Author Kyle M. K. of Austin, Texas has worked for blue chip companies like Disney, Apple, Starbucks, and Ritz-Carlton. He has observed that the main trait that sets these organizations apart from those that are less successful is that they pay close attention to the emotions that they evoke among costumers and employees. In "The Economics of Emotion," he outlines how they accomplish this feat.
The book kicks off with a basic review of the primary human emotions: Joy, Anger, Fear, Disgust, and Sadness. Strategically and operationally, intelligent companies have figured out how to utilize an understanding of the interplay among these emotions to create an ecosystem that encourages contentment among employees and loyalty among customers. He also aligns himself with the growing movement to identify Purpose as a key indicator of success.
"Purpose underlies everything. When organizations find their purposes, they develop the foundation for all future business decisions." (p. 85)
The author does an excellent job of demonstrating the contrast between companies that understand emotional commitment and those that ignore it. A classic quotation from Dale Carnegie sets the stage for a discussion of corporate cultures: "When dealing with people, remember you are not dealing with creatures of logic, but creatures of emotion." (p. 139) In onboarding new employees, Apple stores are assiduous about making them feel welcome and included from their first hours on the job. Disney tries to ensure that during training, new employees, whom they assume are already Disney fans, experience some fun while learning the Disney systems and the Disney way of doing things.
Final chapters delve into the important topics of creating user experience (UX) and customer experience (CX) that produce positive emotions among those who utilize a company's products and services. An example of a stark difference in UX and CX for online clothing customers is highlighted by describing Stitch Fix and Trunk Club. If a customer is not happy with a piece of apparel that they have received from Stitch Fix, there is a very impersonal process for returning the item. In contradistinction, a Trunk Club customer has the opportunity to speak directly to their personal stylist to explain exactly where the mismatch occurred between product and desired outcome. "One company focuses more on the clothes, while the other focuses on the person wearing the clothes." (p, 225).
At the end of the day, it is clear from the examples that the author shares that successful companies are intentional and passionate about building relationships with their customers. When relationships are in play, emotions drive the customer experience.
The reader who is in a position to influence their company's culture and the UX and CX the company offers to their customers can use the examples in this book as templates to design a successful approach to managing the emotions of those with whom they hope to engage in positive and loyal relationships.
Enjoy!
Al
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