Market Force Perspectives

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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 more 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...

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 focuses on...

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

US casual dining restaurants enjoyed a steady growth of about 4.3% from 2011 to 2016. However, that growth is expected to slow to about 2% (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 placed on...

Mine the Power of Rich Open-Ended Comments

Open-ended comments from sources such as social media, customer surveys, and your contact center can provide rich insights for both the 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...

Pushing Sales Above All Else Hurts Your Brand

It’s Q4 2016, and many of us are in the last quarter of our fiscal year. We’re assessing performance against targets, looking how to close gaps, and simultaneously planning for 2017. As executives and stakeholders in the success of our companies, we all want to achieve our goals, reward our teams, and personally benefit from that success. But what happens when we push too hard for revenue and sales—and how do we know what “too hard” means? Two recent personal experiences...

Time to reconsider the Financial Services Customer Journey

According to Deloitte nearly three quarters (72%) of consumers still want to use their local branch to access financial services. This emphasizes the importance of the branch experience on customer loyalty—at least for now. However, our most recent competitive benchmark shows over one in ten banking customers are not satisfied with their relationship with their primary bank. This makes brands vulnerable to losing market share. Overall, 12% of all banking customers are...

What Do Your Employees Think About Their Jobs? Five Tips for Finding Out!

Retailers with brick-and-mortar stores need to differentiate from online channel retailers. What will help create that differentiation? Engaged staff that love their brand, understand the mission statement and are empowered to create great customer experiences.To find out whether your brand has created the culture and environment that engages employees, you’ll need to ask them. But doing that, especially across very large organizations, can present obstacles. Here are five tips we’ve...

Linking CX Investments to Financials: What the Research Says

Brands continue to invest in customer experience—and that investment is validated by independent analysts in the CX space. MarketsandMarkets projects that the CX space will grow from $4 billion in 2014 to $8 billion in 2020.Why do brands continue to invest in CX? Because there is a high ROI.In the recent Market Force webinar featuring Forrester, titled “Show Me The Money”, Forrester profiled companies that they have identified as CX leaders and CX laggards....

Customer Experience Insights: Transforming Big Data into Smart Data

Big Data presents great opportunities for insights into the customer experience, but it is not without its challenges. The problem, of course, is that Big Data, by definition, means that there is increasing volume, velocity and variety of data. That volume and velocity of data often outstrip a company’s ability to utilize it.Over the past decade I have seen brands gather data from various sources (mystery shopping, customer satisfaction surveys, social media,...

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