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Mastering ‘Mental Accounting’: The Key to Persuasive Buying Decisions

Beyond Philosophy

I mention it here, not to rub it in your face (much), but because in the booking of this cruise, I saw an excellent example of how my wife and I leverage mental accounting regarding our splurges. It was our version of Mental Accounting. Mental Accounting ruins all that. People have various rules regarding found money.

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It’s all about context stupid! Why most businesses fail to take this into account

Beyond Philosophy

They were asking for the account number right off the bat. The senior managers thought customers would be ready to present their account numbers upon getting through the call center queue. The quicker the call center employee had the account number, the faster they could resolve the issue and have their employee process another call.

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Yikes! Rental Car Horror Stories

Beyond Philosophy

This is, of course, a terrible customer experience. While many companies focus on rational factors like pricing, we’ve found that emotional factors account for more than half of a customer’s experience. To learn more about understanding your customers and improving your Customer Experience join one of our training courses.

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“Sorry Seems To Be The Hardest Word” – How To Apologize

Beyond Philosophy

Of course, we all make mistakes. Seeing that Wells Fargo violated the trust of their customers by their employees opening and moving customers money into their account, they had to accept responsibility. By accepting responsibility, the CEO had to show remorse for the way it didn’t handle their customer accounts responsibly.

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6 Killer Applications for Artificial Intelligence in the Customer Engagement Contact Center

If Artificial Intelligence for businesses is a red-hot topic in C-suites, AI for customer engagement and contact center customer service is white hot. This white paper covers specific areas in this domain that offer potential for transformational ROI, and a fast, zero-risk way to innovate with AI.

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Is Your Price Right? Here?s How To Check

Beyond Philosophy

You should understand Mental Accounting as it pertains to customer behavior before you set the price and before you ruin how your customers feel about your experience. So, What is Mental Accounting? Airlines Run Mental Accounting Too Often in the Red. Customer expectations play a part in mental accounting also.

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Wells Fargo: They Should Do This

Beyond Philosophy

The San Francisco-based bank, whose employees opened many fraudulent and unauthorized accounts in their customers’ name, now enjoys the dubious honor of shouldering the most substantial penalty the agency has issued since its formation in 2011. million deposit accounts and over 500,000 credit accounts in all. Money.cnn.com.

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