Are You A Risk Taker?
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Release Date: 01/13/2019
Privacy vs. Personalization: Striking the Right Balance to Drive Success
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Personalization is an excellent tactic for your marketing efforts. However, only some people like this personalization; some feel they're being watched. Therefore, it is important to remember that context and who's doing the personalizing matter. Picture this: Colin’s at his go-to fishing store, Discount Tackle. The manager knows him, we chat, and he recommends a lure. Even though Colin can snag it cheaper elsewhere, the personalized touch keeps him coming back. We've all got our versions of this – the local diner, your loyal barber, or maybe a small biz that fuels your...
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Do You Really Understand Your Customer's Hidden Motivation? Here's How to Do This...
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Customer emotions heavily influence experiences and motivate actions, yet these motivations are often hidden, even from the customers. Organizations must uncover these hidden motivations to serve their customers better. The "Jobs to Be Done" framework, popularized by Clayton Christensen at Harvard Business School, provides a lens through which to view customer motivations. , Founder and Managing Director of , emphasizes the importance of aligning customer experiences around the idea of jobs to be done, helping organizations grow faster by understanding what customers seek to achieve...
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Is Ghosting Killing Your Sales? Here's How To Overcome It
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Colin has been ghosted. He was surprised, considering he is married and has been for decades. However, his ghosting experience didn’t come from a romantic partner but a professional one. Since ghosting appears to be spreading into many interactions, we thought we should discuss it here. Ghosting, where someone suddenly stops communicating, has become more common, thanks to technology making it easier to cut off contact. It often happens online, like in dating apps, leaving one wondering what went wrong. Even social invitations are not immune. Despite sending...
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Revealed! The Silver Bullet of How to Improve Your Customer Experience
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
"What's the one thing we need for a stellar Customer Experience?" If we had a dollar for every time clients asked us this, we’d, well, have quite a few dollars. The question is understandable. This unspoken desire for a silver bullet solution echoes across industries. We all want a silver bullet solution that will fix our problems, whether for weight loss, financial growth, or, in Colin’s case, for playing the guitar. The problem is that there isn’t one for CX improvement. Or guitar, frankly. Achieving mastery in guitar isn't about shortcuts—it's...
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Master the Art of Staying Cool: 5 Rules to Handle Customer Crises
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
You will have a customer crisis. We apologize for being so direct, but the fact is customer crises are inevitable. When it does happen, will you be able to navigate it to an acceptable outcome? Do you have a comprehensive approach? We doubt it. Few organizations do. Most think a customer crisis isn’t going to happen to them or that they will be able to manage it when it does with their business-as-usual approach. They are wrong. It will, and they won’t. Others think they do have a plan, even if they came up with it when the main method of...
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Overcoming Gridlock in Decision Making: Unraveling the Paradox of False Consensus
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Have you ever come across the Abilene Paradox? It's when everyone agrees to do something that no one really wants to do. coined "The Abilene Paradox" based on a family incident. They ended up driving 50 miles each way across the scorching Texas desert to Abilene for dinner, even though none of them wanted to go. They all thought everyone else wanted to go, so they reluctantly agreed. Politeness led them to a hot, dusty adventure that none of them enjoyed. This reminded me of a recent experience. I had plans with friends, but as the weekend neared, I wasn't up for it. I...
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How to Measure the Hidden Impact on ROI of Evoking Customer Emotions
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
A hidden impact exists regarding your experience management return on investment (ROI). It is often overlooked because it lurks between a specific moment in a customer process and the behavior resulting from it. However, uncovering and understanding this hidden impact is critical for comprehending its implications on the bottom line. Emily Davidson wanted to know how to determine the value of her Customer Experience initiatives, a challenge many in the field face. So, she asked us—and we were glad to tell her. What Emily needs is the insight provided by our Emotional Signature...
