Credit Union Mystery Shopping

 

Business Case for Mystery Shopping

Research has determined the business attribute with the highest correlation to profitability is loyalty. This is particularly true in retail financial services. Member loyalty lowers sales and acquisition costs per member by amortizing these costs across a longer lifetime – leading to some extraordinary financial results. In retail financial services, a small increase in customer loyalty (5%) translates into a 85% increase in profits.

ROI from customer loyalty in retail financial services

There are many elements of our profit-based approach to credit union mystery shopping. Part of our approach is based on our proprietary research linking retail financial sales and service behaviors to purchase intent.

Kinēsis’ credit union mystery shopping program is designed to measure and motivate key behaviors that help to drive branch profitability.

Through our research based on thousands financial service mystery shops, Kinēsis has determined the following sales and service behaviors are highly correlated to purchase intent:

  • Friendly/Smile/Courteous
  • Greeting/Stand to Greet/Acknowledge Wait
  • Interest in Helping/Offer Assistance
  • Discuss Benefits/Solutions
  • Promised Services Get Done
  • Accuracy
  • Professionalism
  • Express Appreciation/Gracious
  • Personalized Comment (i.e., How are you?)
  • Listen Attentively/Undivided Attention

Kinēsis’ credit union mystery shopping program is designed to measure, motivate and drive these key behaviors that influence branch profitability.

 

 

Research has determined the business attribute with the highest correlation to profitability is customer loyalty. Customer loyalty lowers sales and acquisition costs per customer by amortizing these costs across a longer lifetime – leading to some extraordinary financial results. Depending on the industry, a small increase in customer loyalty (5%) translates into a 25% - 85% increase in profits.