Marketers and voice-of-the-customer (VoC) champions of the world, unite! You have nothing to lose but your shackles of outdated theories and measurements.
Despite the stir about behavioral economics turning traditional economics on its head, we all know that the first behavioral economists were marketers—the people charged with understanding and influencing the behavior of consumers. These are the people who said the product and market conditions are a given; now we just need to re-brand, re-position, re-package, re-message, re-target … re-whatever to get people to buy what we have.
Most approaches to measuring customer loyalty and experiences, understanding the levers or drivers of loyalty and satisfaction, and creating strategies and tactics for improving performance, however, remain largely encrusted in the outdated thinking of traditional economics. It’s time to cast off those chains and explore what behavioral economics means for measuring and managing customer loyalty and experience.
Via Russ Merz, Ph.D.