"A recent McKinsey study indicates that CPG companies with innovative sales and marketing teams grow 4.1% faster than those who lack innovation".
In summary the research is essentially saying that today consumers are taking more of the initiative in the buying journey, and most of it long before they visit the retail store or go to the website.
'Mystery Shopping" - what's that?
They are doing this by performing significant levels of their own due diligence prior to any 'funnel' visit and decisions around visiting your store over a competitor.
This change in 'buying behaviour' is being driven by companies who are not only considered to be innovative, but have the ability to demonstrate that in a completely different way than ever before.
Metrics like NPS (net promoter score) most of the time give false reassurances, because they will mainly trigger a customer to react if something really negative happens.
Most people will simply give you a five-star rating in the absence of negativity. They will not tell you if you did not blow their minds.
They will also not tell you through a questionnaire if your brand story does not come across and this really should be a huge concern.
Thus, you may underwhelm customers without even being aware of as traditional market research tools are not measuring the right indicators in a world where purpose differentiates brands.
The unlocked innovative value sits within 'social sentiment' because today this how consumers share and talk about your store, website, and brand experience.
Only A.I. supported permanent social sentiment analytics can tell you how customers really talk about you when they leave your stores, physical or otherwise!
So, the question I think you to be asking not only to the marketing teams but also those on the front line is 'how are we really listening' and who can we talk to to that can help unlock all this business gold?
Brands need to worry about our relative performance to their direct competitors and have to ask themselves if they’re telling their story through their retail experience in an engaging, inspiring, and memorable way. Do they make their customers crave for the next experience? Are they inspiring them so much that they would wait in line for an hour to experience our brand?