Marketing is everywhere. Everyday companies big and small are marketing just about anything to anyone. Marketing is described in many different ways. A simplistic and general way to look at marketing is an exchange between a company and its customers (Iacobucci, 2014, p3). No matter what you are selling whether it is a service or a product, this exchange can have an incredible bearing on the financial success of the product. Customers can have good experiences and bad experiences. Experiences generally generate emotion and if this emotion can be harnessed and used to help generate future transaction’s then marketing gets a whole lot easier, an example of this is when an emotionally perceptive sales person or marketing team can recognise when a customer is bored or excited, interested or confused and relaxed or annoyed (Kidwell et al, 2011 p. 79). Today business intelligence systems are vital to a successful business. The evolution of CRM (Customer Relationship Marketing) has changed the way companies target and segment. CRM is a versatile tool able to adapt to any type of business or industry. CRM is commonly referred to as the bridge between human interaction, initiating, maintaining and creating relationship, and the ability of the organisation to intelligently transform them into data bases to be used in an efficient way (Toma, 2016 P.89).
Emotional Intelligence and customer relationship marketing are tools which are making marketing and business in general, personal. The age old saying it not personal, it’s business, is still kicking around, although if you believe that this is still the case you have another thing coming. Most companies strive to provide great customer service. In order to provide great customer service, it helps if you know your customer. In order to create a clear customer profile there are many metrics or measurables that can be implemented to better identify the customer. Some companies will use metrics such as age, gender or income to help formulate a marketing campaign which will help identify and reach different customers in different markets.
Perceiving, facilitating, understanding and managing emotion are the four pillars to emotional intelligence (Kidwell et al, 2012 p. 25-26). Understanding and utilising these emotional factors can lead to a boost in customer satisfaction, customer loyalty and customer sales performance. At a recent Connecting customers to business summit in Sydney guest speaker Anthony Geneave, vice president of Customer Experience with Wyndham Hotels and Resorts said “We believe that a combination of emotional intelligence and design thinking enables us to turn customers into promoters,” https://mumbrella.com.au/customer-experience-the-emotional-road-to-transaction-392446 . The use of EI in a sales interaction with a client can be extremely powerful tool. The data gathered during the personal or human interaction can help to build the customer profile. Sales people with High EI continually exhibit behaviours consistent with their customer’s orientation because they effectively perceive, use and understand and manage emotions in an exchange with their customers (Kidwell et al, 2012 p. 25-26).
Great customer satisfaction and continual development of customer relations is generally the platform for positive sales performance. CRM relies heavily on many different aspects in order to have a positive effect on a business. As discussed by Sue Barrett, “smart companies are adapting and embracing the new ways of doing things to make it easier and more efficient for their sales teams to sell better – from utilising the comprehensive analytics available from the web and social media to the ability to customise a CRM system and deploy applications on various devices” http://www.smartcompany.com.au/marketing/sales/75215-2016-sales-trend-8-streamlining-crm/. In order for a CRM to deliver a report that can be useful to an organisation it relies heavily on consistent customer data, generally CRM is based on information which is able to deliver real-time analysis (Toma, 2016 P.88). The greater our relationship with the customer and the stronger the profile the organisation has on the customer the more useful the CRM will be. As the strength of the customer profile increases so should the organisations offer. Generally, companies looking to gain an edge over their competitors will look to develop strategies based on customer’s needs, this is made easier when a report can be generated to guide the executive teams in the right direction, these reports can be in many formats although dashboards are a very popular method as they give a quick visual representation of the specific measure.
While customer experience can be good or bad it is generally measurable. Marketers today are thinking more and more about who the customer is, what they want and now more frequently how their product or service will make the customer feel. By interacting with the market utilising EI and introducing that data into an innovative CRM data base marketers are able to efficiently target a specific market with the products that are designed to cater to their needs.
Barrett, S, 2016, 2016 Sales Trend 8 – Streamlining CRM
Breslin, C, 2016, Customer experience: The emotional road to transaction
Iacobucci, D 2014, Marketing Management (MM4): Student Edition, South-Western: Cengage Learning, Mason.
Toma, M, Customer Relationship Management: A Theoretical Approach, Economics, Management, and Financial Markets 11(1) 2016, pp86-93.
Kidwell, B, Hardesty, D, Murtha, B, Sheng, S: Emotional Intelligence in Marketing Exchanges, Journal of Marketing Vol.75 January 2011, 78-95.
Kidwell, B, Hardesty, D, Murtha, B, Sheng, S: A Closer Look At Emotional Intelligence in Marketing Exchange, New Insights, Vol.4, No.1, 2012, 25-31