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  • Map of the Month: GfK Purchasing Power, Germany 2019
    • 01/14/19
    • Fashion and Lifestyle
    • Financial Services
    • Industrial Goods
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Energy
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: GfK Purchasing Power, Germany 2019

    GfK's Map of the Month for January shows the projected distribution of purchasing power in Germany in 2019.

  • Map of the Month: GfK Purchasing Power density, Europe 2018
    • 12/20/18
    • Fashion and Lifestyle
    • Financial Services
    • Industrial Goods
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Energy
    • Geomarketing
    • Geodata
    • Digital Maps
    • Digital Maps
    • Picture of the month
    • Global
    • English

    Map of the Month: GfK Purchasing Power density, Europe 2018

    GfK's Map of the Month for December shows the 2018 distribution of purchasing power density (mil. € per km²) across Europe at the two-digit postcode level.

  • GfK’s NextGen Competition: A Hands-On Market Research Experience
    • 11/29/18
    • Financial Services
    • Media and Entertainment
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Media Measurement
    • Shopper
    • Trends and Forecasting
    • Consumer Life
    • GfK-MRI
    • United States
    • English

    01/17/19 - 01/28/19
    GfK’s NextGen Competition: A Hands-On Market Research Experience

    GfK’s NextGen Data Science Hackathon Competition gives undergraduate student researchers from North American universities a chance to test their marketing and research knowledge and be immersed in the world of consumer data. Using data analysis and integration -- as well as research and marketing savvy -- they address issues critical for today’s marketers. 

  • Mobile Shopping intensifies across APAC: GfK
    • 11/27/18
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • Shopper
    • Singapore
    • English

    Mobile Shopping intensifies across APAC: GfK

    Evolving technology has been transforming the global retail landscape and the way consumers are shopping in the past decade. GfK’s latest FutureBuy report reveals a continuing surge in online shopping across most of the tracked product categories, with 63 percent of consumers agreeing that their mobile device is becoming their most important shopping tool.



  • Map of the Month: GfK Purchasing Power, Europe 2018
    • 11/15/18
    • Fashion and Lifestyle
    • Financial Services
    • Industrial Goods
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Energy
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: GfK Purchasing Power, Europe 2018

    GfK's Map of the Month for November shows the distribution of purchasing power across Europe in 2018.

  • GfK’s FutureBuy® study records major leaps in US mobile shopping
    • 11/12/18
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • Shopper
    • Future of Retail
    • United States
    • English

    GfK’s FutureBuy® study records major leaps in US mobile shopping

    Just-released 2018 GfK research shows that 45% of all US consumers believe that their smartphones and/or tablets are “quickly becoming [their] most important” shopping tools.

  • Barclays-GfK case study at MRS Financial Services Conference 2018
    • 11/01/18
    • Financial Services
    • United Kingdom
    • English

    Barclays-GfK case study at MRS Financial Services Conference 2018

    GfK’s Eszter Boczan is joining Barclay’s Carol Ashby at the MRS Financial Services Conference 2018 to deliver insights on how banks can build brand trust, engagement and loyalty through their branch window communications – with the help of neuroscience.

  • GfK releases updated maps for all of Europe
    • 10/29/18
    • Fashion and Lifestyle
    • Financial Services
    • Industrial Goods
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Energy
    • Geomarketing
    • Geodata
    • Digital Maps
    • Digital Maps
    • Global
    • English

    GfK releases updated maps for all of Europe

    GfK has released its Europe Map Edition 2018/2019, which includes thousands of changes to Europe's regions.

  • UK Consumer Confidence drops two points in September to -9
    • 09/28/18
    • Financial Services
    • Retail
    • Trends and Forecasting
    • United Kingdom
    • English

    UK Consumer Confidence drops two points in September to -9

    GfK’s long-running Consumer Confidence Index decreased by two points in September 2018 to -9.  Four measures went down and one measure stayed the same.

  • Map of the Month: Purchasing power for watches and jewelry, Italy 2017
    • 09/20/18
    • Financial Services
    • Retail
    • Consumer Goods
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Purchasing power for watches and jewelry, Italy 2017

    GfK's Map of the Month for September illustrates the distribution of 2017 purchasing power for watches and jewelry across Italy's provinces.

  • Will the CMA league table of banks’ quality of service drive people to switch?
    • 09/03/18
    • Financial Services
    • Global
    • English

    Will the CMA league table of banks’ quality of service drive people to switch?

