Big brand grocery stores dominate the Canadian and US marketplace. From Trader Joe’s to Loblaws to Costco, whether you want cheap groceries or specialty items, the grocery wars are being waged with all guns blazing: private label programs, new interior design that mimics marketplaces, and deals, deals, deals. It seems as though there might not be room left for a […]
6 Ways Local Grocers can Beat Big Brands and Thrive Read More »
The biggest challenge in any industry, from foodservice to banking, is the fact that customer loyalty is always diminishing. With new start-ups, disruptive platforms challenging the status quo, and aggressive competitors who want to win at any cost, the quest for customer loyalty has never been more difficult. It’s not that the factors or metrics
What Drives Customer Loyalty? Read More »
The convenience of Amazon Go – a completely automated shopping experience, free of cashiers, queues, and check-out counters – hasn’t quite materialized as quickly as promised. When the retail giant first announced its ambitious concept, it promised to bring the idea to the public by early 2017, but so far the project seems to be floundering. While
How Retailers Will Compete with Amazon Go Read More »
If you had a problem with your mortgage, which of these experts would you trust for advice? A) A bank advisor; B) a television personality; C) your parents; D) the internet. The answer might seem obvious, but you’d be surprised how many people would have trouble figuring out the solution. We’ve talked before about the advice
Who Customers Turn to for Financial Advice Read More »
There is a growing trend for banks to partner with millennial-friendly retailers in the hopes of driving traffic and relevancy for their branches. From credit unions to large banks, such as Capital One’s foray into cafe experiences that rival some of the best coffee chains, the allure of finding a complimentary partner to drive branch
No, Your Bank Doesn’t Need a Coffee Shop Read More »
Defining the future of banking is a difficult endeavor we have decided to take on, and one key aspect we are often asked about is whether or not the channel structure will resemble anything we are familiar with, or if it will drastically change. Before we look at how we believe the channel strategy will
What Will Channel Strategy Look Like in 2025? Read More »
Traditionally, food from convenience stores often focuses on packaged snacks, and hot food offerings may be perceived to be of dubious quality. Yet according to research from Nation’s Restaurant News, convenience store food quality is improving, shifting consumer perceptions and becoming a threat to fast food restaurants. However, if a fast food restaurant has moved in
Are Convenience Stores Becoming the New Quick-Service Restaurants? Read More »
There is no question that automation can provide banks with benefits beyond efficiency. However, in the excitement around the new possible efficiencies that more intelligent machines can offer, banks may be inclined to jump the gun and invest in a “smart” system that will end up costing them in the end. Not only is there
What Not to Automate Read More »
Virgin Money got some well-deserved attention this week for its new UK retail space, which features bowling, air hockey, pool, and other lounge elements to redefine the banking experience. In an industry often seen as stodgy and old-fashioned, Virgin Money did the unthinkable – it made banking fun. So, whether you’re planning your own exciting new branch
7 Novelty Experiences for Retail Banks Read More »
How does anyone in retail sleep at night? Hundreds of retailers have filed for bankruptcy this year, including Toys “R” Us with over $5 billion USD in debt, making it the third largest retail bankruptcy in history. Some forecast that “Retail is Dead”, and with the collapse of companies like Sears it’s not hard to
Is Online Shopping the Demise of (Some) Retailers? Read More »
The goal of any restaurant operator is to drive repeat visits. Loyal customers tend to drive better margins and greater sales (while also providing some predictability to same-store sales) and cost less to market to than new customers. When considering brand loyalty for food service operators, fostering a sense of belonging is crucial to creating
Brand Loyalty in Foodservice: How to Create a Sense of Place Read More »
With the Equifax hack dominating headlines, consumers are once again reevaluating the relationships they have with their banks. It can be difficult enough for customers to trust large financial institutions when they think everything is working fine, but in a new age of cybercrime and insecurity, it is harder than ever to convince the public that your
Building Privacy into the Branch Experience Read More »
When researching the rash of stealth attrition currently unsettling the financial services industry, we collected lots of data about consumers’ banking habits, preferences, and behaviors. We’ve already broken that data down in several ways to highlight different things – for instance, we broke down the types of customers most likely to switch financial institutions to highlight their reasons for leaving
Breaking Down the Customer Loyalty Pyramid Read More »
In recent years, there has been a lot of talk about how bank branches will adjust because of digital banking’s disruption to the traditional banking network. To meet unfulfilled needs from online and mobile banking, these future branches may be more experiential, advice-based, or technology-focused. Therefore, they will require staff with different skill sets than
Ten Important Skills for Future Bank Branch Employees Read More »
Why aren’t customers asking banks for advice about their money problems? Once upon a time a concern like saving for retirement or financing a new small business would have been the natural dominion of a bank manager. Today, not only are bank customers more likely to ask their family and friends for advice on these
The Advice Bank Customers are Craving Read More »
If you are in the food service industry and rely on your locations to drive your business, curb appeal and visibility are key. Operators such as Dairy Queen, Boston Pizza, Second Cup and Tim Hortons all understand that exterior signing is their most effective marketing vehicle, working 24/7 to grab the attention of customers and
Creating the right first impression through signing Read More »
Categories in today’s market are becoming less defined, as foodservice blends with grocery and retail and cafes offer added value within banks, bookstores, and gyms. Customers are looking for choice, custom experiences, convenience, multi-functionality, and less cultural rigidity. All-day breakfast is becoming a popular restaurant offering, the demand for gender-neutral clothing is increasing, and hybrid
Keep Your Restaurant Relevant With These Hybrid Design Tips Read More »
The food service category is in transition and many new restaurant concepts are emerging. Many established restaurants are struggling in this evolving market. Refreshing your restaurant’s brand ensures future relevance. Now is the ideal time to start the process. Business may be decreasing because of more competition or not meeting customers’ changing needs as effectively
Five Steps to Refresh Your Restaurant Experience Read More »
It seems nowadays everyone is a foodie – with the hashtag “foodie” being used over 244 million times on Instagram. It’s not a surprise that restaurants are feeling the pressure to attract more of a foodie generation to their facilities. How do you begin to legitimize your restaurant as a “foodie” establishment in the eyes
How to Better Appeal to “Foodie” Millennials Read More »
Building a stronger connection with banking customers is crucial to maintaining their loyalty, and yet, this is often a difficult task since each customer has unique attitudes and needs. In SLD’s research on stealth attrition, we identified three levels of engagement among customers, based on their connection and involvement with their primary bank, ranging from low to
Build Stronger Relationships with These Three Customer Types Read More »
