Find out how emotions and your work goes hand in hand. And how emotional connection can be used to attract the most valuable costumers.
Our very own Sadiye Booker has once again created a great blog post. Keep reading and stay tuned for more interesting and hot topics like this.
What does emotion have to do with our work? It turns out, quite a lot. Companies in retail, healthcare and financial services are now using a detailed understanding of emotional connection to attract and retain the most valuable customers.
When companies identify customers emotions and connect with them, the benefits can be huge. For example, since a major bank introduced a credit card for millennials, the use increased by over 70% and new account growth rose by 40%. Similarly, when a nationwide apparel retailer refocused its merchandise to its most emotionally connected customers same-store sales growth increased more than threefold.
If we look further into the obvious emotional drivers, there are a wide range of potentials which could motivate customers to use a brand, so using this knowledge, how can companies help?
In reality, the majority of companies are aware of customers emotions but aren’t able to figure out a way to define them and link them to results.
Identifying emotional drivers can be difficult and time-consuming if not done accurately, however measuring them is even more complicated, because customers may not know what motivates them emotionally and sometimes, you may find that they aren’t even aware of them.
The Benefits of Connecting with Customers Emotionally
As customer relationships with a brand deepen, they move along the pathway toward full emotional connection. As shown below, although they become more valuable at each step, there’s a dramatic increase at the final one where customers feel fully connected and satisfied.
Emotional Drivers Vary Across Brands
As mentioned above, the credit card designed with millennials in mind. Emotional desires such as ‘protect the environment’ and ‘be the person I want to be’ were the highest in the banking industry for that age group. Whereas, desires such as ‘feel secure’ or ‘succeed in life’ tend to be seen more typically within older age groups.
The bank went on to design various messaging features to connect to those results, leading to its fastest-growing new credit card.
If you really look into it, there’s research conducted across hundreds of different industries and brands which target the emotions that drive customers.
Any company can begin a process to learn about their customers emotional motivators such as conducting experiments, surveys and events. As well as this, companies could invest in big data analytics or engage consultancies with specific expertise.
The most sophisticated firms are making emotional connection part of a broad strategy that involves every function in the value chain from product development and marketing to sales and business development.
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