Why Your Business Should Measure Emotional Experience

Why Your Business Should Measure Emotional Experience

There’s no doubt that emotions play a significant role in our purchasing behaviors. All of us have made at least one impulsive purchase in our life because it made us excited or happy. Similarly, we have also walked away or given up purchasing due to negative emotions.

For businesses, this emotional gratification or dissatisfaction is a treasure trove of customer data, and in this article, I will explain why! 

What is Emotional Experience?

Emotional Experience (EE) looks at how customers feel about your brand and its product(s). While customers can experience different emotions throughout the customer journey, EE looks at the overall emotional perception. Measuring emotional experience can help businesses elevate customer experience and generate more revenue. 

How to Measure Emotional Experience?

The idea of measuring emotions might sound like a surreal concept. But, fortunately, there’s a standardized way to measure them, and it works! The Emotional Value Index (EVI®) is the metric that measures customers’ emotions at various touchpoints as well as the entire customer journey. The EVI® survey asks customers and leads to specify the emotion they feel at different stages. For this, you need to select a common set of emotions associated with buyers, track the responses, and derive a value using the EVI® formula. If you want to learn more, click here

Why Should a Business Measure Emotional Experience?

  1. It can be used on any level of CX measurement 

One of the main benefits of EVI®, when compared to other KPIs, is its versatility. You can apply it both at the micro and macro-level and gain valuable insights into customer behavior. At the micro-level, it can be used to assess the quality of individual touchpoints and understand individual customer relationships. It is a vital tool for businesses to provide personalized experiences. At the macro-level, it gives you a holistic view of your brand, which will show how your brand is perceived in one glance.

  1. It can be measured throughout the customer journey 

Unlike NPS, which is suggested to be used only post-purchase, EVI® surveys can track customer behavior from the moment they come in contact with your store until the end. EVI® can be applied at any touchpoint or phase in the customer journey as customers deal with emotions from beginning to end. The ultimate goal is to induce a consistent or near consistent influx of emotions in customers as they move from one stage to another. You also streamline the measure of CX by using one metric to track all stages, and it avoids the disparity that brands face when using separate metrics for each phase. 

  1. It gives you a deeper insight into why people take specific actions 

Emotions govern our purchasing behavior, and when they are downplayed by pain points or elevated by fabulous service, we take different actions. Through EVI®, you understand what compelled the customer to choose your brand, ditch their cart halfway through, or come back for another purchase. Thanks to the very exact emotions that are measured, EVI® makes it easier for brands to adapt to customer requirements and serve their best interests. It would also help you upsell better by understanding different customer personas and targeting those who prefer premium or combined purchases. 

  1. It can be enriched with your sales data for better revenue 

Integrating the EVI® data with your sales data can help you understand the correlations of different emotions with revenue. EVI® analytics will help you identify what emotions drive the highest sales and focus on delivering a high-quality service that triggers the specific emotion. These actionable insights are vital for any business that strive to generate more revenue with happier customers. Similarly, EVI® also helps brands understand the true cost of dissatisfied customers.Did you know that customers who feel positive emotions towards your products and services spend up to 40% more compared to those who feel negative? This is groundbreaking and makes it a no-brainer that Emotional Experience measurement is important. If you would like to learn more about it, I also suggest checking out this very comprehensive free ebook about Emotional Experience and EVI®.

-Jaakko

Free Webinar: Spotting Opportunities From Positive And Negative Feedback

Free Webinar: Spotting Opportunities From Positive And Negative Feedback

One of the biggest questions regarding the collection of customer feedback is: How can you make customer feedback work for your business?

In this webinar, we will tackle this question and help you understand how to collect quality data from your customers, how to spot opportunities from your happy and unhappy customers in order to drive sales, boost customer loyalty, and reduce churn.

Join us on October 27th to learn about how to spot sales opportunities as well as how to reduce churn using your customer feedback.

This webinar is brought to you by CXforum partners Carepage and Feedbackly.

>> Save your free seat here

In this webinar you will learn:

  • How to collect quality customer feedback
  • Spotting opportunities from positive and negative feedback
  • Using what you find out from customer feedback to drive sales, boost loyalty image, and reduce churn

Date: Wednesday, October 27th
Time: 9 AM EST (UTC -4)/4 PM EEST (UTC +3)
Running time: 45 min

PS! No worries if you are not able to attend in real-time. Register now and we’ll send a recording afterward!

>> Save your free seat here

About the speaker:

Troy Woodson

Troy is Director of Customer Acquisitions at Feedbackly, one of the most flexible Customer Experience management platforms available. The Feedbackly team has helped many industry leaders across the world succeed with their CX programs and become CX front-runners. Among the many, they have helped the City of Helsinki, Merck, Innovasport, the Australian Government, Banregio. Troy will share his experience and the learnings of Feedbackly about how winning companies use their customer feedback to increase sales and reduce churn.