Math with emotion

The Math with Emotion

Written By: Anant Kiran, Functional Head – Customer Care at Mumbai International Airport Pvt. Ltd.

An online food delivery start up that came into inception in 2012 had taken consumers in awe by the concept of ordering food, the choices available and the ease of delivery. In 2012- 2014 aggressive expansion moves were read across the newspapers and in 2015 the restructuring at the top level happened.  Well if the numbers were to be believed, the revenue figures were sky mounting- 600 %  YOY (approx rise).  Losses it seems were maddening too -5 times on the previous fiscal year. Was there an issue unknown or was it known and yet disregarded?

A taxi aggregator who was in a soup in 2014 because of an event driven by a driver – beyond control (at that point of time) –  is gaining a market share and continues becoming the hot favourite in 2016. Fate of which, was thought of doomed then and booming now.

Well the former focussed on numbers/ignored customers and the latter focussed  on customers, brought in whatever best it could to make customers feel safe and improve experience,  numbers are coming along !

What are numbers – Sales – Profits- without a customer? Few have harnessed the power of putting the emotion into a customer. Those who have, see a reciprocation of the emotion. This emotion builds up the revenues, the profits, the net worth.

By the virtue of working in a service industry from many years, I can see the paradigm shift happening across all sectors.  The ones that didn’t have a direct interface with customers are also rising to the clout that customer experience holds.

The integrated concepts like B2B2C have pushed the bolt of the door that had kept customers behind the numbers, to break free. This invitation allows the customers to experience each touch point and give a verdict of happiness.

Happy customers bring in excited numbers!

E tailers are focussing on building partnerships for providing the best experience & a service delivery to the level of a perfectionist, for their customers. With hundreds and thousands of brands using online market places to accentuate their sales, the E-commerce business owners are shrewdly concerned about the customer experience. Name any – Flipkart, Amazon, Snapdeal, PayTM, Quikr  there is a surge in investments –From creation of Wallets to post sales services.In 2014, Flipkart acquired a stake in appliances installation service provider, 2015 – Amazon invested Rs 150 Crore in housejoy. Such partnerships were not just aimed at tapping the new segment but in reality to also deal with the service delivery based on guarantees and warranties on the goods sold online, which some merchants were failing to provide the right way.

Lets take a look at the Banks. A bank can just keep playing the role of lending credit and accepting deposits in the usual ways. Why the transition from a branch banking based models to e-lobbies to further improvements in digitisation. Why the continuous struggle for improvements?

Well, Insights from digital consulting retail banking shows that 45% of dissatisfied customers will discourage their friends from using the bank.  A forrester research publication of Aug 2014 based on US Banking stated that improved customer experience can bring in $161 million annually for US banks.

“MBank” in Poland improved its customer experience by “being digital”. It provides “30-second” quick cash loans, person-to-person Facebook payments and much more.

Not only is the experience in the transaction important, personal touch always goes one step ahead in retaining the customer.

During 2014, JP Morgan Chase, Wells Fargo, started greeting customers with a happy birthday message from ATMs and online banking platforms. The customer can certainly do fairly well without receiving any wishes from a financial institution.  But the question is of providing an extra delight!

Coming to Aviation – My Sector – I have no qualm in accepting that I love flying by Indigo Airlines. The polite and courteous check in staff, the guys on the ramp ensuring that each flight goes on time, the assistance in case of any trouble , distinguishes it from others. Its a low cost high quality service provider.

In Feb 2015 when I had proposed the idea of getting onboard therapeutic dogs at the newly built Terminal 2, Mumbai international airport to lift the moods of the passengers, it was welcomed by the management and I feel pleased to read about it time and again when the bloggers write about the moving experiences that passenger had with those dogs.

Well in my opinion the customer in the years to come will prefer being treated as a family than a king. The math with emotion will be the best bet. The surest way to survive and flourish.

This blog was originally published by Ms. Anant Kiran on LinkedIn that you could read here.