Key Insights From The Study · Banking, Insurance, E-commerce and Retail, seen as more effortful now as compared to pre-pandemic levels. This could be due to a combination of these sectors falling behind on effort reduction as well as customers’ tolerance to friction lowering · As organizations have digitised nearly all customer journeys, reduction of physical effort has hit the point of diminishing returns. Being effortless on the physical effort dimensions is now table stakes. · Achieving desired outcomes continues to need multiple attempts across industries. In a digital world, this translates into higher time required than what customers expect to spend. In a digital journey, customers have significantly lower temporal tolerance and even small delays impact how effortful customers perceive a brand to be. · Post purchase phase & especially customer support is the most effortful stage in Banking, Insurance & E-commerce. Need for multiple iterations to get the right support & multiple follow-ups on status are primary effort drivers · In Retail, in-store support is reported as most effortful. Effort to get the in-store representatives to understand the requirements is high · In e-commerce, choice overload in the process of choosing the right product drives the most cognitive stress and counterintuitively drives dissonance · Efforts put by the banking industry into designing digital processes for day-to-day banking are showing results with digital banking seen as easier as compared to branch banking · Going digital has helped Insurance organizations to make significant reductions in turnaround time required in the pre-purchase phase. Complexity of options & information asymmetry however drives cognitive effort 2/4
Simplicity should be the key 2023-24 Mantra. 3Cs of simplicity Journeys, physical or digital need to be designed for Clarity, Consistency and Cohesiveness. The need for multiple iterations and attempts is a strong symptom of complexity. Eliminate cognitive stress by incorporating high visibility of outcomes for the customers. Design For Failure Accept your journeys will fail. A well-designed Service Recovery that focuses on assurance and stress transference is a key opportunity for driving ease and differentiation. Build hybrid journeys Interactions with sales/service representatives need to balance the one-size-fit all apathy of digital journeys with empathy, assurance & stress transference, thus reducing the cognitive stress for the customer. Contextualize THEN Personalize Organizations have invested significant resources in personalizing journeys & communications. Customers do not however see this as simplifying their decision journeys, consumption journeys or support experiences. In most cases contextualization works better than personalization. What To Focus On 3/4
Effort Assessment Score (EAS)® Platform: A unique, first of its kind platform that allows organizations to monitor and measure the exact nature and level of friction experienced by customers during a specific interaction with the organization. The Effort Assessment Score (EAS) integrates traditional quantitative techniques and consumer neuroscience based tools and is designed to collect specific effort assessment across the three constituents of effort: Physical Effort, Time Effort, Cognitive Effort and Perceived Effort. The integration of consumer neuroscience techniques, allows EAS to tap into the emotions customers attribute with the brand, processes and touchpoints due to the Effort & Pain they experience Terragni Consulting is a strategy consulting and implementation company. We work with business leaders in unlocking new approaches to their most difficult challenges. Humans are at the core of chaos and prosperity; by understanding what drives them, guides them, and inspires them, we are better able to create positive change for our businesses Our solutions rooted in consumer neuroscience, data science & human sciences connect seemingly disparate dots and are creative yet grounded in reality. Our implementation is rigorous and connected to hard-nosed business challenges. Disclaimer Terragni Consulting (P) Ltd is not liable to the readers of this report in respect of any business losses, including without limitation loss of or damage to profits, income, revenue, use, production, anticipated savings, business, contracts, commercial opportunities or good will as a result of you accessing this report. This disclaimer governs the use of this report. By using this report, you accept this disclaimer in full. Without prejudice to the generality of the foregoing paragraph, we do not represent, warrant, undertake or guarantee that the use of guidance in the report will lead to any particular outcome or result. The EAS index rankings are an outcome of the Terragni EAS pan-India study of consumers of the respective service/product. The rankings are by no means to be construed as an indicator or reflection of the overall capability or service promise of the organizations named. All names, trademarks, images belong to the rightful owners and are mentioned as such and utmost care has been taken to attribute ownership. Any inadvertent violation of the same may be brought to the notice of the publisher. Copyright (C) 2023, Terragni Consulting (P) Ltd. All rights reserved. For limited circulation only No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including photo copying, recording or other electronic or mechanical methods without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law. For permission requests, write to The editor, Terragni Consulting (P) Ltd 302-303, Supreme Centre, ITI Road Anand Park, Aundh Pune- 411007, India The Assessment Framework Access the full report and more on Pg 5 TIME or TEMPORAL EFFORT The time we take for the things we want done PHYSICAL EFFORT The number of actions and iterations it takes to get things done our way COGNITIVE EFFORT The mental stress we go through because of uncertainty and lack of clarity EMOTIONAL IMPACT The emotions we experience, associate and remember in our interactions with the brand 4/5
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