience programs that utilize the Net Promoter methodology, this process of following up with detractors, or customers who indicate they are not likely to recommend a company, is no exception
“The nicest thing about standards is that there are so many of them to choose from”