Emotional Value Index (EVI®) is a CX KPI designed to measure emotional experience. It tries to capture customers’ emotional engagement with the brand as they go through different stages of the customer journey. In this regard, emotional experience is customer experience evaluated using emotions.
A study by Harvard shows that 95% of purchase decisions are emotional. Further, research by Gallop has identified that 70% of decisions are based on emotional factors, while only 30% relate to rational factors. All of these reinforce the power of emotions and their capacity to override reason.
But, customer emotions are a complex phenomenon, constantly influenced by different factors. For brands, they remain both a challenge and an opportunity. In order to harness their power and turn it to your benefit, you need an accurate picture of customer emotions. This is where EVI® comes in handy.
Why use EVI®?
Understanding your customers from their emotional perspective can bring huge rewards for a brand. When you know how customers would feel and react, it is easier to deliver your brand’s promise in a way that’s appealing to them. EVI® is the key to unlocking your customers’ subconscious.
EVI® is a simplified yet very effective way of measuring customer emotions. Emotions are categorized into clusters and assigned a weightage based on the level of impact. Then, the weighted average of each cluster is calculated to derive the survey score that can range from -1 to +1. It is then presented as a score out of 100. The higher the score, the better you are in the eyes of your clients!
EVI® data gives you valuable insights into customer behavior and preferences. Through customer emotions, you can identify the strengths and weaknesses in your CX strategy. You understand how they feel about customer service, product quality, after-sales service, brand image, and everything in between through EVI®. If the survey results indicate that customers are dissatisfied or frustrated with any aspect, you can identify and rectify it. More importantly, the KPI shows you what makes customers feel surprised, overjoyed, and onboard. It becomes easier to identify and evoke the emotions that persuade customers to purchase and purchase more!
By converting customer emotions to your advantage, it is possible to improve brand loyalty and growth. When you streamline the customer journey and improve the pitfalls, customer satisfaction will improve. If customers are happier, they tend to purchase more and visit your store repetitively.
When can you apply EVI®?
Our clients love and favor EVI® over other metrics for its versatility. You can apply it at any stage of the customer journey. Whether you want to measure the success of a single touchpoint, phase, or the entire journey, EVI® is perfect. It is ideal for gathering customer data both at the micro and macro level.
EVI® is highly effective when used along with other KPIs like NPS, CES, and customer retention rate. It provides context for the scores of other metrics and identifies bottlenecks throughout the customer journey. You can also compare EVI® data with other organizational data related to employee engagement, sales, performance, etc. For example, higher employee engagement will often be backed by a positive EVI® score. If your employees are satisfied, they will walk the extra mile to help you achieve business outcomes.
EVI® and sales are closely tied too. There’s a monetary value attached to customer emotions. With EVI®, you can understand how CX impacts sales. By aiming for a higher EVI® score, you are pivoting the brand towards growth through higher revenue and expanding customer base.
Want to integrate EVI® into your CX strategy? Get in touch with us to learn more, and we can help you get started!
