Social media strategies now require a large percentage of our marketing budgets. In fact, Forrester research forecasts that US social media spending will increase dramatically in the next five years, from $13 billion in 2016 to $30 billion in 2021 with a growth rate of 16.9%. In Europe, growth is projected at 18.4%, from $7.4 billion in 2016 to $17.3 billion in 2016 (US dollars). And advertising is only one component of social media dollars spent by big brands. We divide that spend into three separate categories:

Responding to CX commentary. Customers post their customer experience comments to both corporate and site level Facebook and Twitter pages. Brands have built strategies for managing those comments, focusing on taking negative commentary offline and recovering unhappy customers. Positive commentary can be used to uplift and motivate employees. Direct recognition for great work can immediately impact morale!

Managing third party reviews. Reviews posted to Yelp, Trip Advisor and other third party sites have become increasingly important. For example, understanding sentiment, categories of commentary, and trends—and comparing that information to key competitors—form the very basics of what your brand needs to be watching. Also, in the restaurant industry more than 67 percent of customers take online reviews into consideration when making a purchasing decision (as published by Modern Restaurant Management). In Market Force’s research, we clearly see the influence of sites like Pinterest for fashion and even comparative pricing apps like GasBuddy for gas.  

Creating engagement and innovation through advertising. We love it when brands use social media to innovate. Flynn Decker, CMO for Wingstop, gave a great interview to Loyalty 360 (https://loyalty360.org/content-gallery/daily-news/wingstop-carries-its-innovative-spirit-through-dig) about how Wingstop is using social media and CX data to engage with customers. Wingstop has aligned its CX strategy to match the heavy use of online ordering, recognition of the importance of mobility, and the first-of-its-kind social auction series on Periscope “THUMP by Wingstop.” Users bid on prizes by tapping the Periscope heart button. 

As you think about your own budget for social media, divide it into those things that will a) create and drive revenue, like engaging your customer base through advertising, b) those that will help you mitigate risk, like taking negative conversations offline, and c) those that will help you drive down costs, like using commentary and third party reviews to help your teams perform better. Every dollar you spend can be leveraged to drive your business. 

 

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As Chief Strategy Officer, Cheryl aligns Market Force's strategic direction with our clients' strategic objectives. She oversees the North American client base, Analytics and Insights, Winnipeg Operations and Marketing. She has a Ph.D. in social psychology and broad business experience in both private and public companies.​

 

So much has been written about the importance of employee engagement that it almost seems foolish to spend time talking about it. But if we are creating environments that created happy, productive employees, why do organizations like Gallup report that only about one third of employees report being “engaged” in their work?

The reality of what employees actually think about your brand, their job, and your customers needs to be measured. Why? Because literally hundreds of research studies, including those from Market Force, show that engaged employees create more revenue, lower costs, and create more loyal customers. In one study by Market Force, we found that a 30% difference in absentee rate and a 19% difference in retention between locations with high vs. low employee engagement.

Employee engagement is a vital part of your customer experience management strategy. So how should you measure employee engagement? You will need to assess satisfaction and engagement in two core areas: Engagement and Enablement. Consider the following in each core area: 

  • Engagement. Do your employees love your brand? Do they understand your mission? Do they personally believe that the brand and the location they work in serves customers well? Do they believe that their job matters to the business and that they do their job well? Do they believe they can grow and learn?
  • Enablement. Do your employees have the tools and training they need to do their jobs? Do they receive regular feedback about their performance? Do they understand corporate policies and how to follow them? Do they have a reasonable workload and are able to balance?

In restaurant and retail, employees come and go. You may think the revolving door is inevitable. It’s not. By getting a clear picture of what employees need in these two core areas, and then having the fortitude to act on what you learn, your brand will thrive and be the place where the best want to work. 

As Chief Strategy Officer, Cheryl aligns Market Force's strategic direction with our clients' strategic objectives. She oversees the North American client base, Analytics and Insights, Winnipeg Operations and Marketing. She has a Ph.D. in social psychology and broad business experience in both private and public companies.

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To discuss your needs for improving performance for your multi-location brand, give us a call. We’d be happy to discuss best practices for measuring the customer experience and compliance to brand standards, using analytics to understand what matters most and the ROI for change, and technology solutions that integrate large quantities of data on one single platform. We look forward to a great discussion!

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