Emolytics

Measuring emotions and understanding how they relate to your business goals can help improve your performance and management.

Measuring Emotions – making it work for your business

Emotions drive every aspect of our daily lives. They play a role in nearly every decision we make, whether it’s related to business or to our private lives.

Even decisions that appear methodical or formulaic – like completing a tax return –will to some extent be influenced by emotions.

While emotions may at first appear quite abstract notions, it is possible to study and measure them with confidence and accuracy.

The wheel of emotions illustrates how key emotions can impact on actions. For example, a feeling of trust may result in actions related to acceptance, tolerance or admiration. Conversely, fear may result in actions based on apprehension, panic, terror, fright or dismay.

In the same way, emotions can impact on memories and this can in turn influence future actions.

Why emotions matter in business

Why emotions matter in business

Decisions made by people in their private lives can have a profound impact on your business. This is because those decisions can have a knock-on effect in terms of purchasing decisions, customer satisfaction or social media activity. Internally, emotions affect the decisions made by you and your team and by your B2B customers.

Having the emotional intelligence, therefore, to understand emotions and how they relate to your business goals and outcomes can help improve your company’s overall performance and management.

Clever marketers and copyrighters use emotions in advertising to tell stories, to take customers on a journey with their brand and, ultimately, to influence response rates and sales figures. The more emotional an advert, the more memorable it’s likely to be. And more awareness drives more sales. Sensory marketing performs a similar function at shop level.

Just as emotions drive sales in-store, they also drive metrics online. Emotions impact on every major web metric, from purchasing intent to conversions and customer loyalty.

Viral buzz and word of mouth are also both largely generated by emotions, though beware both are double-edged swords. Like emotions in business emails, they can also have a negative impact on your business.

This is why it’s important to track customer satisfaction – so you can understand what customers feel about your products and services, and what’s influencing these emotional responses.

How do we measure emotions?

Techniques for measuring emotions are increasingly scientific. Neuromarketing and electroencephalography (EEG) research, for example, rely on measuring brain activity responses to exposure to marketing materials. This is not only costly, but it is also inappropriate for use on everyday customers. Likewise, marketing data based on eye tracking may be cutting edge, but it’s not yet practical to implement across most businesses.

Instead, companies rely on a set of established KPIs that target different outcomes.

Many companies measure customer satisfaction using the Customer Satisfaction Score (CSAT) but this on its own is not enough to gauge the emotional value of the customer, or the emotions driving their behavior. Satisfaction is, after all, only one emotion and it’s a subjective one at that.

You need to dig deeper to understand what triggers the emotions of your customers. The more positive the emotion, the more engagement, meaning these are the emotions you need to understand and tap into. Likewise, negative emotions could be the key to finding out what’s wrong – rather than what’s right – with a particular aspect of your business.

Choosing the right KPI and knowing how to interpret its results is key. Some KPIs and the data they gather can be influenced by local factors, or skewed by the manner in which it’s collected. For example, the Net Promoter Score (NPS), a customer loyalty KPI, uses a scaling system to measure customer satisfaction. Usually a 0-10 scale is used. However in some surveys – such as those undertaken by some schools in Germany – use a scale of 1 to 7. This can distort the interpretation of the results when compared to a system using the standard 0 to 10.

In the same way, the NPS is also open to abuse because companies can promote the survey to customers, encouraging them to vote in a particular way – for example, to submit a 9 or a 10 – to avoid the perception of 8 or under being a negative result.

Likewise there are flaws in using focus groups to derive data, with questions arising over sample sizes and market research costs. At the other end of the scale, the Manikin self-assessment method is relatively simple but it can be confronting for customers. Its results can also be difficult to understand and interpret.

The NPS, the CSAT and other KPIs can be useful indicators when correlated alongside other KPIs, which is what Emoscore aims to achieve.

Emoscore provides quick and powerful automated market research to measure emotions. Its scientifically validated algorithm results in a one-stop solution that ca operate across a range of platforms, deriving data from various channels, including online, via email and in-store. It not only measures emotions, but interprets and analyzes the results too, paving the way for cost-effective market research and faster decision making at company level.

Start measuring emotions today

You can make emotions work for your business. Get in touch for a free consultation with our digital experts today.

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