The results of Market Force Information’s annual US banking study are in, and it’s good news for the retail banks. Consumer sentiment appears to be improving, as evidenced by the fact that 57% of those surveyed are very satisfied with their relationship with their primary bank – that’s up 8 percentage points over last year. Banking customers are also more inclined to recommend their primary bank to friends or colleagues.So why, specifically, is satisfaction up? Which aspects...
Businesses that don’t think reviews on social media matter are making a huge mistake. Users on social media platforms can have an immediate and deleterious impact on the bottom line.Just ask the Starbucks CEO after staff at a Philadelphia store called police on two African American men waiting to meet a friend. The interaction was caught on a smartphone and went viral. What followed was the shutdown of all locations nationwide as a training was conducted for all employees.Or...
The customer experience industry is evolving, and with it, a need to evolve the approach to helping organizations protect their brands, delight customers and make more money. The days of simply putting in measurement systems and reporting on results just don’t deliver enough value.  Best-in-class organizations are leveraging multiple customer experience measures, including mystery shopping, customer surveys, contact center services, and social media review tracking...
We all know how important data is to any business. In today’s world we are collecting and storing more data than ever before. In fact, in the last two years we have generated 90% of the world’s data.This has been fuelled by the breakneck speed of the technology sector. Innovative startups and a highly competitive landscape constantly driving new and exciting technologies—all leading to the data explosion we see today. This pace however, has had a flip side; In order to keep...
Having worked in the CX space for 14 years across a variety of multi-location brands, I have seen a common thread in customer experience programs that are successful in improving customer satisfaction and driving business results. Not coincidentally, these programs follow recommended best practices: Strategy: The program is aligned to strategic objectives Multiple Lenses: Various performance measures (mystery shop, audits, customer surveys, employee surveys, etc.) are...
The results of Market Force Information’s 2017 Customer Experiences and Competitive Benchmarks Study should serve as a call to action for banks across the country. Despite the best of intentions and millions of dollars invested for customer experience improvements, customer loyalty scores at traditional banks have declined across the board. And not surprisingly, the percentage of consumers who say they intend on switching banks in the next 6 months has edged up to...
We continue to be told that brick and mortar stores are going the way of the dinosaur, that they will all be gone before long and that Amazon will be the one-stop shop for all purchases that we make. And to look at the number of retail store closings for 2017, there is certainly strong evidence to support that conclusion. Source: "There's one major thing everyone gets wrong about Amazon and the retail apocalypse," Hayley Peterson, Business Insider, July 22, 2017.And...
A Common Mistake—Focusing on the Wrong TargetWhen I was a franchise operator, the franchisor was excited about creating a successful new CX survey program. After using the system for a few months, the executives reviewed their progress and identified five key drivers of satisfaction. They believed that if all of their locations would focus on the five drivers, CX scores and revenues would naturally increase. They were so confident this would happen that they decided to set a...
In February, Forrester Research released its report titled “The Forrester Wave™: Insights Service Providers Q1 2017 | Leaders Emerge in a Nascent Insights Services Market” written by Jennifer Belissent, PhD and Elizabeth Cullen. Forrester included Market Force Information® as a domain-specific insights provider in their consolidated vendor landscape. A graphic from this report calls out Market Force in an ecosystem of industry-specific, domain-specific, and...
In a Forrester Research article authored by Jennifer Belissent, PhD, Forrester, the author defines insights services in this way:"Insights services combine internal and external data sourcing and advanced analytics to deliver actionable business insights that clients subscribe to and apply to specific functional or verticalbusiness use cases."                      —Insights Services Disrupt The Data And Analytics Market,...

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