The future of business. When was the last time you bought something? Let’s travel back in time to that buying experience. Did you feel anything?
Try to remember the ‘why’ behind that buying decision…
Was it because you trusted the seller?
Was it because you saw value?
Was it because you had a sense of fulfilment?
There could be ten other reasons for why you decide to buy whatever it was you bought.
Add to that the knowledge that, more than anything else, humans are rational beings. We want to make sure we get value from every dollar we spend.
Despite this, all buying behaviours stems from how we “FEEL” about a product or service- or even the seller for that matter. So even if you trust the seller, it’s still the FEELING of trust that dominates your behavior.
What does this mean?
This means that your customers buy your products or services because they FEEL good about you and your organization as they interact or engage with you.
Understanding how your customers and employees are feeling is the key to delivering better and more personalized experiences that, in turn, make them happy and you more profitable. And that’s why we have to get on the bandwagon that the future of business has feelings.
That’s the nirvana.
With cutting-edge technologies, like IoT, AI, Block Chain and ML, understanding the customer’s ‘feelings’ is going to be easier than ever before.
Simply put, by collecting experience data at every meaningful touchpoint, you can analyze and understand experience gaps – and determine what to do about them. Your company can then automate actions across business functions to drive improvement in customer, employee, product, and brand experiences.
But the starting point is to know where you stand today so that you know how much time and effort is required to get there.
Want to know how Phoenix Business Consulting can help? Please drop me an email. Together, we can walk through some stellar case studies of how we helped transform other organizations into intelligent enterprises.
After all, it’s the experience we all want to create.
By: Venkat Nanduri