Introduction The goal of “Competitive Intelligence Tips and Tools for Canadian Marketing Practitioners” is to help guide you in collecting, analyzing and reporting CI, so that it becomes an efficient process that yields valuable results. The insights provided are based on 35 years experience of providing competitive intelligence support to Canadian corporations, associations and government agencies. Tip: Educate Clients and Stakeholders Frequently there is naivety among requests for competitive intelligence regarding sourcing competitor information and interpreting results. The mindset is “Just ask around and write down your findings . Shouldn’t take that long.” The reality is a far cry from this perception. So you need to make those asking you… Read More
Continue ReadingGIC Rates – How Much Higher Than Their Posted Rates Are Financial Institutions Willing To Offer Customers?
Introduction Given the volatility of the current economy, and the uncertain future actions of the Bank of Canada, more and more investors are seeking safer alternatives to invest their money. Furthermore, while the annual pace of inflation is outpacing the rates being offered by GICs, the guaranteed nature of this investment is appealing for those investors burned by the downturn in the markets this year. No doubt many investors are savvy enough to ask for higher rates than posted. With this in mind, we recently conducted a mystery shop to see how much higher investment advisors financial institutions (FIs) were willing to offer customers than the posted rates. 5 major… Read More
Continue ReadingGrowing your Credit Union’s Member Base? Eight Self-Inflicted Pain Points to be Aware of and Avoid!
Introduction With the trend to mergers and obtaining Federal status, credit unions are intensifying efforts to grow their member base. However, an impediment to this goal is the frustration experienced by some potential members when trying to schedule an appointment. Listed below are 8 examples (i.e., “Pain Points”) underscoring the issue. (Findings are based on shopping 25 credit unions in the past three years.) Pain Point Breakdown Conclusion Making it easy for those potential customers to schedule an appointment by phone should be a “given.” Reducing the incidence of the 8 pain points outlined above will put you are on the right track to achieve this goal.
Continue ReadingTen Tips to Achieve an Outstanding Bank Mystery Shop Report
INTRODUCTION The financial sector (for the purpose of this article covers banks, credit unions, insurance firms, and pay day loan companies) is a very intricate, competitive, and ever-evolving industry. And the extensive use of market research in banking reflects the complexity of this sector. With this in mind, I want to share some practical tips for bank mystery shopping from lessons I’ve learned over the past 35 years. TIPS Recruiting 1. Make sure that some shoppers have previous financial work experience, such as being a financial planner, insurance agent, or mortgage broker. They will be able to provide additional insights based on knowledge gained through work experience. 2. Recruit shoppers… Read More
Continue ReadingCanadian Credit Unions – Best Practices As Seen Through The Eyes Of a Mystery Shopper
Introduction: Credit unions often differentiate themselves from banks as being non-for-profit institutions that offer lower fees, contribute generously to local communities and share profits with their “members” (i.e., customers). These advantages certainly make for appealing messaging. But what about the in-branch experience that often determines how much business a member ends up giving their credit union? No doubt, those branches that surpass customer expectations will generate greater loyalty and business. So what are these best practices we can learn from? To answer this question we completed, over the past 3 years, a series of mystery shops (with our own budget), assessing 25 credit unions. Five Shopper Scenarios Inquiring about joining… Read More
Continue ReadingCapturing Millennial Banking Business: Key Mystery Shop Questions
Introduction: Capturing millennial banking business requires carefully crafted strategies to meet the unique needs these audience has and pressures they face. If current research does not go deep enough to gauge how well your financial institution delivers on meeting millennial banking needs, a mystery shop will help pinpoint critical gaps to address and opportunities to capitalize on. Tip: Come up with 5 to 10 assumptions about millennial banking customers to form a base point for your survey. For example, millennials: Rely on technology (e.g., their bank’s mobile app) to help them carry out their banking activities with minimal fuss. Pursue app-based payments (e.g., PayPal, Venmo, Apple Pay, etc.) as alternatives… Read More
Continue ReadingHow Do Canadian Credit Unions Measure-Up to RBC in Customer On-boarding?
HIGHLIGHTS FROM A THREE-YEAR MYSTERY SHOP Introduction Over the past 3 years we mystery shopped 24 credit unions (on our own initiative) to dig deeper into branch and contact centre staff performance. We looked at appointment scheduling, needs assessment, providing information (e.g. products, services), sales delivery (e.g. encouraging shoppers to join), discussing digital banking services and professionalism (e.g. friendliness, patience, knowledge). We then bench-marked their performance against RBC. What We Found – Among The Credit Unions Overall, three levels of performance: Acting professionally and scheduling an appointment were done well. Providing information and completing a Needs Assessment were mediocre at best. Selling and discussing/promoting digital banking services were poorly… Read More
Continue ReadingHow Much New Business are your Credit Union Branches Turning Away? Ten Mystery Shop Questions to Ask!
Introduction Understandably, credit unions put their best foot forward in creating customer promises. Expressions of expert advice, great service and making the customer’s financial well being the # 1 priority permeate throughout their value propositions: “You can expect expert advice, great service and a full range of financial services.” “Our experts focus on building a trusting relationship with you that leads to your improved financial health. The simple acts of listening and discussing help us help you.” “We’re all about our members—ensuring their financial well-being drives everything we do. And that’s not just something we say on our website, it’s a promise.” Reality Can Be Different While many readers are… Read More
Continue ReadingDigital Experience 101 – Mystery Shop Results – How do Banks Measure Up?
Introduction With the ongoing drive to digital banking, how are banks performing on the basics such as making it easy for customers to apply online for a savings or chequing account? To find out, we shopped the 5 major banks, HSBC and National Bank. Each was rated on 7 assessment points (see table below). Best practices and pain points were also noted. Best Practices/Pain Points Some banks excel by creating compelling sales messages, making applying a fun experience or going the extra step by informing the applicant where the closest branch is for them to go to. Others, on the other hand make applying complicated and unnecessarily time consuming .… Read More
Continue ReadingBanking Mystery Shopping Tip – Choosing the Right Questions for a Financial Advisor Mystery Shop
Introduction Financial institutions, whether banks, credit unions or brokerage firms often (and rightly so) create inspiring statements of what their advisors will do to help clients achieve their financial dreams. RBC’s website, for example, reads, “Our advisors take the time to understand your life’s vision, customizing solutions based on your goals and aspirations.” While Assante’s states, “Assante has an enviable roster of respected, knowledgeable and dedicated advisors who have the expertise to guide their clients through all the complexities their wealth may bring.” These messages no doubt bring new customers to the door. But after that, it’s left to the advisor to succeed (or fail) in closing the sale. And… Read More
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