All brands desire to increase in loyalty, sales volumes, profitability and margins. Their desire to understand the consumer and create experiences has never been stronger or more needed. Covid-19 has had an immediate impact on the global economy and will accelerate future changes and highlight the weak.
As brands fight to outpace their rivals, vast sums of money are spent on customer experience solutions and technology. Forecasting predicts $640 billion will be spent by 2022, with the retail and financial sectors the biggest spenders. At the same time, 40 terabytes of data are being generated every hour in retail.
Brands have never spent so much money on experience technology or had so much information on their customers. So, what is happening? What impact has this massive amount of spending and data having? Even before the pandemic, retail sales were falling, and brands are disappearing.
We think that the problem with most data is that it only shows what a person has done, but not why. Human beings make 95% of their purchase decisions subconsciously. On average, we make over 20,000 decisions each day. Our consciousness would be hopelessly overwhelmed if it had to make each of these decisions without emotions. And even the choices that we make supposedly rational are emotionally influenced or predetermined.
This is why to help create truly meaningful customer experiences and drive business performance; you need to understand the human subconscious decision-making process.
Emotions drive decisions
Humans are charged with emotions; it is something we have inherited and part of everyone’s DNA. Feelings are what we perceive: grief, joy, anger, jealousy or relaxation. Emotions are mostly unconscious and act as the driving force for all our action, sensations and feelings. By understanding and measuring emotions, higher and more accurate customer insight can be gathered.
No Emotional Engagement – No Profit
Creating the right emotional interaction for your customers or employees is the most decisive factor when looking at increasing customer satisfaction and experience. If a brand is not positively or emotionally engaging, if it merely shoots too many messages at its target group, it unnecessarily squanders its budget. It frustrates the people it is trying to communicate with.
It is essential to prevent this from happening. At Human4x, using the latest neuroscience technology, we can first measure and determine why a touchpoint does not work based on the emotional engagement between brand and person. We then develop measures that target the senses of the target group, increasing emotional engagement. We can apply this to both the external relationship “brand-customer” and also to the internal relationship “brand-employee”, which is often left out.
With businesses focused on Customer Experience, how do you truly understand your customers unless you can measure their subconscious decision-making process and the emotional engagement with your product service and brand?
Human4x is part of Circle4x Group.