Banking 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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Competitive Intelligence during COVID-19 Pandemic

Competitive Intelligence During COVID-19

Best Practices Identified During COVID-19 Mystery Shopping: Canadian Tire: No delay in ordering / picking up merchandise What happened: L.L.Bean: Making it extremely easy to return clothing What happened: Worst Practices Identified During COVID-19 Mystery Shopping: No Frills: Lack of floor staff results in over-stressed cashiers reacting rudely to customers What happened: Staples: Contact centre not taking calls What happened:

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Market Alert Limited, Mystery Shopping, How to Avoid a Catastrophe

Mystery Shopping: How to Avoid A Catastrophe

  Is your Mystery Shopping program keeping you up at night? Do you need to stave off a Mystery Shop Catastrophe? We’re not talking about fixable mistakes or miscalculations but a real foul-up in your study that cannot be undone. To get that perfect amount of sleep and wake up refreshed, below are 10 mystery shopping guidelines to follow; MYSTERY SHOPPING GUIDELINES 1. SCREEN THE POTENTIAL SUPPLIER RIGOROUSLY Give the same due diligence to hiring your mystery shopping supplier as you do for an accountant or financial planner. Reach out and speak to (not email) clients of the supplier to find out the nature of the shops the supplier provided,… Read More

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Understanding the Impact of “Customer Churn”

Customer churn should be top of mind for all organizations. The importance of a strategically executed customer onboarding program was our last topic. Such a program cements new customer loyalty and commitment. A strong onboarding program also sets the stage for the new customer bringing you more of their business. However, the flip side of converting new customers to long term customers is losing them – customer churn. Customer Churn Definition The measurement commonly used to assess losing customers is called “churn”.  The ratio is determined by dividing the number of new customers who leave your business by the number of new customers you have acquired during the same period.… Read More

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