Moving on from ROI to ROE, a Return on Empathy

/in , /by

Business has always concentrated on Return on Investment (ROI) as the primary metric to calculate success. However, innovations in the neurosciences to developments in social media have revealed that profitability should no longer be relegated to sales figures and profit margins alone. Increasingly, to create sustainable customer relationships, businesses must attend to innovations in psychology, and invest in the emotional needs of their customers. Those making this shift will gain a significant ROE – Return on Empathy.

Investing in Empathy

A business that invests in empathy devotes itself to understanding the emotional needs and motivations of its customers, and aligns itself to meet them. Companies have increasingly embraced the role of emotion in selling products and services, but often merely pay lip service to its importance, without understanding how to harness it.

We know human motivation is extremely complex – typically people don’t say what they think, or even think what they report. As a result significant business resources are wasted buy an over-reliance on market research that poses only rational questions but neglects to probe customers’ emotional reactions that lie hidden within their answers. When businesses look beyond the rational data, and into the meaning behind their customers’ feelings, and behaviors, they will recognize the human needs that drive decision making.

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Mark Ingwer PhD is a consumer psychologist and the managing partner of Insight Consulting Group, a global marketing and strategy consultancy specializing in market research and consumer insights. He has over 25 years of experience applying his unique blend of psychology, marketing, and business acumen to helping companies optimize their brand and marketing strategy based on an in-depth understanding of their customers. He is the author of the book, Empathetic Marketing published by Palgrave.

How to Protect Your Professional Edge

/in /by

Not only do we have access to countless types of media and information created by others, we are now able to record, organize, and recall our own personal information in more ways than ever before possible. If you can’t remember where you parked your car, it’s not a problem. Just click the fob on your keychain and listen for that telltale beep. If you lose your iPhone or iPad, again, it’s not a problem. You can use the Find My iPhone/iPad app, assuming you originally enabled your device, of course. If you’re not quite sure how to get somewhere, just plug in the address in your car’s Navigation system, or you could even use a Navigation app on your smartphone. If you forget where you saved that picture from your last vacation, or worse, a legal document that you now desperately need, don’t panic. With online storage like iCloud® or Dropbox®, you can access files anywhere. The examples are numerous, but they all point to the fact that technology is an ever-present part of our lives, saving us time, effort, and even memory.

The Risks and Rewards
Along with the perks I mentioned, there are a few pitfalls. Having access to these tools has negatively affected our ability to actually remember the little things. And of course, there are more things to remember than ever before. Do you know 10 telephone numbers? Okay, ten might have been pushing it. How about five? Yeah, me neither. If we can’t remember five phone numbers, what leads us to believe that we are capable of remembering the essential details of our business relationships?

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Mike MuhneyCRM pioneer Mike Muhney, the co-creator of ACT! software, is CEO of mobile relationship management purveyor vipOrbit – the first relationship-centric contact manager solution enabling mobile business professionals to manage their contacts, calendar and client/customer interactions across Mac, iPhone and iPad platforms. He may be reached at www.VIPOrbit.com.

3 Ways to Improve Your Business Bedside Manner

/in /by

Good bedside manner can reassure and comfort a patient even when facing a difficult diagnosis, while poor bedside manner can leave a patient feeling dissatisfied or anxious, from a visit as innocuous as a routine checkup. Big difference. But how does bedside manner apply to business in general? Two words: customer service. No, a doctor-patient relationship isn’t the same as a vendor-customer relationship, but when it comes to building an effective relationship, many of the same principles apply.

We all have competition. Giving ‘customers’ the best experience possible goes a long way toward securing future business. Whether it’s bedside manner or customer service, here are five ways to demonstrate concern and professionalism to patients and customers:

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Mike MuhneyCRM pioneer Mike Muhney, the co-creator of ACT! software, is CEO of mobile relationship management purveyor vipOrbit – the first relationship-centric contact manager solution enabling mobile business professionals to manage their contacts, calendar and client/customer interactions across Mac, iPhone and iPad platforms. He may be reached at www.VIPOrbit.com.

The 7 Deadly Sins of Relationship Management

/in /by

From networking events to social networking sites, opportunities to ‘meet’ new connections abound. Exactly how do you make the most of every introduction? Let’s start with what not to do. Whether you associate the ‘seven deadly sins’ with medieval religious teachings or modern-day entertainment, they can be applied here. Build your reputation and your business by avoiding these seven deadly sins of relationship management:

Pride
If you don’t believe in you, who will? Self-promotion requires tact. Toot your horn too often or too loudly and all you can expect is a wave of unreturned messages and deleted connections. People are attracted to authenticity. Crafting a false image is a turnoff to all.

Solution: Share your accomplishments and the spotlight with those who contributed to your success. You might even score bonus exposure by reaching beyond your network.

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Mike MuhneyCRM pioneer Mike Muhney, the co-creator of ACT! software, is CEO of mobile relationship management purveyor vipOrbit – the first relationship-centric contact manager solution enabling mobile business professionals to manage their contacts, calendar and client/customer interactions across Mac, iPhone and iPad platforms. He may be reached at www.VIPOrbit.com.

The New World of the Global Consumer

/in , /by

A customer-centric brand is clearly a priority today for most organizations. But how can management achieve that if they can’t believe what customers tell their market researchers?

The new global consumer appears to be a bundle of contradictions who keeps secrets from marketers and sometimes lies to us. A recent Y&R study, Secrets & Lies, the Hidden Side of the Global Consumer found that people appear to be hiding some of their most important desires and brand perceptions. The study asked about consumer personal values and their liking of brands in two ways:

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Chip Walker is Executive Vice President, Brand Planning at Young & Rubicam Advertising, where he helps clients with brand strategy and consumer understanding as well as heading thought leadership initiatives for the Agency.