Emotional Investment Score (EIS)
A true indicator of Customer Brand Loyalty and Advocacy
Introduction:
Emotions play a major role in every decision we make on a daily basis. Although most decisions have a compelling rational basis, the unconscious emotional component often plays a far bigger role than we realize. It’s not too far-fetched to say few decisions are based on reason alone. Emotions can, and oftentimes do overwhelm our rational brains to the point logic and reason have very little influence on the final outcome. Indeed, we justify the emotional decision using reason after the fact. This is true of most buying decisions whether it is a little item on eBay or a big ticket item like home buying.
Given the importance of emotions in decision making, why do so many brands continue to appeal to the rational brain when the payout is significantly higher if they targeted the emotional side? It is not as if marketers are oblivious to this fact. In fact, if anyone realizes the potential of emotional appeal in bolstering brand loyalty and boosting the bottom line, it is the marketers. So, what gives? The real reason lies in how ad campaigns are planned and managed.
Marketers are under intense pressure to deliver ROI on their ad spends. To compute the ROI, they measure hundreds of metrics relating to product features, differentiation, innovation, novelty, etc. and therefore the effectiveness of the message. Most metrics, appeal to the rational brain to justify the purchase. More importantly, they are measurable. Because they are measurable, they can be managed. Marketers don’t have a way of measuring emotional engagement and emotional investment. What cannot be measured cannot be managed. As a result, the emotional aspect of the decision making is completely ignored. Marketers really no option. Until now.
RefineAI helps brands measure the impact of emotions on customer acquisition and brand loyalty. Read on to see how!
What is RefineAI?
RefineAI is a startup that helps companies measure the impact of emotions on customer acquisition, brand loyalty, and ROI on ad spend. The SAAS-based, turnkey solution leverages computer vision and deep learning to measure emotional impact of ads.
As participants watch ads on their computers, our technology analyzes facial expressions to identify their emotions. These emotions are then used to compute an engagement score that reflects the effectiveness of the content. All this without the need for a lab environment.
What is different about RefineAI?
RefineAI is the only platform that provides a complete turnkey solution. New Customers can be onboarded in a matter of minutes and analytics delivered in real time. In addition, RefineAI offers the following advantages:
1. Pre-verified panel of participants anywhere in the world and any demographic
2. Comprehensive emotion/sentiment analytics across video, text, and voice
3. Heat maps identifying salient moments in the video
4. Actionable insights to elevate your videos to the next level
Our comprehensive analytics provide a wealth of information that can be used to drive key business KPIs across operational, tactical, and strategic landscapes.
What is RefineAI’s unique value proposition?
RefineAI lets brands measure how customers feel about their products and services as a series of quantifiable metrics. These powerful insights help unlock tremendous potential for brands to innovate in ways previously not possible. To sum up:
Emotion leads to action while reason leads to conclusion (Calne, D. (2000.) )
How does RefineAI deliver on its promise?
Five tried and trusted principles:
- Emotions feed decisions
*Our model quantifies the extent to which emotions affect customer attitudes and behavior, pinpointing which specific emotions affect which specific attitudes or behaviors. Emotions, after all, are powerful drivers behind every call to action ever devised.
2. Emotions have root causes in Consumer Experience
Consumer experience is a critically important driver of emotional connection. Customers who engage in an omnichannel experience, for example, are much more emotionally connected and therefore consistently more profitable. Unfortunately, customers often cannot tell what aspects of the customer experience resonate most powerfully with their emotional motivations. In fact, they often misreport the underlying importance of particular customer experience elements, leading companies to invest in the wrong things.
*Our model identifies the attributes that drive or destroy emotions and in return affect business KPIs. As a result, our findings are actionable and can be translated into operational, tactical, and strategic initiatives
3.Not all emotions are relevant to business
Our model understands that not all emotional are relevant to all businesses. For example, an advertisement for a charity that evokes sympathy and sadness is more successful compared to the one that evokes joy. Similarly, Adventure and excitement may be signature emotions of Red Bull or Go Pro. Our solution helps brands improve content in a way that dovetails into their intended emotional profile.
4.Perceptions and memory govern emotions, not reality
Our model realizes that confirmation bias is a big factor in how consumers view brands. Consumers remember negative experiences more than positive experiences. A repeat of a negative experience, however minor, is amplified much more intensely than a repeat positive experience. Our solution helps brands avoid the pitfall.
*Qualitative pre-work allows for a range of attributes that cover the full journey to be tested. The analysis identifies which have an effect on business value and which don’t.
5. Emotions change over time
Emotion connections with brands change over time. Social media provides an excellent platform for customers to voice their opinions. Generally speaking, negative sentiments tend to go viral and hurt the brand’s standing in the marketplace. RefineAI mitigates this risk by flagging these videos before they are published.
Our model leverages the fact that customer tastes are dynamic and change over time.
The complex statistical analysis is employed to understand thresholds and curvilinear relationships.
How does all this differ from traditional research?
EIS takes both rational and emotional aspects into consideration:
While traditional research focuses on concrete metrics such as cost-benefit analysis and ROI, RefineAI goes a step further to identify customer sentiment and emotions to understand the fundamental motivating factors to customer behavior.
Specifically, RefineAI categorizes the brand's emotional signature into different categories helps brands tailor their message to target audience.
Conclusion:
RefineAI can help brands discover how their customers feel about their products or services. Brands can leverage this knowledge to increase customer acquisition, retention, and bolster lifetime customer value. Ultimately, emotional connection matters more than customer satisfaction.
Contact us https://www.refineai.com