Market Force Perspectives

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The referendum results taking the United Kingdom out of the European Union has created an atmosphere of uncertainty. Financial markets initially responded unfavorably and analyst assessments of the economic impacts in the short term cover virtually any potential outcome Euromonitor forecast declines in GDP and increases in both unemployment and inflation. (See http://blog.euromonitor.com/2016/06/the-brexit-vote-is-in-what-next-for-the-uk-leave.html). In stark contrast are predictions that...
On June 21 and 22, Market Force participated in the Forrester Customer Experience (CX) conference in New York City. A report by Markets and Markets estimates that this space is due to grow to $8 billion by 2020, and certainly the level of commitment and investment by presenters validates that trajectory. I found the conference very valuable and walked away with a few key points that I’ll share with you. All of these points are framed by a keen focus by the world’s largest companies in...
Mystery shopping is an extremely important tool to have in your customer experience management toolbox. Why? Because it measures each location’s adherence to brand standards. Brands invest six or seven figures in their merchandising strategies and planograms, sales associate training, line management protocols, and healthy and safety regulations. Those investments are wasted if teams don’t adhere to them.Mystery shopping is an objective, standardized method for measuring operational...
These days, virtually every company has developed a mobile app—and consumers have responded well. In Market Force’s industry panel research, we ask consumers to tell us about how they use mobile apps—and which apps they’ve downloaded and how they use them. Consumers check gas prices, comparison shop for groceries and check to make sure merchandise is available.So how can multi-location brands use apps to collect customer experience data? How can they get information...
Have you been measuring the same things in your customer experience surveys for the past three years? Has your mystery shopping program been in place with little change? Has it been 6 months or more since your team met to clearly assess your measurement program—including spend and ROI? If so, it’s time to step back and do a clear-eyed evaluation.Too often, measurement systems are left running untouched for months or years. That’s a mistake. The market is dynamic,...
Smartphones. Ubiquitous, necessary, entertaining, and the way we connect to our world. Behind those smartphones are our wireless carriers who provide the infrastructure that allow us to make calls, download data, watch videos, play games, and read the news. So what kind of customer experience do the wireless carriers provide—and what do we love and hate about them?Market Force has just released the results of its CX competitive benchmarks for wireless carriers in both...
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...
Multi-unit businesses strive to gain a better understanding of what truly happens across their expansive network of locations. Being in-tune with the nuances at the location level can be the difference between the success or failure of a brand.  Each location and each shift will either help or hurt in your quest for market dominance. To intimately understand performance we need answers to important questions. Questions like: Are staff interacting with customers? Are we managing queue...
In 2016, IBIS World predicts the US convenience store and gas station market will generate over $324 billion in sales, with slow growth of 4.1% over the next 5 years. The softened economy, cars that use fuel more efficiently, and steep drops in crude oil prices all conspire to slow down growth in this industry. This makes it all the more important that petro convenience retailers couple competitive fuel prices with superior c-store merchandise and great customer experiences.  So...
Consumers expect us to be united and omni-present in understanding their experiences. That’s a tall order when feedback can come from so many different touchpoints. How can you listen and respond effectively to consumer feedback, especially to those negative comments that can hurt your brand or lose loyal customers? Here are a few tips to get you started: Make sure you listen across a wide variety of touch points, such as your inbound phone calls (into head office or call center), emails,...

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