Customers are motived by their emotions. So, why isn’t your company?
On season 6 episode 18 of the Making Bank podcast, Darshan Mehta discusses how insights and emotions impact your business. Using real life examples, Darshan outlines how the way people feel and think can influence what they buy. Therefore, every company needs to understand these emotions responses to be successful. Listen to the episode to hear more about how insights can impact—and improve—your business in a highly competitive world.
Listen to Josh...
Customers are motived by their emotions. So, why isn’t your company?
On season 6 episode 18 of the Making Bank podcast, Darshan Mehta discusses how insights and emotions impact your business. Using real life examples, Darshan outlines how the way people feel and think can influence what they buy. Therefore, every company needs to understand these emotions responses to be successful. Listen to the episode to hear more about how insights can impact—and improve—your business in a highly competitive world.
Listen to Josh and Darshan discuss emotional insights:
Problem Solving and Insights (2:47)
Darshan has always been drawn to solving problems. In looking at case studies, he honed his skill of extracting insights. To him, an insight is being in touch with trends on the macro-level. Some of the most insightful people? Comedians.
Today’s Insights, Tomorrow’s Facts (4:57)
Darshan points out that everything we interact with in our modern world was first thought of by someone. Telling a story of Steve Jobs, Darshan shows the power and impact of insights on innovation.
4 Factors of Success (6:58)
Darshan outlines how if an entrepreneur can save people time, money, and energy, they can be successful. However, if your product or service can evoke an emotion, you may find your success increasing by tenfold.
Talking Numbers or People (9:04)
Darshan weighs the value of quantitative versus qualitative research. While it can be easy to simply look at the data and make observations from there, it’s also important to talk to people. Having conversations and observations can lead to great insight, which leads to great business.
Valuing Emotion and Experience (12:01)
In using the example of New Coke from Coca-Cola, Darshan explains how the emotional connection people have with your product can vastly influence your success. When New Coke came out, it was rejected by the public—not because of taste, but because of loyalty to the old product. So, keep in mind the emotional connection people form. It may cost you.
Doing Your Research at iresearch.com (15:22)
If you’re an entrepreneur looking for this emotional insight, you can do your research at iresearch.com, where Darshan and his team collect the data for you. With iresearch.com, you can get feedback on what your potential customers are thinking and feeling and use that information to improve.
Finding Your North Star (20:15)
Darshan encourages any new entrepreneur to first determine their business north star. Do you want to be best in the state or the world? Aim as high as you can, and you’ll find success.
Become Your Best Competitor (21:26)
In order to better your business, you must think from the perspective of your competitor. Constantly question how a competitor may eliminate your company, and then incorporate that factor into your business.
Links mentioned:
https://joshfelber.com
https://iresearch.com/
https://www.barnesandnoble.com/w/getting-to-aha-darshan-mehta/1140381091
