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
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
Behavioural Science - can a blue room really make a difference to profit? In an experiment carried out on behalf of Honda UK, we created an environment specifically engineered to test the findings of numerous behavioural science studies and our own long-term research in the automotive sector. The study was designed to investigate the
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
