Benchmark for "Likelihood of Recommending the CU to Others"

By Jon Haller
Director of Market Research
CUNA & Affiliates

Businesses, in general and credit unions, in particular, continue to work to get their arms around the concept of "loyalty." Many of those "in the know" (a group of which I am not a member -- or so my co-workers seem to tell me... constantly) claim that although there are a number of ways to measure it, it all comes down to whether or not your members think highly enough of your credit union to recommend you to their friends, family and co-workers.

A quick look into CUNA Research's Member Survey Benchmarking Database reveals that while credit unions are doing quite well in the "loyalty" arena, there is a bit of room for improvement.

On average, almost 55% of our client credit unions' members say they "definitely would" recommend the credit union to others, while nearly 40% more "probably would" (see figure).

In terms of the high-end benchmark, the credit union recording the strongest performance found that 67% of their members "definitely would" recommend them to friends, family or co-workers. At the opposite end of the spectrum, the lowest figure we've recorded is 44%.

Where does your credit union fall? If you're not sure, now may be the time to conduct your next member survey.

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