Friday, August 12, 2022

Why Empathy is Important if You Want Your Business to Succeed

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It’s not uncommon knowledge that entrepreneurs think about many things on a daily basis. How do I increase my revenue? How do I get new customers? Where can I source more affordable supplies so I can up my profit per sale? How do I make sure my team is always in their best performing capacity? 

While experience and a very good understanding of the technical aspect of your business will help answer these questions, there’s also one thing that can help, and that is empathy.

Empathy, by dictionary definition, is the ability to understand and share the feelings of another. It’s being sensitive enough to understand the emotions of others, especially the people you operate with.

But why is empathy important? And how can it help you achieve your business objectives? 

Can help you increase reach and sales

Every good marketing or sales professional would know how humans are governed by their emotions. From hitting on like on social media, following a certain page, making the move to donate to a cause or even purchase an item–all these things are greatly influenced by emotions. Needless to say, if you understand how your customers feel about your product and the emotions needed to elicit the right action from them, then you can create more effective marketing and sales initiatives that would help get the boost you need.

Create customer loyalty

Boosting awareness and increasing sales is one thing. Creating loyal customers who will not only give you repeat business but also referrals–that is another benefit you can get if with empathy. To get to this, you need the whole organization to understand what makes for a super fan. Yes, we’re talking about an operation that runs on empathy. Product aside, you need to be able to create an atmosphere where people will feel comfortable and happy enough to make them want to do repeat business. Ease of transaction, customer service and clear communication is also essential.

Turn employees into happy partners

For empathy to really work, it needs to go both ways, which is why as much as you are expected to be empathetic of your employees’ situation, you need to also guide them how to be empathetic of yours and your customers. By doing this, you’re creating people who are going to be loyal to your organization and will always have your back. That said, you need to make sure that the team members you get are ones who have the ability to empathize and are open to learning new things in addition to having high emotional intelligence.

Pro tip: The best way to teach people how to be empathetic and compassionate is by practicing it yourself. Reward and acknowledge those who deserve it. Practice leniency for those who need it. Show them every day how your choices are based on each individual’s circumstances rather than a set of unbendable rules.

Build a better image for your brand

The digital age has undoubtedly ushered a new world where people are more drawn towards genuine acts of compassion over messaging. If yours is an organization that runs on empathy, it would follow that the good things you do will sooner or later speak for you. Remember that today, everyone is a critic. But everyone can also be an advocate. And people innately like to talk about good experiences and acts of kindness that they witness. So just keep at it.

Provide you with potential innovation when you need it

The rate by which the world changes is very fast. Last February, everyone, save China, was going about their lives the usual way. Today, about three-quarters of the world is in some sort of lockdown in an attempt to contain Covid-19. In order to survive, businesses need to be agile, and more often than not creative solutions that allow you companies to stay alive come from employees who feel valued and know that their opinions matter. 

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