Market Force Perspectives

Subscribe

Success Metrics for Your CX Strategy

2017 is in full flight. As business leaders, we’ve all committed to objectives and targets ranging from product introductions to revenue growth and cost management. We’ll have balanced scorecards, any number of reporting dashboards, and the ubiquitous spreadsheet telling us whether we’re on track to achieve our goals. But be careful. Many of those metrics are lagging indicators—a rearview mirror into what’s already happened. We need to have leading indicators that help us...

Want to convert more fashion shoppers? Empower your sales associates

Market Force just released the results of its 2017 Fashion Retail Customer Experience study. Consumers rated John Lewis as delivering the best results, followed by House of Fraser, Zara, Next, and Debenhams. Perhaps the most compelling finding in the research was whether consumers were assisted during their shopping. Why does that matter? Conversion rates.We asked consumers to tell us about their most recent experience shopping at their favourite fashion retailer. They rated...

Does your organization have an addiction to growth?

In the January-February 2017 issue of the Harvard Business Review, the article “Curing the Addiction to Growth” presents a provocative idea: companies in all industries eventually see their growth slow. The authors argue that too often, multi-location businesses focus on opening new stores to drive growth—even when doing so can destroy the profitability of their other businesses.Instead of focusing on sales growth, the authors suggest that multi-location businesses should...

Leading Global Research Firm Names Market Force “Breakout Vendor"

As you may have seen in the press, Forrester Research has named Market Force a breakout vendor in their January 2017 report titled “Breakout Vendors: Domain-Specific Insights Service Providers.” The article emphasises the importance of getting access to “data-derived insights” and then acting on them. Forrester calls out Market Force’s innovations in three specific areas: Current offering: Predictive models, data-rich visualisations, decision tools boost CX Scenarios: Location-specific...

How Fit Is Your Customer Experience Program?

According to The Sun, the most popular UK New Year’s resolution is to lose weight—and number five on the list is to become more fit and healthy. The annual cycle of shedding unwanted pounds and getting more fit drives consumers to evaluate health clubs and gyms. In fact, the fitness industry is expected to have a compound annual growth rate of 3.6% from 2016 to 2021.What can health clubs and gyms do attract members—and keep them? Our research with over 1,200 consumers gave...

Slow service and rude staff ‘deterring shoppers from high street’

In a recent study conducted in the UK, Market Force found that bad customer service could be stalling a high street revival, with seven in 10 shoppers vowing never to return to a particular store because of a bad experience. (Read about the study here.)We found that slow service, rude staff and unavailable items are deterring shoppers from the high street amid Brexit-related price hikes and another disappointing Black Friday. In our survey of 3,000 UK adults, seven in ten...

4 Tips for Leveraging Your Audit Data

Almost all multi-location businesses use some form of audit to measure execution against brand standards. Some companies outsource these audits, others use internal staff. Regardless of who collects the data, this rich source of information and its business impact can be overlooked. The impact of a slip in brand standards can have a dramatic impact on your company’s sales and reputation, potentially causing irreversible damage to your brand. Here are four tips for ensuring that you...

On Metrics: Brand Recommendation or Satisfaction with the Experience?

I was recently in a new client’s office discussing the merits of using Net Promoter Score (NPS) or Top Box Overall Satisfaction (OSAT) as the key customer experience metric. That lively discussion highlighted the differences in the two metrics. At Market Force, we think about and use them in very different ways—and it has to do with the exact question being asked.NPS asks “How likely are you to recommend [brand name] to a friend or colleague?” The question focusses on...

3 Areas of Focus When Fighting for Market Share–Casual Dining Industry

UK casual dining restaurants enjoyed a steady growth of about 4.8% from 2012 to 2017. However, that growth is expected to slow to about 2.4% (IBISWorld Reports, 2016 Chain Restaurants report). Why? Because consumers want greater convenience at lower cost—and they also want high quality food. Fast casual brands have stepped into that niche and are taking market share from traditional casual dining brands.Our newest panel research in the casual dining sector corroborates the premium...

Mine the Power of Rich Open-Ended Comments

Open-ended comments from sources such as social media, customer surveys, and your contact centre can provide rich insights for both your brand and its locations. Executives can see and react to the macro-level brand relevant commentary that will help them shape strategy, products, merchandising, customer experiences and pricing. Location-level operators and franchisees can use commentary to drive and focus training, empowering teams to execute both brand and operational...

Pages

We've noticed you might not be visiting the appropriate version of our site. Would you like to: