What is Important in 2020?

by podcast on December 21, 2019

What is Important in 2020?

Yogi Berra, the New York Yankees Coach once said, “Predictions are hard, especially about the future.” Predictions can be difficult; it is true. However, they can also be helpful, especially if you are trying to plan for a new year.

I have been in the Customer Experience industry since before there was such a thing. When I founded Beyond Philosophy back in 2002, no one was talking about Customer Experience. Then, things changed, and over the next decade, it changed from no one talking about Customer Experience to everyone talking about it.

A few years into it, bandwagons formed. Soon after that, people that had no idea about the depth and breadth of the concept of Customer Experience were jumping on it, touting the importance of minding the Customer Experience to anyone who would listen. However, they kept trying the same things they were doing before they heard of Customer Experience and were getting the same results.

Looking a new year and a new decade is a time for reflection for me. I have been working in Customer Experience for nearly 20 years now. Bandwagon riders notwithstanding, I am enheartened by the way the broader business world has embraced the importance of putting the customer at the center of everything you do, even if they don’t always understand what the term means.

However, we are also at a point where Customer Experience is a concept that has had a fair chance to prove its worth. The results we expected should be appearing in organizations that have taken the idea and applied it to their business model. It is reasonable to expect for the time, energy, and resources to show a return on investment, whether in customer loyalty, customer retention, or even just cold hard cash.

So, will we?

Like it is for many of these questions, the answer is it depends.

On this episode of The Intuitive Customer, I further explain my answer and share my predictions about the fate of Customer Experience. We will look at what led to our current situation and what will carry us onward in the coming year.

 

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

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podcastWhat is Important in 2020?

Critical: The Strength Of Customer’s Emotion

by podcast on December 14, 2019

Why the Strength of Customer’s Emotion is Critical

 Customers’ emotions are a critical part of Customer Experience. Our research shows that over 50 percent of a Customer Experience is about customer emotions. Furthermore, we know that emotion drives customer behavior. Having awareness of what emotions your experience evokes when and why is critical to your Customer Experience Outcome.

 

However, did you know that in addition to being aware of the what, when, and why of customer emotions, you should also know how much intensity they feel them with at any given moment? If not, don’t worry; you are not alone. Many organizations do not pay any attention to the intensity of customer emotions and then wonder why things happen the way they do in their other metrics like sales growth and profitability.

The amount of any emotion that a person feels affects many things about Customer Experience. The most important one is how their memory of it forms. According to Nobel-Prize winning economist Professor Daniel Kahneman’s Peak-End Rule, what we remember about an experience is our most intense emotion and how we felt at the end.

So, you might be thinking, who cares about their memory of the experience? The fact is you should because people do not choose to come back to you based on their experience; they return based on what they remember about your experience. If they remember how intensely disappointed they were with their experience how likely will they be to buy more from you?

For all these reasons, we believe that it is essential that your customer-facing employees can not only recognize the emotion a customer feels, but they should also know how intensely they are feeling it.

This episode of The Intuitive Customer explores all the reasons that the strength of customer’s emotions are critical and what effects it has on the Customer Experience. It turns out, the what, when, and why are incomplete until you know the how much, too.

 

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

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podcastCritical: The Strength Of Customer’s Emotion

Gift Giving To Gain More Business – Does It Work?

by podcast on December 11, 2019

Does Giving Gifts Mean More Business?

It is the season of giving. No doubt, many of you sent out your gifts to your clients, suppliers, and other business associates already. But will your gifts result in more business? They might, and they might not. Like most things about interpersonal relationships, it depends on a lot of different variables.

Researchers study gift giving and have for many years. In the beginning, it was considered a Sociology area, which suggested that gift-giving was primarily an exercise in reciprocity. The idea behind gift-giving was that recipients should return the favor. Because of this fundamental concept, gift-giving became a way to move a relationship forward with someone.

Today, research has changed regarding gift-giving. While there is still the fundamental idea of reciprocity at work, there are also new agendas observed in the gift-giving area.

One of the essential variables in gift-giving success is the alignment between the giver and receiver. Both parties must be in sync as far as relationship status, agendas, reciprocity, and value.

Ironically, this variable is often the one that isn’t, forgive the pun, present. Research on gift-giving shows that misalignment is the norm for when gift-giving goes wrong, and usually, it has to do with agendas.

Now, many of you might think, agendas? Besides being nice, is there any other agenda behind gift-giving? It turns out that there is more going on with gifts than you might have thought. Many different agendas exist with gift-giving, and they may or may not help you win more business.

This episode of The Intuitive Customer explores all the agendas and misfires on gift-giving and what you can do to optimize them. Guest host Marketing, Professor Morgan Ward from Emory University, shares her insight on gift-giving and what makes it go wrong. Moreover, we talk about what kinds of gifts are best for deepening a relationship and what you can do to become a better gift-giver for business and beyond.

 

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

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podcastGift Giving To Gain More Business – Does It Work?

