Let's delve into the world of customer journey management. Explore how to add real value with Web3 for your most important audience.
Table of contents
- ☑️What is customer journey management?
- ☑️Importance of customer journey management
- ☑️Customer journey example
- ☑️Customer journey vs. buyer journey
- ☑️Customer journey stages
- ☑️Key components of building a customer journey
- ☑️Benefits of customer journey management
- ☑️How to enhance the customer journey with Web3
- ☑️How to start today
What is customer journey management?
A customer journey is the sum of all interactions a customer has with a brand, from the moment they become aware of their own needs to the point where they develop brand loyalty. Customer journey management is the ongoing practice of mapping, orchestrating, optimizing and measuring performance to ensure a positive experience throughout the journey. The journey a customer takes from initial awareness to long-term loyalty is a complex process that can greatly influence their purchasing decisions and overall brand perception.
Importance of customer journey management
Studies have shown that businesses that prioritize customer journey management experience up to 15% increase in revenue and a substantial rise in customer retention rates, highlighting the tangible impact of a well-orchestrated journey.
An Aberdeen Group study shows the benefit of having a customer journey management program versus not having one:
✅54% greater return on marketing investment
✅Over 10 times improvement in the cost of customer service
✅3.5 times greater revenue from customer referrals
Customer journey example
The customer journey is like a story that unfolds as customers interact with your business across various touchpoints. This journey is not a linear path but rather a series of interconnected steps that can span multiple channels, both online and offline. Similar strategies are also referred to as omnichannel strategies.
A great example of how it works is how Crowny is able to improve ROI for email marketing. The app complements email marketing campaigns: email marketers use mobile-first blockchain loyalty programs as the ideal follow-up for segments converting through their campaigns. This way, the app is like a safety net for these customers, ensuring they are accommodated in the perfect environment to increase brand loyalty.
Increasing customer retention by just 5% boosts profits by 25% to 95% - Forbes
Customer journey vs. buyer journey
While often used interchangeably, the customer journey and buyer journey have distinct meanings.
The customer journey encompasses the entire lifecycle of a customer's interactions with a brand, including post-purchase stages. On the other hand, the buyer journey primarily focuses on the stages leading up to a purchase decision.
Understanding the differences between the two is crucial. The customer journey takes a holistic view of the customer's relationship with the brand, acknowledging that their experience doesn't end with a single transaction. Therefore, it’s much closer related to relationship marketing practices. Meanwhile, the buyer journey zooms in on the decision-making process and the factors that influence a purchase.
Customer journey stages
Understanding the customer journey is incomplete without diving into its stages:
Awareness marks the initial discovery phase where customers become aware of a brand, product, or service’s existence. First impressions matter here.
In the consideration stage, customers evaluate your offerings and compare them to alternatives. Providing valuable information at this stage can sway decisions in your favor.
The conversion stage is where the transaction happens. It's the culmination of the journey's preceding stages and the beginning of a potentially long-lasting relationship.
Retention is about nurturing existing customers and ensuring they continue to derive value from your products or services. Satisfied customers are more likely to remain loyal.
Finally, the loyalty stage involves turning customers into advocates who actively promote your brand. Loyal customers not only make repeat purchases but also refer others, amplifying your reach. This stage forms a vital link in the loyalty loop, reinforcing the interconnected relationship between a brand and its steadfast supporters.
Key components of building a customer journey
These are the key components to consider when building the ideal customer journey and maintaining its quality and performance:
Customer journey mapping
Customer journey mapping involves visualizing and understanding the steps customers take when interacting with your brand. Mapping helps identify pain points, opportunities, and critical touchpoints where customers make decisions. It's akin to plotting a treasure map that guides businesses toward better customer understanding.
Customer journey orchestration
Customer journey orchestration is the art of creating a seamless and personalized experience for customers across different channels. It's like conducting a symphony where each touchpoint harmonizes to create a memorable and cohesive journey.
Customer journey optimization
Customer journey optimization entails refining and improving each stage of the journey to enhance overall satisfaction. It's a continuous process of tweaking and refining to ensure that every interaction contributes positively to the customer's experience.
Customer journey measuring
Customer journey measuring serves as the compass that guides your efforts in orchestrating and optimizing. By leveraging data-driven insights, you can track and quantify the effectiveness of each touchpoint. This allows you to identify bottlenecks, successes, and areas for improvement, ensuring that your orchestration and optimization strategies are grounded in real-world results.
Customer journey experience
The customer journey experience is the result of properly managing each of the aforementioned components. The experience encompasses the emotions, thoughts, and perceptions a customer has at each stage. The experience for customers is always to be kept top-of-mind when working on the components mentioned earlier, as this is what it’s all about. Crafting a positive experience fosters deeper connections and encourages customers to become brand advocates.
Benefits of customer journey management
Proper customer journey management results in several benefits:
☑️Data-driven decisions: base strategies on real insights and feedback
☑️Positive brand perception: craft a consistent and positive brand image
☑️Efficient resource allocation: focus efforts on high-impact touchpoints
☑️Increased conversion rates: guide customers seamlessly through the funnel
☑️Brand loyalty cultivation: foster emotional connections and brand advocates
☑️Competitive edge: stand out by providing exceptional end-to-end experiences
☑️Improved customer retention: nurture long-term relationships and reduce churn
☑️Personalized experiences: tailor interactions based on individual customer needs
☑️Higher customer satisfaction: address pain points and create smoother experiences
☑️Enhanced customer understanding: delve deep into customer behaviors and preferences
How to enhance the customer journey with Web3
Crowny's Web3 loyalty programs are designed to add value at every stage of the customer journey. Let’s briefly discuss how:
Make sure your most important messages are shared with relevant audiences by rewarding your current user base of program members for sharing messages or referring friends, turning them into encouraged brand advocates.
Provide exclusive content and incentives to make your brand more attractive to engage with. By offering extra value compared to your market, you tip the scale in your favor.
Implement token-gated communities to reward purchases and interactions, following the interact-to-earn model. Conversions are stimulated with rewards, and one-time shoppers will be captured, allowing for much more opportunity to turn them into loyal customers.
A personalized loyalty program caters to individual preferences. With advanced analytics you are able to tailor the experience for your customers, making sure they can always count on relevant offers from your brand that will make them want to convert repeatedly.
You are able to turn customers into a community of people who will always place your brand above other brands, which is referred to as brand insistence. Crowny’s platform enables brands to continuously engage customers with compelling content, blockchain-based loyalty rewards, and personalized experiences. It ensures that customers remain entrenched in the brand's ecosystem, which fills the loyalty loop and fosters lasting loyalty.
“The Loyalty Loop refers to a cyclical process in which customers engage with a brand or product repeatedly due to positive experiences, incentives, or perceived value. This continuous engagement deepens their loyalty, leading to more frequent purchases and a higher likelihood of recommending the brand to others. - Eric Liefting, Marketing at Crowny
How to start today
By leveraging the power of token-gated communities and content engagement, businesses can create a loyalty loop that nurtures customers from awareness to unwavering loyalty. Embrace the future of customer journey management today, get early access to the platform.