Market Force Perspectives

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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,...

Hospitality Industry: The Inside Scoop

The hospitality industry is growing. IBISWorld reports: “While the Hotels and Motels industry is highly susceptible to changes in the global economic environment, the industry has experienced robust growth over the five years to 2016. Thanks to increases in travel spending, corporate profit and consumer spending, industry revenue has grown every year since 2011, as the economy improved and domestic and international travel rates increased. As a result, the Hotels and Motels...

It Takes Two; a Customer Experience Measurement Strategy

World class multi-location brands leverage several measures to understand individual store performance. This is true across numerous industries, from restaurants to supermarkets to petro and convenience retailers to drug stores to department stores to hotels to banking and financial services organizations. However, not all stores are created equally. There are many factors that go into measuring how an individual location delivers on the brand promise. Financial metrics are...

Blended Index: How to Create a CX Single Metric

The use of blended indices is quickly becoming a best practice as companies attempt to connect the dots across many sources of data being collected for their organizations. No single measurement tells the whole story—and that’s particularly true of multi-location businesses. Why? Because locations are looking at operational excellence metrics, satisfaction and loyalty metrics, as well as financial metrics to understand how they perform. And how they perform needs to be within...

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