    Banks and building societies in the UK now have to display material in their branches and websites that shows a national ‘league table’ of banks’ quality of service. This is part of a Competition & Markets Authority (CMA) and Financial Conduct Authority (FCA) drive to create competition in the banking sector by encouraging switching.

    The question is, what affect will it have?

    We know from change behaviour models, such as Fogg, that, for behavioural change to happen, a person must have sufficient motivation, sufficient ability, and an effective trigger. All three factors must be present at the same instant for the behaviour to occur.

     

    Right now, people have the ‘ability’ to switch, provided by the Current Account Switch Service (CASS), which the CMA introduced to make switching much easier and therefore help overcome apathy.  The ‘trigger’ may well be provided by this new CMA ‘quality league table’, as people can easily see whether their account provider is better or worse than others. But that still leaves ‘motivation’.

    Will consumers be motivated to switch simply by believing that they will get higher quality of service elsewhere? Or will they need something more concrete, to give them sufficient motivation to switch?

    What motivates people to switch current accounts?

    At present, 5%1 of current account holders state that they are considering switching current accounts in the next 12 months, rising to 20%1 amongst those who are actively dissatisfied with their existing provider.

    Dissatisfaction with one’s existing account provider is clearly a strong negative motivator for switching. However, in the last 12 months, only 3.5%1 of current accounts actually did switch.

     

    This imbalance is no doubt partially due to the perceived hassle of switching accounts, despite services such as CASS.

    However, an additional barrier may be that people did not have a clear view of which bank could give them a better service – so they lacked a positive motivator. The CMA’s new league table of service quality will certainly go some way to bridging that gap – given that all banks and building societies providing personal current accounts now have to display the “top five” brands for four categories: Overall service quality; Online and mobile banking services; Overdraft services; and Services in branch.

    Other motivators that we know are already driving switching include product incentives. A good example of this is Santander’s 1|2|3 account, which offers cashback on household bills and a good interest rate on the account balance. Since its launch in 2012, Santander’s market share has risen by 2.6 percentage points1.

    Although very gradual, our FRS data also shows signs of customers moving away from the “Big 5” banking groups to embrace a wider range of challengers – driven by brand innovation, as well as product incentives.

    What does this all mean for banks?

    For the “Big 5” banks, the focus is likely to be on retention – ensuring they innovate to inspire and hold onto their customers.

    Key areas for retention include winning the mobile banking battle (a major area, as ‘convenience’ continues to grow in importance in people’s daily requirements), making branches relevant, so that they become attractors and combat challenger online and offline offerings, and ensuring their CMA ‘quality league table’ scores are strong, relative to others.

    For Challengers, such as Metro Bank, looking to acquire customers from the Big 5, the focus is likely to be on driving communications that emphasise “it’s easy to switch to us, we offer stellar customer experience and our proposition delivers the benefits you are seeking”.

    Conclusion on switching

    While the CMA service quality league table is unlikely to prompt a flood of switching on its own, it certainly adds an extra stepping-stone for those people considering switching.

    Brands who are in the top five on the CMA league table will be making the most of this independent ranking, to advertise their performance to both existing and potential customers – and working hard to ensure they retain their place.

    This means that brands not in the ‘top five’ on the CMA league table may be more vulnerable to customers considering switching to other brands who are flagged for their service excellence.

    The way to combat this is to ensure they have timely and accurate information on their full customer harmonics and experiences and understand where to innovate to improve this, to ensure their customers are not motivated to switch.

    Contact us: We can help you understand your customers’ current experiences, and identify areas of innovation to both retain and acquire customers

    <h5>Footnote:</h5>

    1GfK Financial Research Survey (FRS) data to March 2018. GfK’s industry-leading Financial Research Survey (FRS) is the definitive study for UK retail financial services. Established in 1977, our research builds a complete picture of the UK financial consumer. Annually we interview 60,000 respondents, understanding consumer’s financial holdings, acquisitions, usage, and behaviour. It is a key single source of data, providing insight into consumer financial behaviour.

     

     

  • UK Consumer Confidence jumps three points in August to -7
    • 08/31/18
    • Financial Services
    • Retail
    • Trends and Forecasting
    • United Kingdom
    • English

    UK Consumer Confidence jumps three points in August to -7

    Are British consumers showing immunity to Brexit babble? GfK’s long-running Consumer Confidence Index UK increased by three points  to -7 in August 2018.  Four measures increased and one measure stayed the same.

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