ConsultinG :: Net promoter*

Do you have a following? Are they promoters?

Truly word-of-mouth is king. Take Hollywood for example. The success of a movie can hinge on the buzz surrounding the opening. Good movie plus passionate fans equals profits. Bad movie plus bad negative opinions shared around the globe equals box office bomb. No amount of marketing can offset a tidal wave of bad word-of-mouth. By the same token, a movie gripped in the hysteria of true fans make advertising and marketing almost irrelevant.

Credit union leaders by and large see the importance and impact of word-of-mouth marketing just as leaders in other industry. “The best advertising,” they say, “is when members sing our praises to friends and family.” The question for many, however, is how best to track, analyze, and understand whether members are active advocates of the brand, or simply passive users of convenient locations, products and services.

Enter Net Promoter*. Net Promoter, a concept first developed by Bain & Company and Fred Reichheld, is a system for determining whether your “customers” are promoters of your brand and service options, or detractors; that is individuals who tear down your brand given the opportunity to discuss their feelings.    

Glatt Consulting, LLC has a new consulting solution that helps credit union leaders effectively adopt Net Promoter, driving improvements in member service and ultimately consistent growth and profitability. This far-reaching consulting program includes:

1. •Immersing senior management in Net Promoter philosophy, terminology, and best practices;
   

2. •Identifying the common economic characteristics of promoter, passive,and detractor membership groups;
   

3. •Developing an enterprise-wide buy-in and implementation plan;
   

4. •Defining the survey and data collection methodologies;
   

5. •Defining the feedback loop process and utilization of data;
   

6. •Setting benchmark goals and response strategies.
   

Since our inception we have been vocal advocates of Net Promoter. In studying the full structure of the program, we are even more firm in our belief that Net Promoter is right for credit unions and will work passionately to get as many credit unions using and tracking Net Promoter as possible,

Contact us today to discuss the program and how it might be put to effective use at your credit union.

More About Net Promoter

1. •Net Promoter is in use at companies around the globe, from multinational behemoths to small community-driven institutions.
   

2. •Net Promoter can be used to complement an existing member survey process or even to replace a survey process.
   

3. •For institutions that do not currently have any means to measure member satisfaction, Net Promoter can serve as the inaugural survey effort.
   

4. •Net Promoter can be maintained in-house, and may not require specialized or expensive data collection tools and processes.
   

* Net Promoter is a registered trademark of Satmetrix Systems, Inc., Bain & Company and Fred Reichheld.