Do you remember the courses on microeconomics you took back at the University? Those were among my favorites. I remember the theory of price elasticity demand. It’s very logical and rational – if you decrease the price you’ll increase demand (as long as the product is “elastic”) and if you’d increase the price you’d expect…
Panic Buying explained by Behavioral Science The Covid-19 pandemic is all over the news around the world. Shoppers are emptying the shelves, stocking up on flour, milk, pasta and toilet paper. This health crisis is giving up a glimpse of customer purchase decisions driven by emotions. Our behavior in emergency situations is driven by emotions…
Why do many customer experience programs fail to deliver results? Over the last 10 years, I’ve been working on customer experience (CX) projects with dozens of organizations on four continents. Some of these organizations have been at the beginning of their CX journeys, others more mature. Here are some of the reasons why CX efforts…
How do economies change? Joseph Pine and James Gilmore start with this question their notorious article in Harvard Business Review “Welcome to the Experience Economy”. The authors develop the thesis that the world enters into the era of the Experience Economy and most organizations will be competing on the basis of the experience they provide…