Market Force Perspectives

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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,...
The competitive grocery space has experienced so many changes in just the last 12 months. Big players like Safeway and Albertson’s have merged. The Whole Foods value proposition has been challenged by consumers who want great food at lower prices. Regional players like Publix have captured market share. And then there’s the big squeeze from mass merchandisers like Walmart and convenience stores like QuickTrip.In this dynamic and competitive landscape, keeping the focus on...
Measurements are the key enablers to drive accountability and effective business and consumer analytics, as well as to help companies grow and strengthen their business performance. When I led a team at McDonald's that was charged with developing and implementing a world-class measurement system that centered on the critical drivers of restaurant performance and customer satisfaction, there were specific key elements/enablers that made it so effective. Let’s take a look at them.1....
We all need food, and consumers have many choices for grocery retailers. Although competition for consumer dollars remains very strong revenue for US grocery retailers and is expected to rise at an average annual rate of 1.7% to $644.0 billion in 2021. As a part of that growth, analysts expect that online grocery sales will grow at an annualized rate of 13.2% to $24.4 billion in 2020 (IBIS WORLD 2015 US Industry Reports, Grocery and Supermarkets). That’s a lot of growth! Unfortunately...
There are two schools of thought around customer experience. The first school says, “Of course you have to focus on customers. Just do it.” The second says, “I have any number of initiatives where I need to spend money. Prove to me that my investment in CX has an ROI.” The latter is a tall order, but the link has been proven both by independent companies like Forrester and through modeling work by Market Force.In July of 2015, Forrester released new research regarding the link between CX...
Every brand wants customers to provide feedback. That feedback ensures that the brand has solid metrics around the customer experience being delivered by each of its locations—and can then help each location meet or exceed various goals.A 2015 research study conducted by Market Force showed that 83% of all consumers had completed at least one survey in the past 12 months, with an average of three to four being completed in that same time period. That’s good news. The bad news is that they...
The results are in. Each year Market Force conducts a QSR panel survey across multiple categories, looking at which brands are consumer favorites and why. We conduct the survey in both the US and UK, this year surveying 10,477 and 4,565 consumers, respectively. The ranking is not just for overall favorite brands, but the survey delves into each brand’s ranking for factors such as staff friendliness, value, curb appeal, atmosphere and food quality, among others.The study also looks at...
The restaurant industry is a ‘one strike and you are out’ kind of business. If you disappoint a guest they are likely never coming back. There are just too many other options out there. Because of this brutal reality, many restaurant organizations have multiple listening posts to ensure that they are able to hear from their guests. Most concepts have guest experience surveys where a customer can take a survey and provide scoring on attributes such as their overall satisfaction, likelihood...
The World Bank projects a 3.3% growth in GDP for 2016. But the projection for high income countries is lower, with the US at 2.8% and Europe at 1.8%. When the economy softens, businesses typically respond in two ways: By cutting costs By seizing the opportunity to gain competitive market share.The one thing businesses must not do is short-change their focus on customers. A 2015 study by Forrester Research shows that companies that deliver excellent customer experience have a high...

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