Emotions play a crucial role in customers’ decisions to purchase and recommend products to others. However, measuring something as complex and inconsistent as emotions is not easy. The Emotional Value Index (EVI®) is a metric that helps brands measure customer emotions and understand how they affect purchasing decisions. It is a standardized way of looking at the emotional experience tied to a buying journey.
Here are 4 reasons to use EVI® in your CX program!
1. Understand customer emotions
A product with great value alone isn’t sufficient if you need to retain customers that you have attracted with a lot of effort. You have to appeal to their feelings. Most customer purchase decisions are driven by emotions, alongside rational thinking. EVI® helps you understand the emotions associated with your brand, product, and service.
Tracking and measuring customer emotions from the get-go can give you a clear picture of their expectations and how they regard your business. You can monitor how customers feel at different stages in the buying journey. It can help you improve your emotional connection with your clients. At the end of the day, a brand’s greatest success is happy and loyal clients.
2. Identify strengths and weaknesses
EVI® helps you pinpoint areas where your brand excels in terms of emotional value and also places where you fall behind. Using the data, you can develop a targeted strategy to build on your strengths while addressing the pain points. Through Feedbackly, you can also set up alerts for specific responses that need immediate attention. This way, you can troubleshoot issues faster and improve the quality of engagement customers have with the brand.
EVI® also supersedes other surveys in its applicability and versatility. You can apply the survey for any stage in the customer journey, and having a single survey to tap into customer experience throughout the buying journey makes it easy for brands to review, compare, and improve. At the same time, it also complements data and insights gained from other CX KPIs.
3. Predict customer behavior
Your EVI® survey results speak volumes about customer behavior and preferences. You can predict customer loyalty and retention levels using them. By capturing how customers feel at different touchpoints, it’s possible to predict if they will repurchase and advocate for the brand in the future. Feedbackly can help you gain useful insights from predictive analytics derived through EVI® data.
Also, different customers respond in different ways to your marketing campaigns and sales pitches. EVI® can help you identify emotions and related factors that compel customers to purchase a product or deter them from the brand. You can utilize it to take proactive steps to create a great first impression, improve existing relationships, and drive growth. The motive is to evoke feelings that fuel loyalty and advocacy.
4. Increase sales
The reward for improving emotional value in your business is huge. Customers who have a positive emotional connection with your brand are more likely to make repeat purchases and engage in word-of-mouth marketing. They also would be prepared to pay a premium price for your products or services and stick with you for the long-term. It will inevitably drive your sales up.
Did you also know some emotions drive better sales than others? Customers tend to make impulsive purchases when they feel enthusiastic or joyful. So there’s a lot of potential for you to optimize your sales by evoking these emotions in them. A well-streamlined, effortless, and interesting buying journey that keeps customers engaged from beginning to end will keep driving revenue to your brand.
Today, customers are on the hunt for brands that attempt to understand them on a deeper level. They prefer brands that offer a special and personalized service. EVI® is a quintessential metric for it. Need more info? Get in touch with us!