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THE BUSINESS FEELING INDEX:THE FEELINGS THAT MOVE BUSINESS FORWARDbusinessfeelingindexTABLE OF CONTENTSA NOTE FROM GYROINTRODUCTIONKEY FINDINGS: Driving Confident Optimism Via the Six CsSTAGE 1/PRE-CONTACT: Credibility and Culture Build Belief and OptimismSTAGE 2/INITIAL CONVERSATIONS: Active Listening and Alignment Make Them Feel UnderstoodSTAGE 3/WORKING TOGETHER: Successful Crisis Navigation and Solid Work Provide AssuranceCONFIDENCE BUILDERS AND KILLERSSTAGE 4/FINISHING THE WORK: A Sense of Accomplishment Leads to New BusinessQ+A: Columbia University Academic Michel Tuan Pham Shares His Feelings About Emotions in BusinessIN CONCLUSION: Focus on the Feelings That Matter Most456781011141517For more, visit: businessfeelingindex4 THE BUSINESS FEELING INDEXNOTE FROM GYROThe advent of “big data” has led the world of business into what seems like a new age of reason. We have the technology to quantify our world in a myriad of rational ways. We see more, we know more, and we have algorithms to reach people with more precision than ever before. Choose the channels, decide on the message and press send. Relevance is guaranteed; success will surely follow. THERES JUST ONE FLAW IN THIS ANALYSIS: HUMAN NATURE. Real people dont behave as rationally or predictably as the data might suggest. We are tribal and emotional, and the reasons behind the choices we make arent so easily measured. We go with our gut instinct; we hear what we want to hear; we choose our own facts.This is not an age of reason; its an age of feeling. Big data has a big role to play, but only if we use it as the inspiration to create ideas that work on a human scale.And whats true of the world in general is equally true of the world gyro knows best business-to-business (B2B) marketing. For us, precision is nothing without feelings, because feelings ignite business decisions just as powerfully as they fire any other aspect of human behavior.That is why we partnered with the Financial Times to ask global business decision-makers exactly what feelings impacted their most recent B2B partnership. Whats more, we asked them ideally what they would have liked to have felt during all of the stages of the business relationship. There is much to learn from the honest responses that Financial Times readers shared with us. But one fact is for certain: Human relevance has never been more valid, and more necessary, in business. I assure you there has never been a research exploration quite like this one. I hope it inspires you to move beyond the rational aspects of your business and deeper into the emotions that truly drive decisions. All the best, only the best.Christoph BeckerGlobal ceo+cco, gyro5THE FEELINGS THAT MOVE BUSINESS FORWARDINTRODUCTIONWith so many ways to connect with customers across a seemingly infinite array of touchpoints and technologies, its easy to get distracted among all of the choice and complexity. Too often, B2B marketers forget that the target they are after is a human. And humans, as we know, make decisions based upon feeling more than reason. There is also a natural tendency to focus marketing on influencing the biggest decision - winning business and securing the deal. But the reality is that this is only one critical moment, among many, that creates a lasting relationship. THERE IS A CONSTANT CYCLE OF SPECIFIC, POSITIVE FEELINGS CUSTOMERS NEED TO FEEL. THESE ARE THE FEELINGS THAT FUEL THE DECISIONS THAT MOVE BUSINESS FORWARD.To better understand the crucial moments and key feelings that create and sustain successful business relationships, the Business Feeling Index (BFI) was launched by the Financial Times (FT) Commercial Insight Group in collaboration with gyro, a leading global B2B agency. More than 300 Financial Times readers participated in this extensive global study. It strikes at the core of what senior decision-makers felt during the four pivotal stages of a recent business relationship. These four stages are pre-contact, initial conversations, working together and finishing the work.FT readers also discussed what, ideally, partners could have done better during each stage to have built a stronger relationship and, in turn, achieved greater success.Throughout each stage, the majority of respondents reveal one feeling that rises above the rest the desire to feel confident about their partner. Once established, this feeling must be sustained (if not intensified) to ensure the success of the relationship. The most effective drivers of confidence are thought leadership, shared cultures, constant communication and the ability to navigate relationship issues. Other seemingly important factors such as size of business and awards won fell to the wayside. Each was labeled among the least important factors.This report offers a detailed view of the customer relationship that will shift the focus from what customers need to think to what customers want to feel.It is supported by data that proves which feelings are most important to inspire at the key inflection points across the decision journey. It also explores the pitfalls where partnerships cease to be and hard-earned current clients become ex-clients.THE FINDINGS IN THE BUSINESS FEELING INDEX SHOULD BE USED AS INDICATORS FOR YOUR EXISTING AND FUTURE RELATIONSHIPS. BUT, MOST OF ALL, DONT FORGET WHAT IS MOST RELEVANT TO YOUR CUSTOMER: THEIR FEELINGS.6 THE BUSINESS FEELING INDEXKEY FINDINGSDRIVING CONFIDENT OPTIMISM VIA THE SIX CS70% of respondents say thought leadership is among the most important elements during the research phase. Proactive sharing of thought leadership is also one of the most effective tactics for maintaining a strong relationship (69%).CONTENT 83% say company culture is among the most important attributes when they are researching a company.CULTURE Communication is the connective tissue of a business relationship, according to 98% of respondents. More than three-quarters of respondents strongly agreed with this statement in all major regionsMUNICATION 86% of respondents say the first moment of friction in a relationship is where you really find out about your partner.CRISIS MANAGEMENT 65% of respondents said the feeling they want to walk away with the most is accomplishment. CONCLUDING STRONGLY Not surprisingly, 77% of respondents say poor quality of work is the biggest detriment to a relationship in progressPETENCY 7THE FEELINGS THAT MOVE BUSINESS FORWARDSTAGE 1: PRE-CONTACT CREDIBILITY AND CULTURE BUILD BELIEF AND OPTIMISMConsidering B2B decisions are high value, high consideration and high risk, the research/pre-contact stage is an intense and thoughtful