Why Customers Make Strange Decisions

by Colin Shaw on January 18, 2018

Imagine that you bought a ticket to see a play for $20. But when it’s time to go to the theatre you have lost the ticket. Would you buy another ticket for the show for $20? The reason I ask is that it is a significant economic decision and not everyone places the same value on their $20.

This leads me to the concept of fungibility. Unless you are an economist, you have probably never heard the word fungibility. Fungibility is a $3 economic word, and it means that money is money is money. In other words, $2 here is like $2 there and we can use these funds in any way that we choose. Fungibility is essential to economics because if money isn’t fungible, most economic theory breaks down.

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Colin ShawWhy Customers Make Strange Decisions

Getting Company Culture and Operations Right, and Keeping Them Right: What It Really Means to Be Stakeholder-Centric This Labor Day

by Michael Lowenstein on January 17, 2018

Michael Lowenstein, Ph.D., CMC Thought Leadership Principal, Beyond Philosophy

A recent article on corporate customer-centricity by a prominent market research firm made the case for this type of culture as “the most effective way to meet customers’ changing needs.” The article’s author, though, quoted a study his company had conducted, saying that fewer than half of the CX professionals included felt that their colleagues shared this belief.

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Michael LowensteinGetting Company Culture and Operations Right, and Keeping Them Right: What It Really Means to Be Stakeholder-Centric This Labor Day

How We make Decisions – Prospect Theory

by Colin Shaw on January 16, 2018

Prospect Theory is the name of the concept developed by Nobel-prize winning professor Daniel Kahneman and Amos Tversky, who were the “Godfathers of modern decision science.” It describes the hidden influences that exist that drive our behavior—and they aren’t what you think.

Before Kahneman and Tversky’s paper on Prospect Theory, most economists felt like what drove decision-making was wealth, as in, the more wealth you had, the more options were available to you.

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Colin ShawHow We make Decisions – Prospect Theory

Are You Destined To Be CEO?

by Colin Shaw on January 11, 2018

Popular belief has long held that oldest children are responsible, high achievers. And recent social science research indicates that this trait extends to their careers.

As explained in this National Public Radio report, firstborn children have the benefit of their parents’ undivided attention early in life, and that advantage can influence their development. Researchers Claudia Custodio in London and Stephan Siegal at the University in Washington in Seattle specifically studied whether this advantage also made oldest children more likely to become CEO of a small or mid-sized company.

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Colin ShawAre You Destined To Be CEO?

Why Should You Care If Your Company Is Or Isn’t Built Around Stakeholder-Centricity? Here Are Some Key Factors To Consider.

by Michael Lowenstein on January 10, 2018

Michael Lowenstein, Ph.D., CMC Thought Leadership Principal, Beyond Philosophy

Most organizations do not fully understand, or leverage, the key linkages between customer experience and employee experience/behavior. Enterprises typically focus on employee satisfaction or engagement, in the belief that high levels in either area will directly drive customer loyalty. Our research and consulting experience has shown that employee satisfaction and engagement have rather incidental connection to customer behavior. Employees, though, are critical stakeholders in the delivery of experience value. So, it is vital for companies to learn where they are in creating enterprise-wide employee ambassadorship (commitment to the organization, the product/service value proposition, and the customers) and stakeholder-centricity.

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Michael LowensteinWhy Should You Care If Your Company Is Or Isn’t Built Around Stakeholder-Centricity? Here Are Some Key Factors To Consider.

Troublesome Trends & Predictions for 2018

by Colin Shaw on January 9, 2018

I am apprehensive about my industry. Having worked in Customer Experience since 2002, I may be too much of a purist. However, for a while now, I have been writing about the decline and dilution of the discipline of Customer Experience. From changing titles but not behavior to a poor understanding of what customers want, the trends are troublesome. My concerns only grow as we roll into 2018.

I can sum it up with two examples.

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Colin ShawTroublesome Trends & Predictions for 2018