Research suggests that we choose products in the same way that we unconsciously judge and behave toward others. The result is that people develop strong feelings about everything from their car to their boss - literally a love/hate relationship that can make or break any business. This is due to our primal survival instinct where we rely upon this unconscious ability to size up others within seconds. Psychologists believe that 82 percent of everyday judgments are based upon this snap assessment.
In their book, "The Human Brand", Chris Malone, a former marketing consultant to Fortune 500 companies, and Susan T. Fiske, an award-winning Princeton psychology professor, aim to equip businesses (and Nassau Guardian readers) to better understand this process. According to the authors, our assessments are informed by two simultaneous judgments of "warmth" (what intentions others have towards us) and "competence" (how capable they are of carrying out those intentions). Malone and Fiske studied five thousand adults and forty one leading brands including McDonalds, Coca-Cola, Tropicana and Mercedes; confirming that we all assess people, organizations and products in the same way. We can therefore conclude that to achieve sustained success, Caribbean companies must build positive relationships with customers based upon accountability. We can take our inspiration from Domino's Pizza who upon launching a new pizza took the unusual step of apologizing that its old recipe hadn't been very good. This appeal for a second chance earned Domino's the largest single-quarter revenue boost in the history of the fast food industry.
This is in contrast to BP who suffered long term consequences following the Gulf of Mexico oil spill, despite paying Billions of dollars in compensation. It seems that many companies are perceived as lacking in both warmth and competence; compounded by being seen as selfish and only concerned with profits. However, social media offers customers considerable power to judge how companies and brands conduct themselves; with implications for profitability and Bahamian business success. Ultimately, successful companies put their customer's interests first and forge genuine relationships driven by what people really value. This represents a shift in business priorities, in which customer relationships should be treated with the same importance as profitability.
"The Human Brand: How We Relate to People, Products, and Companies" by Chris Malone and Susan T. Frisk and published by Wiley. Keith Appleton JP, BA (Hons), N.Dip.M, MInstLM has extensive experience within an academic, managerial and strategic leadership role. He is a member of the UK Institute of Leadership & Management and can be contacted at KeithAppleton@Hotmail.co.uk.
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