Have We Been Hoodwinked by Voice of the Customer Programmes? It’s time to challenge the status quo and ask... are we measuring what matters in customer experience? Every boardroom and CX team worth their salt has implemented a Voice of the Customer (VoC)
Psychological Pricing Case Study How We Increased Revenue for a Travel Operator Psychological pricing case study At CX Lab, we recently worked with a leading travel operator to explore how behavioural science could be used to optimise their online pricing strategy. Using our
What is the Framing Effect in Behavioural Science One of the simplest and most powerful tools in behavioural pricing is the framing effect. It refers to how the way information is presented (the "frame") influences the decisions people make. Let’s say you’re selling a monthly subscription. Would you rather offer it as: £10/month
Psychological Pricing Definition: A Strategic Guide to Customer Perception What Is Psychological Pricing? Psychological pricing is a marketing and pricing strategy that leverages human psychology to influence purchasing decisions. It involves setting prices in a way that makes products appear more attractive, affordable, or higher in value - without necessarily changing the product itself.
Using Psychology Pricing to Optimise Profitability Pricing is one of the most powerful levers for driving profitability, yet many companies fail to develop a structured approach to it. A study by Wharton found that price adjustments have a greater impact on profitability than increasing sales or reducing costs. Despite this, Bain & Company reports
Behavioural Pricing Optimisation Price is the most significant factor driving profitability, yet it remains underdeveloped in most companies. A study conducted by Wharton surveyed over 2,000 businesses and consistently found that price increases lead to higher profits compared to other strategies like increasing sales or cutting costs. An optimised pricing strategy
Digital Customer Experience A recent Appdynamics study found that 88% of technologists report that digital customer experience is now the priority. OK, so that is hardly earth-shattering news to most of you. It probably was the priority before lockdown and with shops only just opening, it certainly will continue to be a priority.
Behavioural research is more important than ever. You don’t need us to tell you that customer behaviour has changed over these last few months. Queuing outside supermarkets, increased online shopping and social distancing have changed the way we do things. For many, this is a stressful time. Understanding this new customer anxiety, emotion and behaviour
Voice of the customer is just scratching the surface With 95% of human decisions happening unconsciously (Professor Gerald Zaltman, Harvard Business School), can surveys ever be relied upon to provide insights into customer behaviour? And why are organisations spending £millions on the voice of the customer (VOC) programmes and so very little trying to uncover
Mystery shopping is not useful! Recently I came across a report from ContactBabel describing how respondents rated the usefulness of various CX learning methods. Interestingly and perhaps not surprising, were the respondents low scores for the usefulness of mystery shopping. This is a £billion industry – that's an awful lot to spend on something
User Experience - the secret to improving it Understanding any aspect of human behaviour like user experience is never as straightforward as we would like. If humans were the conscious, rational decision makers we used to believe then human study would be simple. We would just ask people about what they did and why
Is Emotion the key to customer experience differentiation? There appears to be a popular narrative at the moment about the need for brands and experiences to create positive emotional connections for customers. Emotion and customer experience appear to be key partners. Only recently Forrester announced: “Emotion Holds The Key To Achieving CX Differentiation -
Customer service training - waste of time or good investment? For many organisations looking to improve the customer experience, one of the go-to solutions is to jump to training the front line teams, whether they be working in a contact centre, retail, sales teams, B2B or B2C. This well-trodden route seems like an easy answer,
Workplace stress – using biometrics to understand stress and build resilience Last month the health secretary intimated that the NHS would struggle to cope with demand over the next 10 years and that the health of the nation would depend on individuals and organisations. Whatever your political standpoint, it is clear that the health of
Employee Engagement This week we were lucky enough to be invited to the Lush showcase event in Manchester. Primarily focused on engaging Lush employees, they invite every manager from every store across the world to a spectacular event celebrating everything lush about Lush. It’s a cross between Alice in Wonderland and Charlie & the Chocolate
Customer surveys do not work Let’s consider the advancement in behavioural science which broadly tells us that most of our decisions in life occur unconsciously. Even those big conscious decisions (who to marry, which house to buy, fast car vs one that fits the children etc) are influenced by our unconscious, inbuilt bias, past experience
Learn about the psychology and physiology of customer experience in a recent webinar from Pearson Business School. The webinar features Dr Harry Witchel from Brighton & Sussex Medical School, Sam Johnson from M&S and our co-founder Tim Routledge discussing how neuroscience and physiology are key elements in customer experience. [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container] Dr Harry Witchel talks passionately
Games People Play. Your chance to take part in our simple yet ground-breaking experiment to further the understanding of human behaviour… Most customer experience approaches have been developed through conventional research from customers and employees. These traditional methods ask people about what they do and the reasons why. CX Lab is seeking to challenge
