Hello stilllearning, walesmaven:
I want to thank you both for your encouragement and for making time to read my rather long post. I have done some typical shops such as:
Restaurants
Movies
Cell Phones
Online Inquiries
Automotive Maintenance
There may be others that I’m forgetting right now. These tasks are pretty straight forward but they do have their drawbacks. Over half of them require an initial investment on our part and some companies take their sweet time reimbursing us for that outlay. If I am completely honest, they are kind of dull. I understand why many shoppers might enjoy these assignments. I mean, you’re going to do these things anyway so you might as well get paid for doing it or at least get it for free. With absolutely no ill intention toward my colleagues who do these shops frequently, you might agree that lots of people can accomplish these regardless of their qualifications. After all, these types of activities are routine for the masses. The only thing you need to do is to pay more attention to the details and produce a well-formulated, objective report. Not to stray too far from topic but it is clear to me that there is a direct and inverse correlation between the number of qualified, available shoppers for any given assignment and the amount paid by the MSC.
So, what types of projects do I consider more challenging? Well, firstly I’ll be real clear that my experience is quite limited. There may be, and probably are many fascinating assignments out there. I will offer two examples shops that I have completed multiple times:
Medicare Advantage Plans.
While I do not meet the age requirements for these meetings, I have posed as somebody shopping for a loved one; in this case, my mother. There are various forms of this type of project; some I have done, others I have not. Informal Events typically held at pharmacies or department stores are ones that I have not personally attended but I have studied them. This is simply a table set up with literature to entice people to browse and possibly ask for information. Formal Events are structured presentations that take place at Skilled Nursing Facilities, Hotels, Restaurants, etc. The agent delivering the presentation is the target for the shop. They last approximately one hour and you have to respond to about 90 questions when you submit your report. I have participated in a couple of these; in fact, I finished one yesterday and I have more scheduled for later this month. Finally, there are Face-to-Face Shops. As the name implies, these are one on one meetings with an Insurance Agent who works on commission and is there to, hopefully, make a sale. I have done this but it is not easy to get some agents to meet with you if you are not shopping for yourself.
Banking and Investment Advisors.
Again, there are numerous scenarios possible here. The typical one I’ve been assigned is that of a new, potential customer for both the Bank as well as for the Investment Company. Characteristically you may have $75,000 in checking, savings and CDs on the banking side. In addition, you would have perhaps a half a million dollars in stocks, mutual funds, maybe a 401K from a former employer, etc. In other words, there are a lot of liquid assets that could be moved into other investments. You would additionally discuss outstanding mortgages on a home or two providing them the opportunity to discuss refinancing options. Your net worth, including real estate, would be in the $1M - $1.5M range under this scenario. Here you have to be on your game and prepare well. You need to know all of the specifics of your situation and be able to discuss them confidently. As with any shop, you are observing and evaluating but it is not so simple because you are being hit with lots of questions so you must be capable of assessing the target’s performance while comfortably providing information of a fictitious nature.
I hope this is the type of information to which you were referring. As I read through this post, I realize that I may have overstayed my welcome. Boy, it’s long! I apologize for that. Lastly stilllearning, I have not done any video shops. It sounds really interesting but I have no equipment to even attempt it. From the reading I’ve done, I gather that the costs for these types of endeavors are quite high.
I extend to you both all of my gratitude!