Enterprise AI

How to increase your business’s EQ

Let’s kick this thing off with a quote, because why not?

I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.

— Maya Angelou

I think we can all agree that Maya Angelou was right. How people and businesses make us feel when we engage with them is formative of the kind of relationship we’ll have, whether it’ll provide us with support and opportunities for growth or do the exact opposite. That’s why so many businesses today are looking at ways to develop their emotional intelligence and become more empathetic—more human, you could even say.

These days most companies generally have a pretty high IQ. Thanks to the rise of big data, they typically have the insights and intelligence necessary to not only know who their customers are, but also what they care about. To achieve an equally high EQ, or emotional quotient, they need to better understand and empathize with those customers. That’s worth doing because companies with high EQs will not only forge deeper connections with their customers, they’ll also develop a distinct competitive advantage.

In this post, we’ll look at what having a high EQ means for today’s businesses and how they can best go about raising theirs using AI.

The case for a high EQ

Empathy is all about understanding how you affect others emotionally and making changes as a result.  When companies understand their customers’ feelings and are truly empathetic towards them, it can lead to some important benefits. It can boost sales and customer loyalty, for example, while setting businesses up for all-important referrals. Meanwhile, having an empathetic workforce with high levels of emotional intelligence can lead to greater productivity and innovation, not to mention higher levels of engagement and collaboration.

Businesses that are built on customer empathy see customer pain points not just as the cost of doing business, but rather as missed opportunities. By working to make their customers’ lives better, even if it’s in small ways, they can start to differentiate themselves from competitors. And, by considering everything they do not just from their own perspective, but also from that of their customers, they can become much more in tune with their audience.

One of the many advantages of being plugged in like that is being able to offer products and services that customers actually need and want, and that they will actually buy. Likewise, companies with a high EQ will be better equipped to help motivate customers to make a purchase should they happen to get hung up somewhere in the buyer’s journey.

Using data to become more empathetic

Companies that want a high EQ have to find ways to efficiently collect and use data to benefit their customers. Specifically, that means using data to put customers first, while at the same time getting better at anticipating their needs. This is an area where AI can help.

Our customer intelligence network, for example, allows us to unlock deep insights into what customers want—all in a privacy-preserving way—so that you can fine tune your business to actually give them what they need.

Imagine, for example, a particular segment of customers who are interested in your product, but who are also highly price sensitive. Not only can you use AI to identify this cohort by how they’re behaving online, but also to automatically introduce the right incentives at the right points in the buyer’s journey to help shepherd them down the path to purchase. In the case of someone who’s price sensitive, that could be as simple as a small discount.

By being empathetic toward your customers and understanding what might be preventing them from making a purchase, you can take the steps necessary to address their concerns. The result is happier, more satisfied customers along with higher sales and retention levels.

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