Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Last summer, I wrote about new research on the factors that shape how consumers recall interactions and experiences.
What researchers found was that in every experience, two things play the most important role in what people remember – that’s true whether it is a restaurant meal, a vacation or a meeting with an advisor.
These two things are the “peak end effect.”
The “peak” effect
The first and most important driver of recollections is the extremes of an experience, both good and bad.
My focus in last summer’s article was the “peak” experience, the idea that to make a lasting impact you have to stand out.
For example if you invite key clients to an annual lunch as a thank you, often that lunch quickly becomes ho-hum. A better use of money is to do something more impactful every two or three years – for example, invite top clients to a private dinner at a top restaurant, and maybe give each a good bottle of wine as they leave.
Chances are you’ll spend the same amount of money in total – but by doing something bigger and more dramatic less often, you’re more likely to stand out.
The “end” effect
So that’s the “peak” part of the “peak-end effect.” The other thing that drives peoples’ memories the most is what happens at the conclusion of an experience – that’s the end part.
There are broad implications to this for every business that interacts directly with customers.
If you’re running a restaurant, you need to think about how you leave people with a positive recollection of the end of their dining experience. That can be a complimentary mini dessert or small glass of dessert wine – lots of high end restaurants serve a complimentary amuse bouche at the beginning of a meal, a mini appetizer. If you buy into this concept, you could movie that to the end of the meal.
The maitre d’ could make a special point of thanking people for coming –using their names in doing so – after all if you’ve made a reservation, they should have your name.
And finally, you could ensure people got their bill promptly. We’ve all had the experience of having an enjoyable meal and then being incredibly frustrated getting the bill at the end – and if that’s the last thing you experience, it will shape your memory of the entire evening.
