Mystery shops show consistency concerns
As part of its larger marketing audit services, On The Mark Strategies performs mystery shops. These primarily entail posing as potential customers or members for clients to investigate how competing banks and credit unions interact with consumers. These mystery shops can also be internal, as we pose as a customer/member off the street that has come into their financial institution to conduct a specific transaction.
The value of these mystery shops cannot be understated. Often, clients are surprised (both positively and negatively) by what mystery shops revealed. A few compelling generalizations can be expressed after reviewing several years of information. The data generalized below represents approximately five credit unions and approximately 25 institutions identified by them as prime competitors to mystery shop.
- Disconnect between perception and performance. Many strategic planning teams come into and marketing audit and mystery shop situation with preconceived notions about the outcome. Typically, results received, both internally and externally, come as a surprise. And while this can come in the form of employees performing beyond expectations, more often than not it is in those that are not living the brand or executing prescribed methods of consumer interaction.
- Outdated and/or inconsistent marketing materials in branch offices. Often existing as islands unto themselves, branches were often found to display older and outdated marketing materials. This includes materials misaligned with existing branding efforts