Some of the world’s best brands in retail, hospitality, and facility management rely on Bindy to communicate and execute brand standards and programs on time, in full, at every site.
This article lays out the business case and return on investment for Bindy retail execution across the customer experience, merchandising, time and cost savings, health and safety, loss prevention and communication.
HAPPY CUSTOMER = PROFITABLE OPERATOR
You do not get a second chance to make a first impression. Customers have a way of thanking stores, sites and facilities that are well run: they come back! Since acquiring a new customer is a lot more expensive than retaining one, align your programs and standards with the customer experience to drive sales and profits.
42% of customers stop shopping with a brand after just 2 bad service experiences.
5% increase in customer retention can boost profits by 95%.
89% of customers report Bindy improves the customer experience.
MERCHANDISING EXECUTION DRIVES SALES
Failing to merchandise properly is an expensive mistake. The In-Store Implementation Network has found that:
- Only 4% of respondents estimate that in-store promotions, resets and other merchandising activities are implemented completely and accurately.
- 50% of authorized retail promotional displays are not erected or erected late.
- The total cost of sub-optimal merchandising to the U.S industry is approximately 1% of gross product sales.
Properly executed merchandising increases sales. Don’t leave money on the table with improperly executed merchandising programs.
92% of customers report Bindy improves the execution of merchandising programs.
TIME IS MONEY. SAVE BOTH.
District managers spend 20+ hours a week visiting sites. The more efficient the visit, the more productive the district manager. The more productive the district manager, the more profitable the store, site, or facility.
92% of customers say Bindy saves district managers time on visits.
Bindy saves an average of 145 minutes per visit.
Excel and email are slow, error-prone and deprive the organization of the information it needs to make informed business decisions.
HEALTH AND SAFETY PAYS FOR ITSELF
Minimizing injuries and liabilities is not only the right thing to do for customers and staff, but also a sound risk mitigation strategy.
Every dollar invested in injury prevention has 2 to 6 times the return on investment.
95% of customers say Bindy improves the organization’s health and safety.
THE PREVENTION IN LOSS PREVENTION
Loss prevention has many faces including internal theft, external theft, supplier fraud, return fraud, cash handling and more. They all have one thing in common: they cost money and are detrimental to your bottom line. They are also largely preventable.
21% of shrink is caused by administrative or paperwork errors.
91% of customers say Bindy reduces business risks.
COMMUNICATE YOUR WAY TO SUCCESS
To adapt and thrive, a retail or hospitality business requires effective two-way communication. Cultivate relationships using the right communication tools to elevate your customer experience, staff satisfaction and same-store sales.
Lack of communication causes 20% of retail program failures.
88% of customers say Bindy improves store communication and execution.
FINAL WORDS
TRAINING IS NOT SUFFICIENT
Training is essential but training alone does not guarantee brand standards are followed. Store staff may be trained, answer the quiz and pass the test, but are they applying their learned skills where it matters, enhancing the customer experience?
Training is necessary but not sufficient.
EXCEL IS NOT FINE
Organizations sometimes rely on Excel and email for communication and execution of brand standards and store programs. Using Excel, email and Word is slow, error-prone, and labor-intensive. It also deprives the organization of the data it needs to make informed decisions.
Excel is not a management system and will not help you achieve brand standards at scale. It is not helping your business; it is holding it back.
MYSTERY SHOPPING DOES NOT HAVE YOU COVERED
A district manager visit is educational and preventive in nature. This process ensures the locations are efficient, safe, profitable and customer ready. This is essential because, unlike mystery shopping, a District Manager led visit can vet operations and prevent problems before they happen.
The district manager isn’t strictly inspecting the outcome, they are checking that the process itself is conducive to a successful outcome.
A positive customer experience does not happen in vacuum. It happens when all parts of the operations machine are functioning individually and together well.
A mystery shopping program is not a substitute for an internal communication and execution program.
EXECUTE YOUR WAY TO SUCCESS
The most successful brands all share one trait: they execute better than the competition. Don’t be held back by misconceptions. Put the focus on the execution of brand standards and programs, better run and more profitable stores, sites, and facilities.
The post Why Use Bindy? appeared first on Operations and Standards.
View Original Article
