The results are in! Market Force’s annual QSR survey

The results are in. Each year Market Force conducts a QSR panel survey across multiple categories, looking at which brands are consumer favorites and why. We conduct the survey in both the US and UK, this year surveying 10,477 and 4,565 consumers, respectively. The ranking is not just for overall favorite brands, but the survey delves into each brand’s ranking for factors such as staff friendliness, value, curb appeal, atmosphere and food quality, among others.

The study also looks at which factors are most important to consumers in each category. For example, in the pub category in the UK study, we identified six key factors that gave the biggest lift to satisfaction. Executing on all six factors resulted in an 89% lift in customer satisfaction. Furthermore, those respondents who gave a score of 5 (very satisfied) compared to a score of 4 (satisfied) were 3.6 times more likely to recommend to friends. With 36% of respondents saying new trials were driven by a recommendation by a friend or family member, clearly, executing on the key factors is critical for growing the business and the bottom line.

A theme that we see year after year is that it’s not ok to be just ok in this fiercely competitive sector. With so many choices, QSRs need to get it right to satisfy consumers, keep them coming back for more and referring the restaurant to friends. In the survey we learn what key areas QSRs in each category need to get right to delight the customer.

In this year’s surveys we also look at the influence of mobile apps, paying with digital wallets, loyalty programs, whether guests report dissatisfaction and how, how many respondents are trying new brands, and what drives new trials, among other topics.

You can find highlights of the 2015 results here. Watch for the 2016 results coming soon, or schedule a briefing and we’ll walk you through the 2016 results.

Jay Little is a Director of Strategic Relations at Market Force Information and has over 10 years’ experience working with some of the biggest brands in the UK. He oversees the team of Key Account Managers who will help your business understand the key drivers & insights that will drive the biggest ROI, either in loyalty or financial return.

A softening economy means renewed focus on CX

The World Bank projects a 3.3% growth in GDP for 2016. But the projection for high income countries is lower, with the US at 2.8% and Europe at 1.8%. When the economy softens, businesses typically respond in two ways:

  1. By cutting costs
  2. By seizing the opportunity to gain competitive market share.

The one thing businesses must not do is short-change their focus on customers. 

A 2015 study by Forrester Research shows that companies that deliver excellent customer experience have a high correlation with likelihood to recommend and consider the company for another purchase. They also have a much lower likelihood of switching—key when competitors lower their prices or introduce new offers to lure customers away. What’s really interesting in Forrester’s research is that many companies are putting a renewed focus on customer experience with various indices and ratings skewing higher. Most importantly, Forrester cites research demonstrating the strong relationship between share holder value and actual revenue. 

    Market Force’s research confirms that emphasizing the customer experience impacts loyalty and revenue. Across dozens of statistical models we have built for clients in the restaurant, retail, grocery, wireless, and petro-convenience spaces, we’ve found that high satisfaction rates result in 2x to 12x higher recommendation ratings. In addition, we’ve found that a focus on operational excellence and customer experience has a positive and significant impact on revenue results like YoY same store sales (restaurant), conversion rates (retail), household spend (grocery) and volume of fuel sold (petro-convenience). 

    The strong relationship between CX and financials makes a compelling argument for continuing your investment in customer experience. Continue measuring so you understand how every function and every location delivers to customers. Increase the visibility of those measures, and make sure every employee understands his or her impact on the customer experience and is committed to excellence. Demand action with commitment from managers to addressing issues and improving scores. Model the relationship between CX and financials to show ROI and build the business case for keeping your program intact. Your investment will help your business thrive in a slowing economy. 

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