By: Cindy Whiteway
The entirety of the customer experience, including, but not exclusively advertising, creates the brand. In order to fully understand the full essence of the brand, we must monitor every nuance of the brand experience. In a nutshell, there are three basic phases of brand purchasing that interact and influence each other.
By: Steve Newman
Customer retention is paramount given the economic down-turn. The challenge has been and continues to be how to drive loyal behaviors. Companies have struggled with this as customer satisfaction has failed to translate into the levels of customer loyalty and share of wallet organizations have expected or required. Why?
By: Andy Turton
The market research industry is populated by intelligent, inquisitive individuals who love to label, segment and organize information. These characteristics are of great value in the research process, but they’ve also tended to get in the way of providing marketers with the kind of insights they most need.
We fielded three, nationally representative studies among consumers in grocery, clothing retail and cable/telecomm as part of what will become a semi-annual look at the health of various industries and key players based on the strength on their customer relationships.
This report includes several validations of the model's predictive strength, specific examples of how to apply the model and of course, a bunch of company and industry wide Relationship Investment (RI) scores for benchmarking and tracking.
Laurel, MD, November, 27, 2009 — TRGiSKY announced today the opening of its Singapore office in order to expand its industry-leading practice to the Asia Pacific region. TRGiSKY is a pioneer in the customer satisfaction and loyalty business and is a wholly owned subsidiary of The Resource Group (TRG), a $200 million customer management and business process outsourcing enterprise with over 5,000 employees worldwide.
Share of wallet is key metric for most businesses and grocery retailers are no exception. We recently completed a national study of grocery customers to understand their relationship strength to grocery stores they shop at least occasionally (Please see earlier posts on some of those key findings).
Digging a bit deeper we found that having a "modern and inviting" store is a key driver of a strong customer relationship, which in turn (when measured by our Relationship Investment construct) is a strong predictor of behaviors such as share of wallet.
This is a map based on a national sample of Walmart grocery customers (most buy other stuff too). The two dimensions are latent constructs, funtional and personal, that are proven predictors of key behaviors - e.g. share of wallet, share of visits, store brand purchase. The customers are mapped into this space using a clustering technique with the size of the circle representing the proportion of each group.
Behavioral economics is changing the way we think about why consumers do what they do and most importantly, how to bring about desired behaviors in a more consistent (albeit irrational) fashion. In a nutshell, Behavioral economists think people, on average and in general are,
1) Lazy
2) Ignorant and,
3) Heavily (and irrationally) biased towards the status quo.
There is an interesting ranking of automotive brand social media (unique) mentions by Infegy, http://infegy.com/buzzstudy/top-social-automotive-brands-april-2009/.
