Emotions have been taking over marketing and the position to be the main driver of our purchase behavior during the past decade rapidly. Today, a whopping 46% are saying that customer experience is the main driver of the purchase decision where pricing is only 20%. In other words, look beyond NPS and CES to emotions that you want to drive in your business and find a way to measure those.
This lead to the creation of the EVI® as in the Emotional Value Index. EVI® is very much like NPS or CES as it is a standardized way to see a more complex phenomenon. On the other hand, emotions are more complex so the model to calculate the index is a bit more complicated, though still very simple. Now, if you have not read our previous article about how to measure emotions, check that out first here!
Now that we have set the measurement in place, the numeric index comes out fairly easily. The main point is to categorize the emotions into different clusters based on the effect and the amplitude of the emotion. There are four different clusters based on the amplitude and which value the cluster receives. The clusters then have values -1, 0.33, 0.66, or 1. From here, the calculation is fairly simple. You would just take the weighted average of each cluster based on the amount of how many times a person has selected a specific emotion that goes to each cluster. This will then create a number between -1 and 1. This can be then transformed into -100 to 100 on which EVI® is usually presented.
Even though the theory and calculations behind EVI® are fairly simple, you can always make your life even easier. At Feedbackly, we have automated all this so that you don’t have to worry about it. We are also the original developers and forerunners of Emotional Experience measurement and EVI®.
The EVI® methodology is under continuous development, just like the world around us, to ensure it meets the needs and requirements of businesses in the best possible way. Emotion selection and clusters might have changed and developed further since the time this article was created.
