Brands are beginning to see the need to incorporate emotional intelligence into the customer experience. Implementing automation in the sales, marketing, and customer service industry while also finding ways to personalize an experience for a customer through empathy is critical.
Studies show that human empathy is on the decline, a deficit that costs the average brand $300 million in lost revenue each year. Developments in artificial intelligence (AI) to help brands recognize opportunities to respond empathetically are on the rise.
Understanding the customer mindset really starts with brands that truly connect with their customers to effectively market, sell, and serve. Empathetic AI solutions are entering the scene to complement and empower sales, marketing, and service professionals on the front lines of the customer; these are helping to identify the emotional state and intent of the customer, enabling organizations to deliver a high-definition customer experience.
Emotional intelligence in business leads to superior performance
Now more than ever, customers are looking for easy, effortless experiences that meet their current and future needs. In fact, how customers feel determines their buying habits, and around 86% will pay more for a great customer experience. This is where the emotional intelligence of the brand plays a fundamental role. McKinsey recently referenced a study that evaluated 170 publicly traded companies on their empathic abilities and found that companies with empathy within their culture and towards the customer will have a positive net benefit to their bottom line. The top ten leaders in empathy twice outperformed the bottom ten in the stock market.
Gartner agrees that companies that implement empathy significantly outperform those that don’t, in terms of sales and profits. Designing an emotionally aware organization is increasingly becoming a priority item on boardroom agendas.
The new route to CX success is based on empathy
Empathy is essential on the path to offering customers great experiences; however, empathy can be difficult to achieve without the right plan. According to Forrester, consumers are gravitating toward brands that emphasize people over profit. While almost every business knows the importance of showing customer empathy, most struggle to provide it on a consistent basis.
Many organizations prioritize humans and bots working together to bring out the best capabilities of each other by using AI to identify how customers are feeling so that customer service professionals can understand and respond accordingly. real time. Today, AI-powered sentiment analysis capabilities are empowering CRM functions such as sales, marketing, and service interactions with the power to understand the emotional state and intent of each customer and prospect.
Paul Greenberg, president of 56 Group, LLC and author of The Commonwealth of Self Interest: Business Success Through Customer Engagement, has written extensively on the imperative of business empathy: the ability to understand what customers and employees are going through, along with the context and act accordingly. He states, “One of the most important vocations of customer experience professionals and enabling technology platforms is to help customers through understanding their struggles and aspirations.”
Leveraging a combination of Natural Language Processing (NLP) and AI to show the next level or next best action for empathic customer engagement, AI solutions are getting progressively good at using sentiment analysis capabilities to understand the customer better. Says Greenberg, “AI-powered sentiment analysis unites customer voice and text with business action, giving every sales and service interaction the means to account for customers’ emotional tone and attitude—indispensable context for support exceptional experiences. In addition, business professionals can review sentiment data to assess the overall customer experience and trip effectiveness, providing the means for continuous improvement in meeting and exceeding customer expectations.
The use of empathic AI solutions that mimic human empathy is visibly helping frontline employees who work directly with customers to better understand and respond in context to the range and depth of customer behaviors and emotions to, ultimately serve them better.
The recipe for success
The CX journey must be memorable and one that also recognizes and meets the emotional needs of customers. On many occasions, customers will want a self-service interaction that is quick, easy, and makes the most of their time. However, at other times, when there is a problem or they want to understand how a product or service will best meet their needs, they will want to be truly understood, felt and heard through a human connection.
Organizations are currently focusing on using AI to improve the customer experience by understanding and meeting their needs. Customer service professionals can produce the right answers and results quickly and safely by using AI solutions. To the customer, this shows that their needs and emotional state are met to help build authentic connections with customers that bode well for continued loyalty.
Leveraging AI-powered solutions through sentiment analysis provides the critical insights businesses need to recognize customer emotions and deliver a high-definition customer experience at scale.
This use of AI is becoming essential in the field of customer experience to increase customer satisfaction and improve the bottom line. While emotional intelligence can vary from employee to employee, with empathic AI capabilities, our own human emotional intelligence can be augmented and augmented to level out the overall emotional intelligence of the organization.
This article was originally written by Chris Pennington and published by Ben Dickson on TechTalks, a publication that examines trends in technology, how they affect the way we live and do business, and the problems they solve. But we also discuss the downside of technology, the darker implications of new technology, and what to watch out for. You can read the original article here.