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.