News

Insights and Press from Innovationbubble

Keynotes from CEM Telecoms in North America

by Innovationbubble | 8th November 2016 | posted to Events

img_8419

By Lea Zeller

In late October 2016, the Customer Experience Management (CEM) Telecoms in North America event took place in Atlanta. The conference aims to bring Telco and cableco professionals together to discuss the latest advancements in their field. Companies represented at this year’s event ranged from Nokia to Verizon and Cable & Wireless.

My colleague Dr Marija Bogic and I were invited to speak about psychological insights in general and the insights work we are doing at Innovationbubble specifically.

slide1

During our presentation, we talked about the disadvantages of most market research approaches exclusively using explicit research methods. As research[1] has shown, people are often not fully aware of what causes their behaviours, wherefore they aren’t able to fully explain it when being asked. Next, we talked about how to close the gap between what people say and what they do: By focussing on the nonconscious and emotional experiences of customers.

Nonconscious needs and values are some of the main drivers of customer behaviours. To get to those we need to step away from explicit methods and use other, more implicit ones to fully understand what is going on. The same applies to customers’ emotional experiences – it is important to being able to distinguish between expected and actually experienced emotions.

slide1

Emotions can be a powerful way of putting yourself onto customers’ minds, since our brains automatically pick up and process emotional cues. A very important aspect to be aware of is that our brain is naturally biased towards negative information. This means that if a customer has only one negative emotional experience with a business, it takes on average five positive experiences to win that customer back – which is very costly in terms of time and money that needs to be invested into this.

Judging by the reception of the audience, it was apparent that the Telco industry understands the shortcomings of traditional market research. Several people said they were actively looking for more reliable ways to understand customer behaviours and that our presentation was one of their ‘aha!’ moments. There was also increased awareness within the industry that client centricity will be one of the main differentiators in the coming years.

If you’d like to find out more about our psychological insights and how these could help your business, please get in touch via nudge@innovationbubble.eu

[1] Kahneman, D. (2011). Thinking, fast and slow. Macmillan.