New Competitors Gained with Acquisition – How Compete?
When a bank merger goes through and suddenly there is a whole new region of business there can be new regional challenges, too. Suddenly, there are new unfamiliar banks that may be your competition, right? Where do you start to evaluate what your competitive advantage is? What training challenges do you face? This is when Confero’s head to head competitive mystery shop analysis of bank branches is the answer.
A major US bank needed to determine competitive customer service advantages and deficiencies. Especially true, as it expanded its footprint into new markets. Its recent expansion into new markets was a result of an acquisition. Thus, the bank needed to quickly size up the competitive landscape. Hence, the bank was now competing in new markets against a different unknown competitor banks.
Confero’s Competitive Analysis Mystery Shop Program
Confero developed a mystery shopping and mystery calling program for them. These shops were designed for shoppers to visit and to call the banks. Both our client’s bank’s branches as well as the nearest competitor branch were to be mystery shopped.
This competitive analysis was designed to inquire about services offered. Additionally, Confero sent customers of the bank, and customers of the competitor, into their respective branches to pose an account issue or question to see how service issues were resolved.
Confero’s head to head competitive mystery shop analysis of bank branches results illuminated the competitive situation. Also, it allowed the bank to zero in on specific service behaviors, which would make the most difference in these new markets being served.
Learn more about why you may want to mystery shop your competition in this blog post.
