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In today’s markets, a business is not only for the product but also for the experience. With globalization and technology, the modern consumer is empowered with several choices. In such a competitive environment, how does a business stand out? To win, businesses need to create differentiated value in the customer’s mind. If the customer sees you as different, competitive pressures decrease, and price elasticity increases.
Therefore, it becomes imperative to understand the customer and his experience with the brand. Recent studies by American Express found that 60% of consumers are prepared to pay more for a better experience. Similarly, research by the Temkin Group found that companies can increase their revenue by 70 percent in 3 years by investing in customer experience. And the logic behind it can’t be any clearer!
Hence there is a need to understand and develop a customer journey, which essentially means walking in your customer’s shoes.
Also Read: Best Collaboration Tools To Use For The Business
What Is Customer Journey?
The customer journey is the complete sum of experiences that customers go through when interacting with your company and brand. Instead of looking at just a part of a transaction or experience, the customer journey documents the full experience of being a customer. Typically, the customer journey is subdivided into 5 steps: Awareness, Consideration, Purchase, Retention, and Loyalty. For example, to understand the customer journey on an online platform like Amazon, marketers would need to analyze the following:- How did the customer become aware of Amazon? What was his first response to the brand?
- How were his experience and emotions associated with the usability of the website? For example, creating an account, logging in, browsing the website, etc.
- How did he experience the purchase process? His ease of experience using the search bar, selecting a product, saving to the cart or ordering right away?
- How did the post-purchase experience go? Did he repeat the order and refer to his friends?
Mapping The Customer Journey
To understand the customer’s journey, we need to build a Customer Journey Map which documents insights derived from the buyer’s mind as they use your service. You can use free PowerPoint templates to showcase valuable insights to help you pinpoint customers’ pain points and build empathy for the customers by understanding what they want and how they feel. Follow these steps to create a comprehensive customer journey map template.Learn About The Buyer’s Persona
To understand your customers, you need to really get into their shoes and understand what they want and how they want it. This includes likes and dislikes, financial profiles, interactions with your business, etc. Always keep in mind that there will be multiple personas for your typical buyer. People behave differently at different buying stages. A person just starting to research the market will behave differently than someone who has already been researching for weeks. Your buyer’s personas should encompass all such possibilities.Understand Your Buyer’s Goals
Now is the time to dig deep and understand what each buyer hopes to achieve through this journey. The ultimate goals of a buyer should be well etched in your mind before you take further steps. These can be –- Paying a fair price
- Knowing everything they need to know
- Assurance of the quality of the product
- Enough market research to compare all available options.
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