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Psychology of Buying: Why 'Mental Accounting' is Critical to the Decision to Buy
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Have you ever noticed that spending cash is harder than using a credit card? You are not imagining things. Different payment methods carry varying degrees of discomfort when used. Cash tends to have the most painful impact, followed by checks. Credit cards offer a lesser discomfort than cash or checks. With advancements in payment technologies like contactless cards or smartphone transactions, the potential exists for these methods to generate even less discomfort than traditional credit cards. So, how can businesses leverage these insights into payment methods to...
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The Ethical Roadmap: 5 Rules for Business Ethics from Academia
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Exploring ethics is challenging. Given its abstract nature, it is a tough subject for learning and discussion. That said, we never falter in the face of a challenge. We developed five principles of professional ethics we believe are vital to revisit periodically. Are they rigid guidelines? Do they offer absolute answers? Are they timeless? Not quite. Ethics evolve over time, and what's acceptable today might not be so in the future. Nevertheless, ethics, much like any skill, can be nurtured, honed, and enhanced. It's intriguing...
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How to Connect With Your Customers on an Emotional Level and Drive Brand Loyalty
The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Practicality is essential. Great ideas you can’t do anything with in the real world are a waste of time. Bob Black, one of our avid podcast listeners, likes our concepts about eliciting particular customer emotions. But he doesn’t know how to do that in practical steps. So, this episode gives them to him. Bob isn’t alone. Numerous organizations struggle with eliciting specific emotions in their customers. While most acknowledge the significance of customer emotions in shaping experiences, many falter when asked about the particular emotions they aim to evoke....
info_outlineAre You a Risk Taker?
We all have varying levels of risk tolerance. When we shy away from risk, we call that risk-aversion. This episode of The Intuitive Customer discusses the concept of risk aversion and how it affects customers’ behavior in your Customer Experience.
People like sure bets better that come with less significant gains over risky ventures, even when the risky venture proposes a substantial benefit. We hate losing things. Losing things makes us much more upset than gaining things makes us happy.
So, if we are risk-averse by nature then we must always be risk-averse, right? Not so fast. Human behavior is rarely predictable, and our behavior regarding risk is no different. There are exceptions and variables that can change our risk preferences. We discussed the four influences on our tolerance for risk in this episode.
Four Influences on Our Tolerance for Risk:
- The presence of testosterone correlates with risk-taking. Research shows that when more testosterone is present in the body, people are more likely to engage in risky behavior. This correlation occurs in men and women alike.
- The way choices are presented changes our risk tolerance. We would rather hold on to what we have than commit to a sure loss. When decisions are framed in the context of gains, we choose the conservative options more often than the risky ones. However, when alternatives are framed in the context of losses, we will take more significant risks to avoid losses than when the options are framed as gains. This phenomenon is why bets get riskier at the horse track as the day wears on—and the losses pile up!
- The domain where the risk occurs affects our decisions. We might be willing to risk some of our hard-earned dollars at the track, but we are less likely to endanger things that are essential to our well-being, like our house or financial stability.
- The life stage we are at will affect our risk aversion. Depending on where you are in your life, and the related responsibilities that accompany that life stage will change how much risk you can tolerate. The chances you take as a young single person might be different than ones you take as a parent with a mortgage. People who are late in their career might be less willing to take on new areas than those who are just getting started. People who are close to retirement might not make the same investments as a kid opening their first retirement account, and so on.
To find out how you can apply these concepts in you Customer Experience, please listen to this episode.
The Intuitive Customer podcasts are designed to explain the psychological concepts behind customer behavior. As customer experience consultants, we see risk aversion show up in Customer Experience all the time. Listen in to hear how you can recognize risk aversion in your customers’ behavior and address it in your Customer Experience. If you would like to find out from one of our CX consultants how you can implement the concepts we discussed in your organization’s marketing to improve customer loyalty and retention, contact us at www.beyondphilosophy.com.
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Follow Colin on Twitter @ColinShaw_CX.