Emotional Value Index (EVI®) is a relatively new KPI to hit the CX industry in recent times. But, it is quickly becoming one of the most popular metrics for its impressive delivery of results, analysis, and performance! EVI® is a KPI designed to track, measure, and analyze the emotional experience. Through EVI® surveys, you can understand how customers perceive your business emotionally.
Here’s why it’s in the spotlight today!
1. It is increasingly popular
Ever since we introduced EVI® and encouraged our clients to try the KPI, it has been received with applause, and for a good reason! EVI® is a metric that can effectively tap into customer feelings – a core element in decision-making. Most of our purchases are led by how we feel. So, it is simple, straightforward, and requires less effort from the customer to answer.
Today, many leading brands and businesses worldwide utilize EVI® to gauge CX and the efficacy of the customer journey. It is a KPI especially loved by retailers because they engage directly with the end consumer. For retail, customer emotions are a vital area of study because it deals with a high level of impulsive purchase behavior.
Evoking the right emotions is one of the most effective ways to get consumers to spend more out of loyalty or habit! Take a look at how Stockmann, one of the leading retailers in Finland, optimized their customer journey with EVI®.
2. It has a stronger correlation with sales
Using all the KPIs out there won’t necessarily guarantee that you can improve CX and benefit from higher sales. But, using the right KPIs that give you accurate insights about your customers will show you how to boost revenue.
Our research shows that EVI® has a 3-4 times stronger correlation with sales than any other customer experience metric. The reason is that its measure scale is more specific compared to metrics like C-SAT. Using EVI®, you can understand your customer behavior, expectations, and preferences better. Also, you can use it to measure customer emotions at micro and macro levels.
You can easily compare EVI® data with sales data to recognize how emotions affect revenue. For example, you can compare the EVI® score with the basket size. It is more likely that a positive score will point to bigger purchase sizes. Customers tend to buy more and shop repetitively when they are happy with the experience.
3. It has a higher impact on growth
EVI® is one of the best metrics to funnel growth because it’s versatile in application and helps you address a multitude of issues. Studies and numbers show that EVI® has a 3 times bigger impact than NPS when it comes to increasing growth and customer retention. NPS, while being a very effective KPI, is only applicable for the post-purchase phase in the buying journey. It fails to capture the true essence of the customer journey in the preceding stages.
Using EVI® data and the insights gathered from it, you can improve the bottlenecks that exist throughout the customer journey. From awareness to advocacy, EVI® can help you understand customers better and cater to their needs effectively. Moreover, you can also use it to identify issues related to employee engagement and improve it. It gives you an accurate overview of your CX strategy.
You can use EVI® with other CX metrics for better results and comparison. For example, a higher EVI® score in the awareness or consideration phase indicates that customers are pleased with the brand and its product. It will often be backed with a high retention rate.
There’s no doubt that EVI® is the front-runner of CX today, offering brands a treasure trove of valuable data about the customers and ever-evolving market trends. It can leverage your brand’s position and give you a competitive edge over your rivals. Get on board and learn how to transform your business with EVI®!