On July 16, our Head of Data Strategy & Insights, Borja Martín, conducted the webinar "Customer Journey" during which he explained how to put the customer at the center and how to identify the points that can bring greater value to the customer in order to generate more business and have a recurring customer with Customer Journey. If you were unable to attend the webinar or would like to watch it again, you can view it here:
Borja began by explaining the key points of the Customer Journey. He stressed that it is very important to work on the business experience because 65% of a company's business comes from an existing customer. At the end of the day, a satisfied customer is a customer who will do more business with us, will recommend us more and will have a longer relationship with us.
Borja pointed out that when a customer has a positive relationship with the brand, their spending increases by 50% and their recommendations by 60%. In addition, their abandonment rate is reduced by 10%. He also emphasized the fact that having only one or a few points of contact with the customer (such as through customer service, our website, technical support, etc.) that are satisfactory does not mean that their overall experience is positive. Therefore, we must understand the customer journey as a holistic process in which the the customer must be at the center. This is exactly what a customer-centric company is. This is a slow path that also implies changes in the company's work culture, but it has a great impact on customer satisfaction.
What is Customer Journey?
Borja defined the Customer Journey as "the experience of any customer when interacting with an organization, brand, service or product over time and through different channels. It is, therefore, a journey consisting of different stages that goes from a customer's need to the moment in which it is satisfied". The ultimate goal of the Customer Journey is to understand what drives the customer, what their expectations are, how they behave, what their pain points are, etc.
The main characteristics of Customer Journey are:
- An outside-in approach, i.e., putting yourself in the customer's shoes, placing the customer at the center.
- Improved experience.
- Working with buyer personas, a desired customer archetype, and defining very well which target segment we want to attract. This also means that a company can have several Customer Journeys, one for each buyer persona.
- Two work axes: one that has to do with the purchase funnel or conversion, and the other with the experience.
Borja then shared the model that Bismart has created to work the Customer Journey process. As a Microsoft Power BI partner company, this model is based on Power BI and uses data that any company can have to show the information in a very simple and visual way. The solution consists of four blocks: the first is the conversion funnel, the second is the experience mapping, followed by the NPS (Net Promoter Score), one of the classic metrics used in the analysis of the customer experience, and the KPIs.
Finally, the webinar concluded with a set of key takeaways:
- Improves the customer experience and, therefore, our business cycle and value delivery.
- It forces the organization to think customer-focused.
- Reorganizes organizational procedures and stresses silos. Forces you to work for a higher cause.
- Optimizes the work of the organization and eliminates inefficient work.
- Helps to identify business opportunities.
- It helps moving from omnichannel perspective to an omni-experience point of view.
- It trains the organization to work with data, which drives data-driven decision making.