Market Force Perspectives

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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...
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....
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,...
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...
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...
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...
Our clients often ask us how other companies incent their employees to deliver exceptional customer experiences. Practices range widely and tend to group into three major categories. Let’s take a look at those categories and why they are used: Appreciation through badges, certificates, pins, etc. That “badge of honor” really matters to the front line. A certificate acknowledging superior performance, signed by an executive, makes an indelible mark on employees. They are proud...
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...
Many companies have invested in camera and beacon technology to track customers within brand locations. That data is very rich. How can you make sense of the plethora of information? We recommend tying behavioral data from these sensors to the subjective data supplied by customers.For example, a Market Force partner uses sensor data to track cars and people at a gas station and convenience store. Data includes unique visitors, first time visitors, dwell time at certain...
When was the last time you took a walk in your customer’s shoes and experienced your brand from their perspective? Having a clear understanding of their priorities and how those priorities connect to your bottom line is extremely important.The reality is, our knowledge of the customer experience, customer expectations, and our ability to deliver against their needs, is in constant flux. If we get complacent we may find that our focus, metrics, and the systems we use to manage...

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