What does Likeonomics mean for customer engagement?

One trend forecast back in the 2011 Non-Obvious Trend report that continues to have a longevity rating of “A”, today is Likeonomics.

Fri Mar 13 14:24:00 EDT 2020

In his excellent Non-Obvious Megatrends book, Rohit Bhargava predicts non-obvious yet significant trends for the coming year and he has been doing this for 10 years!  Besides predicting trends for the coming year, he also reviews previously predicted trends and gives them each a longevity rating.  One trend forecast back in the 2011 Non-Obvious Trend report that continues to have a longevity rating of “A”, today is Likeonomics.  The Likeonomics trend is described as follows:

Brands, products and services succeed by being more human, mission driven and personally likeable through their policies and people, gaining an advantage over less empathetic competitors.

Giving this trend a longevity rating of “A” in 2020, Rohit Bhargava reflects:

The fundamental truth of human relationships underlying this trend keeps growing as more brands focus on building connections with customers and being consistently likeable.

With more brands focusing on building connections with customers and being consistently likeable, in this post I explore how to apply customer engagement solutions in new and innovative ways to help service organizations like banks better connect with their customers and be consistently likeable!

Banks, insurance, telecom and utility providers tend to deliver services rather than experiences.  This makes it harder for them to become likeable.  Their customers are not aware of having any experience with them until something goes wrong.  As a consumer of telecom, banking, insurance and utility services, I rarely think about the providers of these services.  So long as I feel I am receiving these services for a competitive price and don’t experience any inconveniences then I’m happy!

But how can a brand regularly remind me of the value I am receiving?  My broadband provider sends me a monthly email clearly stating the billed amount that will be debited from my account that month.  So long as the amount is approximately what I expect then I am happy.  No need to log into a portal, I simply know all is well!

So if you are a telecom or cable provider and presenting your customer bills online or, perhaps still mailing them, then an easy way to give your customers peace of mind and convenience month after month is through simple notifications that clearly state the amount that will be debited that month.  EngageOne Communicate is a great solution that will have you delivering these kinds of communications in less than a day, all aligned with your company’s brand!

This will meet your customer’s baseline requirements so long as there are no outages and the billing amount is like previous months.  But what happens if you have an outage or next month’s bill is unusually high?  For one, your customer will now start feeling they are having an experience with your brand but unfortunately, it’s a bad one!  In a customer’s moment of need it’s make-or-break whether you really annoy your customer and lose them or deliver an exceptional experience that strengthens their loyalty.

When something goes wrong, customers quickly run out of patience and their level of irritation can escalate quickly too!

What are the secrets to turning these situations around and using them to grow and not kill loyalty? 

The secret must lie in having clear communication plans for handling each of these negative experiences.  And ensuring you have enough automation as well as personalization in these communication plans to ensure customers are helped fast and in a personal way that grows the likeability of your brand.  EngageOne Converse is a great tool for configuring automated and personalized communication flows for when things go wrong.  Furthermore, it provides easy integration with customer data from across your different systems to understand what happened to upset your customer and resolve their concerns in a personalized manner based on how similar problems were most effectively resolved in the past.

In today’s highly automated world, a solution like EngageOne Converse is table stakes.  So how can you take the experience in your customer’s moment of need to a whole new level and leverage these moments to grow your brand’s likeability?  The secret is personalized interactive video.  A solution like EngageOne Video allows your customer to have a personalized and interactive audiovisual experience with a virtual agent.  A virtual agent as good as your best live agent.  A virtual agent that has full access to your customer’s data to understand what went wrong.  Perhaps the real killer-feature of personalized interactive video is its ability to understand the language and interactions that resulted in the most favorable outcomes in similar past customer situations and optimize  these interactions over time to make every incident result in an experience that grows loyalty and your brand’s likeability!

If you are interested in exploring these opportunities in more detail then reach out to me, your account executive or join us for our Omnichannel Customer Experience Webinar on March 26th, 2020.