Market Force Perspectives

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World class multi-location brands leverage several measures to understand individual store performance. This is true across numerous industries, from restaurants to supermarkets to petrol and convenience retailers to drug stores to department stores to hotels to banking and financial services organisations. 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 organisations. 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 budget spent by big brands. We divide...
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 behavioural 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 petrol station and convenience store. Data includes unique visitors, first time visitors, dwell time at...
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...
The referendum results taking the United Kingdom out of the European Union has created an atmosphere of uncertainty. Financial markets initially responded unfavourably 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, standardised 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...

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