process. According to the FTs findings, there are three key feelings that business decision-makers want to feel during this stage: interest, belief and confident optimism.Specifically, 86% of global respondents say confidence is the feeling that is most important for deepening consideration during the research phase. This was followed by optimism (59%). The results were similar throughout each stage of the relationship. The drivers that decision-makers look for in order to achieve confident optimism: be proven; be an expert with vision; be focused and credible; and be “a brand I identify with.” On the other hand, dont be unclear or rely on superlatives to describe capabilities or product attributes. More than three-quarters of respondents (77%) said uncertainty about core competencies, skills and attributes is the feeling that had the most negative impact.Customers need credible proof that you own your expertise. Thats why thought leadership is the most important attribute at this stage per 70% of respondents. Its worth noting that its importance does not diminish. Respondents cite it as the most influential aspect of a brands marketing (63%). “In todays world of sameness, thought leadership is one of our highest criteria when selecting our vendor partners,” says Rhonda Shantz, CMO of the leading digital security firm Centrify, “especially when they are able to tie that thought leadership to results.”Another powerful differentiator is company culture. A vast majority of respondents (83%) say company culture is among the most important attributes when they are researching a company. “Culture is everything,” says Kara Keough, Global Marketing Director Brand, for the leading global commercial real estate services company JLL. “At JLL, our culture is built around our purpose to create rewarding opportunities and amazing spaces where people can achieve their ambitions and our clients share this purpose.”One of the least important attributes was being the biggest in the category. Only a third of respondents cited size as being important. Fewer than half (46%) were impressed with awards. 86%OF GLOBAL RESPONDENTS SAY CONFIDENCE IS THE FEELING THAT IS MOST IMPORTANT FOR DEEPENING CONSIDERATION DURING THE RESEARCH PHASE.8 THE BUSINESS FEELING INDEXSTAGE 2: INITIAL CONVERSATIONS ACTIVE LISTENING AND ALIGNMENT MAKE THEM FEEL UNDERSTOODB2B decisions typically involve five or more people in the buying group. Once the initial conversations begin, they, more than anything, want to feel like they are understood. This is the moment where the customer needs to clearly see the alignment of expertise and capabilities with their company. They want to know their partner gets it. Of the respondents surveyed, 70% say a clear “understanding of my needs contributed most to selecting a partner.” The key driver for this feeling is not only active listening, but it is also taking a consultative approach. “While actively listening, look for opportunities that can help educate the customer,” says Ayesha Durante, Head of Marketing, HP Printing Systems, Asia Pacific and Japan. “When the customer learns something new that will help them, the psychological power of reciprocity helps build preference and loyalty. Avoid talking about your product or services. Focus instead on the business needs of the customer.”Throughout this stage, and all stages, “communication is the connective tissue.” This was an absolute truth among successful business relationships, according to 98% of respondents. In fact, more than three-quarters strongly agreed with this statement. Poor communication, conversely, is the most likely factor to stall a relationship per 60% of respondents, followed by a lack of transparency (53%). The No. 1 communication mistake is overpromising (69%). B2B partners want to avoid focusing on themselves, making excuses and being arrogant. Arrogance is one of the biggest turnoffs, according to respondents.FT readership say the reasons for not selecting recent partners included “arrogance about their successes”; “too much nonsense and not enough substance”; and “excessive salesmanship.”“Authentic, consistent and relevant communication is critical for earning the trust needed to build a customer relationship,” says Durante.Being too pushy was extremely detrimental per 61% of respondents. New partners do not want to be hounded with emails and phone calls. They are especially allergic to cross-selling and upselling. 9THE FEELINGS THAT MOVE BUSINESS FORWARD70%OF RESPONDENTS SAY A CLEAR “UNDERSTANDING OF MY NEEDS CONTRIBUTED MOST TO SELECTING A PARTNER.” LACK OF EXPERTISE WAS THE MOST LIKELY TRAIT TO DERAIL A BURGEONING DEAL (64%). 10 THE BUSINESS FEELING INDEXSTAGE 3: WORKING TOGETHER SUCCESSFUL CRISIS NAVIGATION AND SOLID WORK PROVIDE ASSURANCEAs the relationship deepens, decision-makers need to feel assured by their partners. Assurance is driven by strong work and transparency of communications. At the same time, crises were not viewed as a negative. Crisis time should be the time to shine. Eighty-six percent of respondents say the first moment of friction in a relationship is where you really find out about your partner or vendor. Transparency and honesty are crucial when a challenge or problem arises, according to 69% of those polled. Responsiveness (65%) was equally important. “We have the same expectations from our partners that we have for our own teams. This means there needs to be candid and direct feedback. They need to act with urgency and they need to hold their team accountable,” says Jeremy Verstraete, Senior Director of Marketing, United States Gypsum. “Evaluate the situation. Create a corrective action, if required, and follow through with it. Delaying the corrective action only complicates and/or exacerbates the situation.”At this stage, they were eager to see the effort and innovation that are continually brought to the relationship. They say, “feed my learning.” In fact, proactive sharing of thought leadership is one of the most effective tactics for maintaining a strong relationship (59%).The most likely actions that will disrupt and destroy a relationship, outside of outright incompetence, are dishonesty, inflexibility and a decrease in communication.“I feel doubtful when they lose interest, they get lethargic and lose enthusiasm. Also, their contact is not as regular, and the conversations are not as positive,” says one respondent.Face-to-face meetings prove invaluable as the relationship progresses. Of the respondents surveyed, 73% say it is the most effective behavior for maintaining a strong relationship.
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