Some days ago, I received the latest ‚W&V #7 from July 3, 2019, which I found fascinating and in my opinion, an important article about brands. It says, “The brand becomes a world of experience”. I was delighted with this statement as this opinion was not new to me and confirmed what I had already said to my colleagues a few years ago. We have to succeed in turning the PoS (the Point of Sales) into the Point of Experience (PoX), but what is next?
People are not openly demanding a new experience from a brand, but subconsciously are expecting one. When this is not delivered, it creates disappointment. Experience is ‘the’ new product. It is essential to consider what constitutes the experience in humans and how such an experience can be positively awakened or influenced.
At CIRCLE4x we believe that it is essential to bring human emotions more into the focus of entrepreneurial observation. We must succeed in turning the Return on Investment (ROL) into Return on Emotional Engagement (RoEE).
The quoted article rightly states that “the key to a strong brand lies in the customer experience”. And we also share the view that in business emotional aspects of customer behaviour are not considered enough. The author continues, “Brands are proven to be more successful the more aware they are of their impact on customers“. It is precisely why brands, service providers, the public sector and other institutions should start and try to understand their customers from the perspective of humans with emotional needs.
In recent years, digitization and data analytics have been celebrated by companies as the saviour of retailing. Not wanting to feel left behind, budgets were spent on technologies, even if they were developed without human intervention or only served to impress the “blink-blink” society. What moves people, and what causes them to act remained unexplored.
To better understand customer behaviour, it is necessary to validate what the most critical moments in interaction are, and what happens emotionally. To do this, we at CIRCLE4x are currently developing the HUMAN4x-Index together with neuroscientists and other experts. It will measure the emotional connections between interaction and experience and then evaluate the emotional engagement. The results then enable us to define the measures based on psychological knowledge and then develop them focused on each touchpoint.
Finally, we also agree with the author’s conclusion that “experience remains the focus, but on a different level“. Experience is the new status symbol and the new product!