The Customer Journey defines the interactions and experiences a potential customer has with your brand and products throughout their buyer’s journey – from initial discovery to purchase and beyond. It encapsulates the entire customer experience – from first impression to ultimate loyalty – and shows how different marketing and sales techniques can be used to achieve hyper-growth.
You may have heard of the phrase, ‘customer journey’ in terms of marketing and sales analytics, but have you considered what it really means?
The Customer Journey is not a phrase to be trifled with. The implications of having a clear vision of a customer’s experience with your brand and products are massive. Consider the following three examples:
1. Product Discoverability:
To begin with, the discoverability of your products should be considered. What is the first thing a customer encounters when trying to find a product you sell?
Depending on the technology behind the website and mobile app you use, you may want to consider experimenting with making it easier for customers to discover your products. You can use a combination of organic listings, paid ads, and social media to get the most out of your online marketing and sales efforts.
2. Price Consideration:
Next, let’s consider the price a customer is willing to pay for your product. As a business owner or operator, you’ll be responsible for driving sales, but it’s important to keep your pricing strategies in mind.
The pricing of your products should reflect their value and what the market will bear. There are three variables you need to keep in mind – cost, quality, and demand – when considering your product’s pricing.
One technique you can use to discover customer value is conducting a pricing scan, also known as a ‘price sensitivity analysis’. This entails collecting data on past purchases and project future demand to identify areas where you can raise your prices without losing customers.
3. Up-selling and Cross-selling:
Finally, let’s consider up-selling and cross-selling. Up-selling takes place when a merchant increases the price of an item after the sale has been made. Cross-selling is when a merchant provides a free gift with the purchase of another product or service.
If you take a look at online marketplaces and how they work, you’ll see that the majority of transactions are comprised of up-selling and cross-selling. Consider a simple example of buying a TV online. You’ll be offered different TVs at different prices, with the most expensive one costing thousands. However, if you look at the different features and compare them to the price, you’ll see that even the more expensive TVs have numerous features that are indispensable to modern living – such as 4K and HDR. In this case, the customer is being coaxed into making a second purchase – the services of an expert installer for instance – rather than just buying the TV set.
If you consider all of these factors and the massive role they play in your company’s success or failure, it’s clear that having a fully formed picture of your customer’s journey is vital. The information you’ll need to know will vary depending on your industry and product scope, but a common theme will emerge no matter what – knowing exactly how to approach each stage of the buyer’s journey will be instrumental in achieving your marketing and sales goals.
To begin with, it’s important to consider why you need to know this information. Are you trying to optimize lead generation or are you looking to increase retention rates? Are you looking to improve sales conversions within your funnel or are you needing to close more sales? Consider these questions and the issues they may pose for you and your team.