Helping a high street brand differentiate itself in the Travel Money market

The Challenge

Consumer Intelligence was asked to help a well-known high street brand review its current travel money pricing across its Online, telephone and branch channels and provide an independent assessment of its current Travel Money proposition and how it could differentiate its self from other high street competitors by providing the same competitive rate, irrelevant of whatever sales channel.  Their aim, to provide competitive market rates to all their customers.

The Insight

We approached the request by looking at the ‘experience’ from a consumer’s perspective.

Step 1: Perform mystery shopping across the top 20 high street providers. This was performed over a select number of cities, dates and times to ascertain any rate variants applied by competitors.  

Step 2: Consumer intelligence benchmarked the top 20 high street providers over a set duration. Thousands of records were collated to assist in assessing competitor activity across a set duration.

Step 3: Telephone ‘Mystery Shopping’ to confirm Step 1 and step 2 results.

Step 4: Analysis and report generation, outlining competitor activity and price structure. Developing an independently endorsed massage which can be marketed to customers ensuring they will be treated fairly and equally wherever they live or whatever sales channel they choose to transact through.

The Impact

Provided independently endorsed research supporting its commitment to treat customers fairly.  Helped them understand their competitors activity and how to mitigate potential risks. They now have ongoing monitoring and benchmarking capabilities so they can assess market changes and react accordingly. Developed marketing messages that resonate with customers and independently verified by Consumer Intelligence.

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