- Understand Your Customer!
- Grasp the Hot Buttons that Drive Customers to, or away from, Your Company!
- Predict Universal and Future Consumer Behavior Patterns Based on Indicators!
- Adjust Operations to Maximize Consumer Expectations and Revenues!
- Limit Bad Halos/Maximize Positive Halos and Social Media Impacts!
Was the car-buying process a positive experience for the buyer, such that he or she will recommend the dealership on Facebook? How did hotel guests feel about any on-site amenities that you have invested in to enhance their experience? Did the customer feel like they were treated with respect as an individual, or processed through like a number? How did they feel about the integrity of the process and your staff?
What is Neuro-Economic Profiling?
What happens to your customers is important, but so is the paradigm of how each customer felt about their visit. These feelings become indicators of predictive future consumer behaviors, including the depth of their loyalty to your brand, the frequency of repeat business and the way in which they will communicate messages about your company throughout their network, both directly and through social media.
Simply put, Neuro-Economic Profiling is the study of how the retail impressions made on a customer now impact their view of your business, such that it gives us an indication as to whether they will generate positive word of mouth for your company and become a repeat buyer, or whether they are more likely to create a storm of bad karma for your business by ending their own relationship with your company, and trying to take as many of your customers with them as they can! An average dissatisfied customer will tell a minimum of 6-10 people about the service problem. 20% of dissatisfied customers with a legitimate customer service complaint will tell 20 people or more.
Neuro-Economic Profiling is subjective and administered through Likert scale scoring. There is no correct or wrong answer. It is a measure of where, on a variable spectrum, the customer’s perceptions most closely align with a given statement in regards to the measured criterion. For instance, a Neuro-Economic measurement on the same incident might ask the respondent to consider the statement The greeting I received immediately made me feel important and welcome at this location, and respond on a gradient scale of agreement or disagreement.
Profiling is a powerful tool when combined with Mystery Shopping. The mystery shopping data captures a snapshot of the past. It is an objective look of what happened, when did it happen and how did it happen. It provides a baseline context by which to later measure the subjective impact of those actions.
Thusneuro-economic profiling does not replace the need for mystery shopping, but rather uses the mystery shop data as the context by which we can trace back the source of the neuro-economic impressions for policy adjustments or personnel retraining.
This sort of profiling tells us how your operations, and the people implementing them, emotionally impact your customer. Your operational touch points in a mystery shop might be scoring at 90%-100%, but maybe those touch points are not aligned exactly with the expectations of your customer. The more that they are aligned, the more the customer is likely to maintain a high level of patronage and to encourage others to do so as well; and the further away those alignments are, the more likely they are to support a competitor, and to tell everyone in their network and via social media to do so as well.
Virtually all industries use a form of Neuro-Economic Profiling in order to capture the mindset of their customer, as it is a critical and cost-effective component of an on-going effective customer intelligence program.