It’s the holiday season and everyone has shopping on the mind. But what about shopping your competition - have you shopped them lately?
Touching base with your immediate competition on their advertising, products, access, and customer service is something your financial institution should consistently be doing in order to ensure you are maintaining your competitive advantage.
It may be time to take a look at the competition and see how you stack up in the following areas:
- Advertising: What products/messages are your competition promoting and how does your financial institution stack up?
- Products: Do gaps exist in your competitions’ product lines or within product features?
- Access: What are the features of their websites and is the website interactive and resourceful? Also, what other technologies can customers/members use to interact with the bank/credit union or access their accounts?
- Customer Service: Communicate with your competition in a variety of ways (email, phone, in person, etc.) to see how they stack up. Are there ways that they excel or fall behind?
Competitive research equips you with the information that you’ll need to uncover where your financial institution excels and may lags behind. Once complete, you will better be able to identify your strengths, correct any weaknesses, and capitalize on opportunities!
Happy shopping!
Jamie
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