Benefits of investing in the digital customer journey
Customer experience has become big business and with good reason. More organizations are coming to realize that they can no longer differentiate themselves through product or pricing alone but must differentiate themselves through superior CX. That doesn’t necessarily mean you’ve got to “wow” your customers. You can foster customer loyalty by simply creating frictionless digital customer journeys on your website and mobile apps.
Here are three examples of organizations across sectors that accomplished just that by investing in their digital journeys—and saw significant ROI.
SoFi fixes error and saves millions
Digital personal finance company SoFi is committed to helping its members get their money right, so when the lender discovered that users were abandoning its online loan application process in high numbers—as many as 28,000 sessions each year—its executives knew they needed to act decisively to uncover the problem. They turned to digital customer journey analytics and digital journey mapping to understand where and why the issue was occurring, and in doing so, identified and resolved a technical error that could lead to as much as $9 million in lost revenue annually.
Fashion retailer prevents $1M in lost revenue
A top fashion brand noticed that conversions had dropped by 1% on one of its digital customer journeys. By digging into its digital customer journey map, it was able to identify where and why the abandonment was occurring. They found a dead link that kept customers from updating their payment information at checkout. The brand was able to rapidly resolve the issue, eliminating $1 million in projected revenue loss annually.
Bank uncovers new target market
A large bank’s marketing team had just launched a 30-day campaign targeting self-service personal loans for $7,500-$20,000. Just a few hours into the campaign, its AI-powered digital journey map showed high abandonment rates on the loan application page and alerted DevOps and marketing to an abnormally high struggle rate on the page. It turned out that a technical error prevented customers from adjusting the loan amount below $10,000, which could have cost the bank about 2,700 new loans each month. In addition to saving revenue by fixing the error, the high level of customer interest in loans of $10,000 or less also revealed a new target market for the bank.
As an increasing number of user-focused companies are learning, opportunities to improve customer experience (CX) frequently lie hidden within the pathway customers take on their website or native mobile app. The digital customer journey can make or break a customer’s relationship with a brand. Every touchpoint, and every digital event required to make that touchpoint work, can improve brand loyalty and drive conversion
