To this point, we have been living in the world of simplification. And to be honest, we still do and that is a good thing. But we would need to be able to look deeper than just satisfaction, recommendations, and ease of doing business. The study of Emotional Experience shows that compared to many others, different emotions drive the highest business value.
Emotions and feelings are the biggest part of the customer experience since everything is tied to them starting from the willingness to recommend and customer satisfaction. Emotions grow or deteriorate value for a business. This also happens in a way that you don’t even notice it if you are not paying attention to it.
Emotions are the key drivers that make it or breaks it when it comes to our desire to buy or not to buy. Even more than that, if we have decided to buy, we choose which company to do business with based on the experience and what emotional drives are behind it. Today, a whopping 46% are saying that customer experience is the main driver of the purchase decision where pricing is only 20%.
According to our recent study, today the number is still low as only 6% of the professionals and managers in the industry try to measure emotions and most of them do not have a sufficient KPI for it. Mr. Colin Shaw discusses the hierarchy of emotional value in his book and study with the London School of Economics where they asked over 50,000 people from 100 industries in 40 countries to get these answers. Out of the 4.5 million survey questions answered, 1.25 million responses were about what customers want, and another 1 million answers explained what customers feel.
In other words, look beyond NPS and CES to emotions that you want to drive in your business and find a way to measure those. In Feedbackly, we’re using the Emotional Value Index (EVI®) for it (feel free to contact us to learn more about it). One way or another, the industry is moving towards measuring deeper emotions, and that is a good thing! The next big thing is to dive deeper beyond the current KPIs and use something that explains more emotions than anything else.
To understand the emotions of your customers and how the emotions impact the performance of your business, you would need to be able to measure the emotions on a large scale.
To help you do it, in cooperation with CX Forum, Carepage and Feedbackly, we’ve put together a webinar about the Emotional Experience and Emotional Value Index™. It is free of charge and you can get the recording here!