Houston isn’t “good enough” to compete for a championship! These words of former MVP and three-time scoring champion, James Harden set in motion a chain of events the results of which will be felt in the NBA for almost a decade (if not for longer). Shortly after he made this statement, on January 13th, the…
I was sitting at home and watching the results of the closely contested US election unfold on CNN when I kept seeing a Hyundai commercial focused on sustainability. They were not promoting any particular car model, any features, or technology but just getting a message (in prime time) out there that they are working towards…
I am a huge fan of Apple products. If there were already a waiting list for the next iPhone, I would be on it. For me, buying Apple products is emotional, intuitive, and automatic—all the things a brands needs to foster customer-driven growth. Apple is excellent at incorporating principles of behavioral economics and psychology that…
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…
Organizations are struggling to align Digital Transformation (DT) with their Customer Experience (CX) strategies. On one side there are reports that put the failure rate of Digital Transformation initiatives between 50-70%, while reports from Forrester, KPMG Nunwood, and the Institute of Customer Service show that customer experience improvement is stagnant. The key to a successful…