3 Ways Customer Journey Mapping Will Boost Your ROI
Customer journey mapping is becoming increasingly popular as brands look to improve their overall customer experience. When executed well, mapping your customer journey can give you real-time data on where and how customers interact with you; from there, you can make strategic decisions that have a tangible effect on brand recognition and profitability. By understanding your customer interactions from their perspective, you can make data-driven, customer-centric decisions that drive profitability and brand loyalty.
So, what is Customer Journey Mapping?
Before we dive into the benefits of Customer Journey Mapping, let’s look at what we mean by the term. Mapping gives you a clear bird’s-eye view of your customer interactions and touchpoints across every channel.
The process involves identifying the different stages of the customer journey, such as awareness, consideration, purchase, and post-purchase, and mapping out the various touchpoints and interactions within each stage – including any exchanges your customers have with marketing materials, customer service agents, your company website, social media, and other channels.
So how can Customer Journey Mapping help drive ROI?
See brand loyalty & repeat customers.
The mapping process allows you to identify improvement areas, such as decreasing friction, improving digital self-service opportunities, or incorporating more personalisation. By doing this, you can increase the average spending of your customers. HubSpot research shows that companies prioritising customer experience generate 60% higher profits than their competitors. Therefore, improving customer experience can increase profitability while decreasing costs, resulting in a significant ROI boost.
Brand loyalty is often better than big orders because retaining existing customers is more cost-efficient than attracting new ones. Improving your customer journey map helps to keep buyers coming back for more. According to HubSpot research, 93% of customers will likely make repeat purchases with excellent customer service companies.
Track referrals & recommendations.
In today’s landscape, word-of-mouth recommendations are more trustworthy than marketing and advertising campaigns. Brands with superior customer experiences are more likely to generate those recommendations. Incorporating value-add loyalty programs and referral bonuses into your mapping can have a measurable impact on ROI. HubSpot research shows that referral programs can result in a 69% faster close time on sales and a 59% higher lifetime customer value.
Give you a holistic view.
By taking a holistic view of touchpoints, you can identify opportunities based on evidence to increase efficiency, leading to better ROI.
Improving your customer journey map on an ongoing basis can significantly reduce operational costs. Lowering friction and making your digital self-service more user-friendly can reduce call volumes. In addition, automating processes can free up human resources to concentrate on more value-adding tasks. AI-driven personalisation can also provide economies of scale, resulting in more effective campaigns.
At Radial, we use HubSpot’s Service Hub to give our clients a holistic, real-time view of every interaction customers have across their multiple platforms, allowing us to help you make informed, evidence-based decisions and adapt to ever-changing customer wants needs in an agile way.
Quick wrap-up:
Customer journey mapping will increase your ROI in multiple ways. First, it can encourage customers to buy more, buy more often, and recommend you to others, all while reducing operational costs. By improving the overall customer experience, you can build brand loyalty and generate repeat business. Finally, with the right tools and data, you can easily map out your customer journey and use it to make strategic decisions that benefit your bottom line.
