Understanding and optimizing the customer journey can deliver significant value, enhancing customer satisfaction, loyalty and advocacy. By taking the time to map out what you want your community bank’s customer journey to be, you begin to control the narrative for current and prospective customers alike.
Understanding the customer journey
The customer journey encompasses all the interactions a customer has with your bank. Each of these touchpoints plays a crucial role in shaping the customer’s perception of your bank and influencing their future behaviors. Rather than looking at your communication efforts as a funnel, you can look at them as more of a flywheel that doesn’t stop. You should constantly be attracting, engaging and delighting your customers.
- Attracting
The journey begins when a potential customer becomes aware of your community bank. In this stage, your goal is to attract potential customers and make a strong, positive impression. Marketing strategies that promote your bank’s unique value proposition — such as personalized service, local knowledge, community involvement and innovative digital services — can help to capture attention and stimulate interest.
Once customers are aware of your bank and have a need, they begin to compare different banking options. Providing clear, comprehensive information about your products and services is key in this stage. This includes detailed product descriptions, transparent pricing information, customer testimonials, and frictionless customer service.
- Engaging
Once customers have opened an account, they’ll use your mobile banking app, visit your branch, call your customer service line, or attend a financial literacy webinar or workshop. Ensuring a smooth, pleasant experience in each of these interactions is essential. This could involve creative onboarding, regular app updates, staff training, omnichannel customer service and engaging educational content.
- Delighting
The final stage of the customer journey is where loyalty and advocacy are built. Satisfied customers might open more accounts, refer friends or family, or write positive reviews. To foster loyalty, your bank should strive to exceed customer expectations and delight your customers consistently. This could involve personalized financial advice, loyalty rewards or community engagement initiatives. Regularly seeking and acting on customer feedback can also help to enhance satisfaction and loyalty.
Mapping the customer journey
Creating a customer journey map involves visualizing these stages and touchpoints, enabling your bank to understand the customer’s perspective better. Here are the steps to create an effective customer journey map:
Identify customer personas. Segment your customer base into different personas based on characteristics like age, income, occupation or financial goals. Each persona might have a different journey, reflecting their unique needs and behaviors.
Outline touchpoints. Identify all the points where customers interact with your bank, such as your website, branch, app, or customer service line.
Trace the customer path. Map out the path each persona takes through these touchpoints, from the awareness to the loyalty stage.
Identify pain points. Look for areas where customers might experience frustration or dissatisfaction such as a complicated account opening process. These pain points represent opportunities for improvement and strategic communication.
Incorporate emotional experiences. In addition to functional interactions, consider the emotions customers might feel at each stage. For example, they might feel confused when comparing banking options or delighted when receiving personalized financial advice.
Involve all stakeholders. The customer journey impacts all areas of your bank, from marketing and sales to customer service and IT. Involve all stakeholders in the mapping process to ensure a comprehensive understanding and coordinated approach.
Update regularly. The customer journey isn’t static. It changes as customer expectations evolve, new technologies emerge, or your bank introduces new products or services. Regularly updating the map can keep your strategies relevant and effective.
By aligning your strategies with the customer journey, your community bank can cultivate stronger customer relationships, fostering loyalty, advocacy and growth.
Bailey Ronnebaum is a business development manager with forbinfi, a full-service agency for financial marketing solutions. Reach her at [email protected] or 319-274-8492.