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MXPromoter
Every MemberView survey includes an MXPromoter score based on the Net Promoter ScoreSM developed by Fred Reichfield of Bain & Company in 2003. Reichfeld’s article, “The One Number You Need to Grow,” published in the Harvard Business Review, describes how the score was positively correlated to customer loyalty.
The score is based on the simple question: “How likely is it that you would recommend our company/product/service to a friend or colleague?”
The scoring for the question is based on a 0 to 10 scale.
Promoters are those who respond with a score of 9 or 10 and are considered loyal enthusiasts. Detractors are those who respond with a score of 0 to 6 – unhappy customers. Scores of 7 and 8 are passives, and they will only count towards the total number of respondents, but not directly affect the formula. NPS® is calculated by subtracting the percentage of customers who are Detractors from the percentage of customers who are Promoters.
The MXPromoter score can be as low as −100 (everybody is a detractor) or as high as +100 (everybody is a promoter). An MXPromoter score that is positive (i.e., higher than zero) is felt to be good. Most credit unions average +50 or higher overall.
MemberView allows credit union to track their MXPromoter score for all member experiences as well as for specific experiences such as lending. The MXPromoter score is also drillable to region and branch and can be viewed by member demographics.
MemberView also includes open-ended follow-up questions to help credit unions discover why members are promoters, passives, or detractors.
Member Effort Scoring
Every MemberView survey includes a Member Effort score based on groundbreaking research from the Customer Contact Council. Their July 2010 article in the Harvard Business Review, “Stop Trying to Delight Your Customers,” showed that ease of doing business trumps customer service as a predictor of customer loyalty.
The researchers asked this single question: “How much effort did you personally have to put forth to handle your request?” of 75,000 B2C and B2B customers over a 3-year period. They found a high correlation between low customer effort and loyalty. Of those who expended low effort, 94% expressed an intention to repurchase, 88% said they would increase spending with the company, and only 1% said they would speak negatively about the company. Conversely, 81% of customers who put forth high effort indicated they would spread negative word-of-mouth about the company. The chart here shows the correlation between customer repurchasing and the Customer Effort Score (CES) as compared to the Net Promoter Score (NPS®) and the Customer Satisfaction Score (CSAT).
MemberView goes beyond simple customer effort scoring, by tracking member expectations for ease of use alongside member actual evaluations of a credit union’s ease of use. MemberView allows credit union to track their Member Effort score for all member experiences as well as for specific experiences such as lending. The Member Effort score is drillable to region and branch and can be viewed by member demographics.
*Net Promoter, Net Promoter Score, and NPS are trademarks of Satmetrix, Bain & Company, and Fred Reichfield.
