Initial Assumptions
One of the leading players in the Polish loans market entrusted our team with conducting a competitive analysis of this market. The primary goal of this research project was to acquire crucial information about the loan application process in various entities. Additionally, the thematic scope of the study included an analysis of how individual companies communicated with customers at the initial stage of the loan "life cycle" (emails, SMS, phone calls).
Implementation
We conducted the study using the qualitative research technique known as the Mystery Shopping method. While Mystery Shopping is commonly used to verify compliance with customer service standards, this method also proves effective in competitive analysis of a given market.
The research project for our client included a total of 26 measurements, covering 15 different entities offering loans both online and offline. Brokerage firms were also included in the group of entities examined. All measurements carried out by specially trained auditors were based on electronic diary techniques. Entries in the diary were made after each day in which any contact between the mystery shopper and the loan company took place. Telephone conversations were accurately reported, while emails, documents, and SMS messages were copied into the diary in their original form or added as attachments. All diaries were kept electronically on a special research platform prepared by our specialists.
Results
The final product of the study was a research report accompanied by a in-depth analysis of the data collected during the measurements by our mystery shoppers. Through the implementation of the study, the client gained significant information about the existing competition in the market. The material gathered by the auditors allowed an understanding of the stages of applying for a loan in the examined entities, including the timing and form of contact from the company and the conditions of the proposed loan. Mystery shoppers also checked the option of suspending loan repayment, including the costs/conditions of such an option, communication, and the time of contact from the lender. Additionally, our client received an answer to the question "How does the process of canceling the agreement proceed?" among its competitors. In particular, information was obtained regarding contact with the lender when the borrower wanted to cancel the agreement.
