When it comes to the qualities that enable us to connect as people, and as organizations, I’ve come to believe there are two measures: the IQ and the EQ.
For people, IQ stands for intelligence quotient, which as we know measures our smarts. People with high IQs build rocket engines, discover planets and formulate cures for diseases.
Yet it is the EQ that truly distinguishes us individually. EQ stands for emotional quotient, and it measures our ability to interact with others.
Many of us are strong in one or the other, but if you have both a high IQ and EQ, then you are not only brilliant, you are also able to genuinely engage others in your thoughts and revelations. For those who are trying to sell their new idea, that translates to results.
Not surprisingly, many people with both high IQs and EQs lead companies. As a result, many of these organizations possess them same qualities and use similar principles to guide how they successfully connect with customers.
But for organizations, the IQ and EQ measures have a slightly different meaning. Instead of intelligence, a company’s IQ stands for Insight Quotient, or how it uses the insights gathered from its customer data to better understand and anticipate their needs. When a company properly develops and uses its IQ, it creates the opportunity to make changes that will improve the business.
When it comes to the EQ in organizations, I like to think of the concept of Engagement Quotient. This form of EQ focuses on how companies create meaningful experiences for their customers, based on their knowledge of the entire experience value chain – from initial contact to purchase and beyond.
For companies, having both a high IQ and EQ means they not only create greater engagement, but deeper loyalty. In particular, emotional loyalty – when a customer sticks with your brand even if there are comparable or even more convenient alternatives available.
All of us, when we look across our lives, can recall a few special people who possessed both a high IQ and EQ. And for that, they enriched our experiences. Companies are no different.
We all have the ability to enhance the consumer experience, and to leave a resonant stamp on their memories.