How To Influence Your Customers Perception of Price

by podcast on December 7, 2019

Psychology has a lot of influence on customer behavior. When it comes to making decisions, we like to find ways to make them more manageable. Anchoring and Adjustment is a mental short cut or heuristic. We use to help evaluate numbers. 

Anchoring and Adjustment help us generate numbers. It works like this: First, there is a base number established either by the individual or an outside influence. Then, you adjust up or down from there. It helps simplify decision making. 

For example, if you needed to estimate the height of a tree, it can be hard to come up with an estimate just by looking at it. But if there is a building next to it, and you know how many stories the building has, you can use the approximate building height to determine the baseline. Then, adjust the height of the tree up or down from the baseline as appropriate. 

Retailers you Anchoring and Adjustment, too. Neiman Marcus, the luxury retailer, does it in its annual holiday catalog. The “Fantasy Gifts” featured in the opening spread and their sky-high prices make the rest of their high-priced items look like a relative bargain. 

However, it isn’t just the upscale retailers who use this psychological phenomenon. Warehouse stores do it, too, by putting their most expensive items right at the entrance of their retail locations. If you see a $3,000 TV upon arrival, won’t the 30-pound jar of pickles seem to be a steal at $50?

This episode of the Intuitive Customer explores Anchoring and Adjustment and the influence it exerts on customer behavior. We also reveal how you can follow the lead of retailers of all types to benefit your Customer Experience strategy, as well as your bottom line.  

Anchoring and Adjustment is a specific heuristic used to generate numbers;

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

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podcastHow To Influence Your Customers Perception of Price

The 7 Telltale Signs of a Company NOT Committed to Customers

by podcast on November 30, 2019

The 7 Telltale Signs of a Company NOT Committed to Customers

I discovered many years ago that I could determine whether a company was committed to customers pretty quickly. When I thought about how I recognized it, I found that organizations that did not commit to customers had some shared company culture cues that indicated where their focus was.

The ideas behind this discovery later became my second book, Revolutionize Your Customer Experience. I developed for the book my Native to Natural™ model, which measures how customer-centric a company culture is.

There are four types of companies arranged on a spectrum. It starts with Naïve, which are the least customer-focused companies and are unaware of it. Next come the Transactional and Enlightened stages, which are firms that now recognize the problem and are consciously working to change their behavior to have a customer-focus. Finally, there are Natural organizations, which are the most customer-focused companies that put the customer at the center of everything they do without thinking about it.

In our global Customer Experience consultancy, we use the Naïve to Natural model to help organizations realize where they are with their present Customer Experience regarding Customer Centricity. It also helps them see areas where they need to improve to get where they want to go. This exercise requires self-analysis and answering critical questions about the priority placed on Customer Experience.

Few companies, if any, would want to be known for not committing to customers. If you asked most senior management a question like, “True or False: The customer should be at the center of everything you do?”, few of them would say false. Therefore, our questions ask about day to day operations and decisions, which are where the rubber meets the road concerning customer focus.

This episode of The Intuitive Customer podcast shares the seven questions that get an organization started at determining whether they have the customer focus that they want to compete in today’s crowded and cutthroat business landscape. The answers to these questions reveal the telltale signs of a company that is or, perhaps more importantly, isn’t committed to the customer.

 

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

 

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podcastThe 7 Telltale Signs of a Company NOT Committed to Customers

What is Really Happening on Black Friday?

by podcast on November 23, 2019

What is Really Happening on Black Friday?

It’s that time of year again: Black Friday sales are next week. A US tradition, Black Friday was named for the idea that it is the day retailers finally move out of the red for the year and into the black of profits. It is also the official kickoff of the holiday shopping season.

However, what is really going on here? Why do people trample through the doors of a retailer they likely frequent three times a week most months mere hours after polishing off far too much food than is healthy for them? How to marketers compel people to stand in the dark and cold for hours to shop in their stores?

Black Friday is the way it is because of the psychological concept called Scarcity. Scarcity is a motivator like none other for customer behavior—specifically their buying behavior.

Scarcity stems from the idea that resources we think are harder to come by are more valuable. In the distant past, our ancestors did not have access to the jumbo pack of Cheetos at their friendly big-box retailer. Instead, they had to compete for food, water, and shelter with other humans. For them, overcoming Scarcity was a matter of survival.

No one could argue that buying a discounted giant flat-screen TV for pennies on the dollar one Friday morning in November is a survival instinct. However, the motivations behind our behavior have the same origins. We try harder when something is hard to get. What’s an elbow in the face of your fellow shopper when you are talking about 4k Ultra HD

Now, Black Friday is next week in the US, but it is not the only time we see this behavior or even the only country where it happens. The idea of a day of big sales that bring out the animal in us is global. Similar events occur in the UK (the January Sales), and China (Single’s Day). Even other sales in the US can create a frenzy, like Presidents’ Day sales or Labor Day “Events.”

In this episode of The Intuitive Customer, we explore the concept of Scarcity and how it affects customer behavior, both good and bad. We also talk about how marketers create the idea of scarcity in the minds of consumers, and the effect it can have on Customer Experience and their bottom line.

 

The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

 

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podcastWhat is Really Happening on Black Friday?