Competitive Analysis on Competing Brokerage Services?
Confero was approached to provide head to head competitive shop analysis for a brokerage services firm. A national online brokerage firm was interested in comparing their customer service to their competitor’s service levels. In particular, they wanted to compare their telephone hold times, account servicing and selling skills with a specific group of their competitors.
When competitive customer experience research is done, it involves mystery shoppers using essentially the same evaluation – both your business and your competitor’s businesses to compare results. Often, this reveals both of your company’s strengths and opportunities. Then, you can capitalize on your strengths to improve customer service offered. Additionally, it indicates where to work to maximize changes to training or incentive programs for employees, product offerings, adjusting store hours, etc. to appeal to more customers.
The client had specific criteria to apply consistently to all firms in the study. This allowed for the appropriate cross businesses comparisons could be made.
Confero Designs Confidential Mystery Shop Program
Additionally, the client wanted the study to be strictly confidential. In fact, so confidential that shoppers would not know which company had commissioned the study.Confero designed the study in such a way that shoppers did not know which firm was being shopped.
Mystery Shoppers Make an Immediate Impact
In just the first phase of the program, mystery shoppers made discovered important short comings in the firm’s marketing. Immediately after the shop began, Confero shopper reports indicated significant factors that inhibited their ability to complete the shops. In particular, the client’s target customers had difficulty locating the business. Ranging from locating the client’s website to their brick and mortar locations and their contact information.
Competitive analysis on competing brokerage services immediately paid off with improving the original business! Confero’s mystery shop program made an immediate impact on this firm’s marketing program. Customer frustration was reduced to improve customer satisfaction.
Learn more about Confero’s competitive business analysis abilities in this blog.
