Market Force Perspectives

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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...
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 focusses on...
UK casual dining restaurants enjoyed a steady growth of about 4.8% from 2012 to 2017. However, that growth is expected to slow to about 2.4% (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...
Open-ended comments from sources such as social media, customer surveys, and your contact centre can provide rich insights for both your 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...
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...
According to Deloitte nearly three quarters (72%) of consumers still want to use their local branch to access financial services. This emphasises 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...
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 organisations, 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 utilise 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...

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