loader from loading.io
Is Any Attention Good Attention? show art Is Any Attention Good Attention?

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Oscar Wilde said, “There is only one thing in life worse than being talked about and that is not being talked about.” This statement serves as a foundation for my global Customer Experience consultancy’s marketing efforts. However, is any attention good attention? Can bad news be good news for your marketing efforts? The answer is complicated.

info_outline
Customer Satisfaction Continues Declining show art Customer Satisfaction Continues Declining

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

For the second year, the Customer Satisfaction scores are declining in the UK. While the downturn is not huge, it indicates a trend. Many organizations have focused efforts on improving the Customer Experience, so the trend is disappointing to those of us in the industry.

info_outline
The Secret of Creating an Effective Customer Experience (CX) Strategy show art The Secret of Creating an Effective Customer Experience (CX) Strategy

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Ask yourself this. What is the experience you are trying to deliver? Do you know? Does your team know? Do people across the organization know? One thing is certain, everyone has an opinion and there may well be no defined articulation of what this should be and therefore what everyone does is something different. This then causes overlaps and gaps and frustrated customers! It is critical to develop a coherent Customer Experience Strategy. In this podcast we explain how to do this.

info_outline
How and Why We Stereotype People show art How and Why We Stereotype People

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

We all have shortcuts we use in our thinking. For example, we use the Representative Heuristic to create groups and then associate them with patterns to make easy and fast decisions. In other words, we stereotype. The problem is stereotypes aren’t always right.

info_outline
The Secret of Creating Loyal Customers show art The Secret of Creating Loyal Customers

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Many organizations think that when a customer gives them all their business, that they are loyal. It might mean that, but it also might say they have a habit of buying your product or service, or even no other choice. In other words, customer loyalty is more than a customer giving you all their business.

info_outline
Is any attention, good attention show art Is any attention, good attention

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

info_outline
Discover Your Relationship Types and How to Use Them show art Discover Your Relationship Types and How to Use Them

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Some companies you have a relationship with and some you don’t. The former relationships are called Relational and the latter, Transactional. Many of us probably are predisposed to think that having a relationship is preferable. However, that isn’t true. Both types of business relationships have their advantages and disadvantages.

info_outline
The Secret Of CX Measurement show art The Secret Of CX Measurement

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Peter Drucker said many years ago, “What gets measured gets managed.” This idea is relevant to Customer Experience strategy, too. You must measure success so you can manage your program and also to understand what drives value for your customers.

info_outline
Why Some Friction In Your Experience Is Good show art Why Some Friction In Your Experience Is Good

The Intuitive Customer - Creating ROI by improving your Marketing & Customer Experience

Friction is a good thing to eliminate from your Customer Experience. Until it isn’t. Some friction is good for your CX strategy and creates Customer Loyalty. But which built-in effort enhances your experience and which one detracts?

info_outline
 
More Episodes

Are 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:

  1. 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.
  2. 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!
  3. 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. 
  4. 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.

To subscribe to The Intuitive Customer and never miss a podcast, please click here.

Follow Colin on Twitter @ColinShaw_CX.