At the heart of what we’re doing here is the friction v reward metric (FvR); I haven’t attempted to trademark FvR because we firmly believe that although I have discovered it, FvR is bigger than me or Uncrowd. Now, Friction/Reward Indexing™ (FRi™), yeah TM symbols all up the wazoo, because FRi™ is our proprietary process for exploiting FvR. But others will arrive with different interpretations and ideas, and together we will help retailers create better and better customer experiences.
Here’s a great example of why giving away FvR might turn out to be a good idea; our friends at NearSt entirely independently made FvR the centrepiece of a knowledge article they wrote for the Local Data Company’s latest report (which you should get because, as is consistently the case with LDC, it’s very good).
What’s bloody irritating is that Nick has summed up FvR better than I usually do and definitely in far fewer words. At the same time; how cool is that? A concept I introduced is considered and then processed by a clever mind and interpreted in their own way. I love that, it feels meaningful; as if a proof of the resilience and elasticity of the concept.
Here’s Nick’s summation:
“In the latest edition of his book, Smart Retail, Richard Hammond talks about a simple but highly compelling concept of “Friction vs Reward”. It’s a rapid mental process we all go through when deciding whether and where to buy something.
It goes like this: sum all of the positive rewards (low prices, speedy fulfilment, quality service), then subtract all the negative frictions (poor user experience, lack of availability, inconvenient opening hours) associated with making a purchase. The retailer who has scored highest in the shopper’s subconscious calculation wins and makes the sale.
Simple. It’s so intuitive and paints a crystal clear picture of why the high street is struggling to compete with online.”
Full disclosure: I am an advisor to NearSt but I didn’t ask Nick to do this or even suggest he read the book!