Although there isn't a single, universal strategy for service innovation in prop firms, these are

some typical steps that these businesses might take:

Finding client demands is the first step that prop businesses must take. Their target consumers
may be traders, investors, or other market players. To do this, one must comprehend both the
problems and obstacles that clients confront as well as their aims and purposes.
Prop businesses may come up with concepts for brand-new services or enhancements to
already-existing ones based on client demands. This might be consumer feedback, market
research, or brainstorming meetings.
Concept development: After certain ideas have been created, prop companies may hone and
expand on them to provide more in-depth service offers. This might entail making prototypes,
doing research on viability, or making business plans.
Prop companies must test and confirm the concept with possible consumers before
introducing a new service. This might entail focus groups, beta testing, or other kinds of
market research.
Launch and implementation: Following a new service's validation, prop businesses are able to
launch and put it into action. This might entail creating marketing campaigns, hiring new
employees, or forming alliances with other businesses or suppliers.
Finally, to maintain their relevance and fulfil the changing demands of their clients, prop
businesses must always evaluate and enhance their services. This might entail getting
customer input, doing market research, or investing in new tools or talents.
A technique for visualizing the customer experience and pinpointing service improvement
opportunities is the service blueprint. Here is an illustration of a service plan for a prop
company:
Physical proof: The trading floor, computer systems, trading terminals, and other physical
infrastructure might all be considered to be physical evidence for a prop business.
Front-stage activities: The trader's interactions with the trading platform and other
technology, as well as the support services offered by the personnel of the business, may be
considered front-stage actions for a prop firm.
Researching, analysing, and developing trading methods, as well as keeping an eye on and
managing the business's money and risk, are some of the backstage activities for a prop firm.
Support procedures: A prop firm's support procedures may involve the creation of trading
systems and technology as well as the hiring, induction, and supervision of traders.
Customer actions: For a prop business, a customer action can include opening a trading
account, choosing a trading strategy, or placing a trade.
engagements: The trader's engagements with the prop firm's personnel may involve speaking
with them and giving them feedback and encouragement.
Service outcomes: For a prop business, these can include the success of trades in terms of
profitability, the accomplishment of trading objectives, and client happiness.
A business firm may better understand the customer experience and find opportunities to
enhance its services, procedures, and technology by employing a service blueprint.
The various elements that go into a customer's evaluation of a service's quality are known as
its dimensions. The following are some potential service quality criteria for a prop company:
Customers want a prop business to be dependable in controlling risk and completing trades.
This implies that traders should be able to rely on the firm's money and assistance, and that
the firm's trading processes should be precise and effective.
Customers admire a prop company's responsiveness to their demands and worries. This
implies that the company must be able to offer prompt assistance and communication, as well
as the flexibility to modify its offerings in response to shifting client demands.
Competence: Clients anticipate that a prop business would be knowledgeable about the
markets it serves. As a result, the traders and employees of the company need to be aware and
proficient in risk management, market research, and trading methods.
Customers may also appreciate a prop firm's service in terms of its tangible components, like
as the calibre of its trading platforms and other technology and the actual setting of the
trading floor.
Customers may be grateful to a prop company that demonstrates empathy for their demands
and worries. This calls on the workforce of the business to be able to comprehend and address
the feelings and viewpoints of its clients.
Assurance: Customers would favor a prop company that guarantees the security of their
transactions and investments. This means that the company must be open and honest about its
operations and should be able to clearly explain its risk management policies.
A prop business may improve the client experience and establish a reputation for excellence
in its markets by concentrating on these service quality factors.
The multiple touchpoints between a consumer and a service provider, from the first contact to
the final result, are mapped out in a model called a service encounter cascade. Here is an
illustration of a cascade of service interactions for a prop company:
Pre-contact: This phase involves all the actions taken prior to the client contacting the prop
company, such as market research, advertising, and marketing.
Initial contact: This phase comprises the customer's initial communication with the prop
company, such as an email, phone call, or website visit.
Service delivery: This stage includes the delivery of the prop firm's services, such as the
execution of trades and the provision of support and advice.
Customer feedback: The customer's feedback and assessment of the services provided by the
prop firm are included at this stage and can be shared via surveys, reviews, or direct
conversations with the firm's employees.
Service recovery: This phase involves any steps the prop company takes to remedy any
concerns or grievances voiced by the client. This can entail providing pay or making changes
to raise the caliber of its services.
Post-service: This phase covers all post-service follow-up tasks, such as continuous customer
support, account management, and contact with the client.
A prop company may discover the many touchpoints with its consumers and develop plans to
enhance the customer experience at each level by comprehending the service interaction
cascade. This might aid the business in forging closer ties with its clients and enhancing its
standing in the industry.
A service guarantee is a commitment made by a service provider to its clients to offer a
certain quality of service or to produce specified results. Listed below are some potential
components of a service warranty for a prop company:
Trading performance: Based on past performance or other standards, a prop business could
promise that its traders would reach a specific level of profitability or return on investment.
Risk management: A prop firm might offer a guarantee that its risk management systems will
protect its customers' capital from losses beyond a certain threshold.
Support and advice: A prop firm might offer a guarantee that its staff will provide timely and
effective support and advice to its customers, based on the customers' needs and goals.
Technology and infrastructure: A prop firm might offer a guarantee that its trading platforms
and other technologies will be reliable and efficient, with minimal downtime or disruptions.
Account management: A prop firm might offer a guarantee that its account management
services will be transparent and efficient, with clear reporting and communication to
customers.
A service guarantee can help a prop firm to differentiate itself from its competitors and build
trust with its customers. However, it is important for the firm to be realistic and transparent
about the terms and limitations of its guarantee, and to have clear procedures in place for
resolving any disputes that arise.
Service recovery is the process of addressing and resolving customer complaints and issues
that arise during the delivery of a service. Here are some possible service recovery strategies
for a prop firm:
Listen to the customer: When a customer raises a complaint or issue, it is important for the
prop firm to listen carefully and empathetically to their concerns. This can help to defuse any
negative emotions and demonstrate that the firm values its customers.
Apologize and take responsibility: If the prop firm is at fault for the issue or if the customer is
dissatisfied with the service, it is important to apologize and take responsibility for the
situation. This can help to rebuild trust and show that the firm is committed to resolving the
issue.
Resolve the issue promptly: The prop business should respond immediately to address the
problem and lessen any negative effects on the client's trading or investing activity once it has
been recognized and acknowledged. This might entail granting remuneration, changing the
risk tolerance, or providing extra assistance or counsel.
Follow up with the customer: Following the resolution of the issue, it is crucial for the prop
company to get in touch with the client to check on their satisfaction and to address any
unresolved issues or questions. This can strengthen the company's dedication to customer
satisfaction and forge closer ties with the client.
In order to discover any systemic problems that may have contributed to the problem and to
make adjustments to the systems in place, it is crucial that the prop firm analyze and improve
its operations. This will help to avoid future occurrences of the same type of problem. This
might raise the general level of service quality provided by the company and foster a culture
of continual development.
A prop business may establish a reputation for providing exceptional customer service and set
itself apart from its rivals by implementing these service recovery tactics.