There has been an astonishing stream of innovations in retail, as well as in health care, financial services, and other consumer-oriented sectors. But are changes in consumer shopping behavior simply the inevitable response to innovation? Or are there other factors that help explain the seismic shifts in consumer behavior that have taken place?
What’s driving this trend?
Through extensive research, Michael Merzenich and other neuroscientists have observed that the human brain is incredibly plastic, even in adulthood, constantly adapting to shifts in our circumstances and experiences. Although the research originally described how brains adapt to trauma, scientists now believe that it has broader applications.
“We have learned that neuroplasticity is not only possible but that it is constantly in action,” writes Mark Hallett, head of the Medical Neurology Branch of the National Institutes of Health. “That is the way we adapt to changing conditions, the way we learn new facts, and the way we develop skills.” “Plasticity,” says Alvaro Pascual-Leone, a Harvard Medical School researcher, is “the normal ongoing state of the nervous system throughout the life span. Our brains are constantly changing in response to our experiences and our behavior, reworking their circuitry with each sensory input, motor act, association, reward signal, action plan, or [shift of] awareness.”
Excerpted from article: "According to the Harvard Business School, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. In order to help you increase your own retention rates, we’ve compiled a list of our 15 favorite tips (backed by academic research and case studies) on increasing customer loyalty, divided into five easy-to-browse sections.
- Communication It’s hard to create loyal customers if they aren’t paying attention to you. Given this fact, below are our favorite bits of research on clear communication with customers. 1. Stand for something; 2. Utilize positive social proof; 3. Invoke the inner ego;
- Selling If customers don’t enjoy your selling process, they’ll likely never do business with you again. Thus, selling to customers the “correct” way is an integral part of creating customer loyalty. Below are a few studies to help you improve the process. 4. Use the words they love to hear; 5. Reduce pain points and friction;
- Reciprocity Reciprocity is the social construct that makes the world go ’round… or in your case, keeps your customers coming back. The premise is simple: Go above and beyond for customers and get rewarded with repeat business. The execution, however, can be trickier, so below is a compilation of interesting research on how to improve reciprocity with your customers. 6. Realize that budget is negligible; 7. Utilize surprise reciprocity; 8. Make it personal;
- Support This one is a no-brainer: You can’t create a tribe of loyal customers without an exceptional customer service experience that keeps them coming back. In this section, we’re going to bust a few customer service myths wide open, as well as tackle some important things you need to keep in mind when offering support online. 9. Speed is secondary to quality; 10. Customers enjoy businesses who know them; 11. Choose the right platform; 12. Make it a communal effort;
- Loyalty Programs The key to creating customer loyalty programs that work is to know why customers use them and what gets customers to keep using them. Below you’ll find consumer research that answers these questions. 13. Get people started; 14. Get ideal customers to be VIPs; 15. Label your customers..."
Voice of the Customer (VOC) strategies are increasingly important for both B2C and B2B organizations as the market demands greater attention to customer experience, engagement and retention efforts....
Princeton-based chef put through the ringer by Gordon Ramsay on Hell's Kitchen The Star-Ledger - NJ.com “I went to see the casting directors in New York, and when I got the phone call saying they wanted to ship me out to L.A., I thought, 'Wow,...
People judge you by things they know and understand. They don't know beans about eye exams. They know how they feel and how they were treated by you and your staff (Patients judge your by what they understand not your skills.