Return on Emotion

Another new concept for us to consider: return on emotion. It’s a marketers’ tool. And recognizes the value of measuring their impact on psychological feelings..

Before reading below, take a look at these related articles:

• Are YOU Emotionally Intelligent?
• Shoppers and FOMO
• Psychology and Digital Marketing
• What One Factor Separates Good Leaders from Bad Ones?

 

A New Measure for the Marketing Toolbox: Return on Emotion

As Jessica Reznick Martin reports for Ad Age:

“We all know that the days of easily calculated return on investment are years, if not decades, behind us. The once-simple formula, which compared how much a brand spent on an ad campaign to how many people it reached, has been replaced with new math for our digital age. While the temptation might be to keep counting clicks, eyeballs, likes and retweets (or some combination) and call it an assessment of success. In fact, consumers have become way too savvy for purely quantitative measures to matter much.” 

“In an era when consumers want more from a brand than a product they like. And brands want consumers who are not just purchasers but devoted followers. Thus, we need a new way to measure success. I believe that we need to look at return on emotion. The Harvard Business Review has found that consumers become more valuable to a brand as they become more emotionally connected. ‘Emotionally connected customers buy more of your products and services. Furthermore, they visit you more often. And also exhibit less price sensitivity. As well as  pay more attention to your communications, follow your advice, and recommend you more. In sum, everything you hope their experience with you will cause them to do,’ concludes the magazine’s study.”

“According to HBR, the key to creating these emotional connections is to tap into one of many emotional motivators. Though researchers initially came up with more than 300 factors that drive behavior, they were able to pick the 10 most important motivating desires. To stand out from the crowd; have confidence in the future; enjoy a sense of well-being; feel a sense of freedom; get a sense of thrill; experience a sense of belonging; protect the environment; be the person I want to be; feel secure; and succeed in life — which includes living meaningfully. Experiential marketing is an extremely powerful way to tap into these motivators.” 

To read more, click the image.