In its second annual member satisfaction survey, Catalyst Corporate FCU asked its members, “Would you recommend Catalyst Corporate?” in an effort to measure member loyalty and satisfaction. This question is at the heart of a Net Promoter Score (NPS) assessment, which has become an increasingly popular tool for companies of all sizes, in nearly every type of industry.
“The Net Promoter Score is a much more rigorous measure than a simple member satisfaction rating,” said Kathy Garner, president/CEO of Catalyst Corporate. “We chose this methodology because it seemed appropriate, given that we hold Catalyst Corporate, as a member-owned cooperative, to a higher standard of service.”
Catalyst Corporate’s members gave it a score of 72 percent – a large uptick from its 2012 score of 64 percent. “We were pleasantly surprised by this increase,” said Garner. “Last year’s score was already very high given that any NPS score above 50 percent using this methodology is considered to be excellent.”
The NPS is calculated using a 0-10 scale by subtracting all of the responses of 1-6 (deemed detractors) from the number of responses of 9-10 (promoters). The resulting number is thought to provide an indication of which responders are so happy with the organization that they will proactively recommend it to others. Research suggests that an organization must have a good net promoter score in order to grow, and that any positive number score is a good result.
In May and June, Catalyst Corporate surveyed more than 3,000 credit unions professionals across its membership, which is made up of more than 1,200 capitalizing credit unions. “Through this process we learned that the value proposition Catalyst Corporate provides resonates with its members,” said Garner.
This year’s survey also included the new members from last year’s acquisitions, which increased Catalyst Corporate’s membership base by more than 50 percent – indicating that even the newest members of Catalyst Corporate are pleased with the relationship. Dozens of written comments specifically referenced how much credit unions appreciated the ease of the transition to Catalyst Corporate.
The survey, conducted by third party researchers, also included questions about service offerings, member contact and trust-worthiness, among other issues. “Almost universally, responses were very good, and we will release a more detailed report of the survey findings when we have completed our analysis,” said Garner.
An intense study of the survey results is indicative of how seriously Catalyst Corporate’s management and board of directors take them.
“Member feedback from the survey was central to our strategic planning for 2013, with several benchmarks making it into our organizational goals. That will be the case again for 2014,” said Garner. “Even with great scores, you can always learn more about member needs through tools like the survey, as well as through organized engagement and personal contact. Those needs translate directly into priorities for us.”