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Different stages of the modern Customer journey
Shoppers are more proactive than ever before and this has influenced each step of the digital consumer journey:
At this early stage consumers have a need but they may not even realize it yet. They are not actively looking for a product but are still receptive to advertisements.
Studies show that most consumers choose brands that they know or like. That's why building your brand's awareness among consumers continues to be such an important eCommerce trend in 2023.
You can use videos blogs FAQs social media content and OTT ads to capture consumers' attention at this stage in the journey. You can also use tracking pixels newsletter sign ups and social media to stay front of mind with them until they are ready to convert.
In the traditional customer journey this where billboards and large scale above-the-line advertising campaigns would have been the strategy.
At this point in the journey consumers know they need a product or solution and the vast majority of them turn to the internet to do their research.
At this point you need to let people know how your product can help using case studies testimonials reviews product comparisons demos and fine-tuned product listings. Consider the digital shelf as your virtual store front - it needs to show off your product in all its glory!
Conversion is one of the most challenging stages in the modern customer journey with shopping cart abandonment rate at an eye watering 59.2% to 79.8%. In terms of impact on revenue this equates to$18 billion annually.
You need to ensure you make the digital path to purchase as smooth and seamless as possible to avoid losing customers at this late stage.
Think about the different payment options you provide the layout and copy of your checkout page and how easy you make it for customers to sail through the process.
Many digital shoppers are more comfortable buying products on marketplaces such as Amazon than a direct to consumer store. By providing the option for consumers to purchase wherever they like a Where to Buy solution can help boost brands' success as the conversion stage in the customer journey.
In the digital consumer journey engagement continues after shoppers have made a purchase.
In the advocacy stage shoppers may share their experience of your product by posting user generated content online. This can include reviews ratings product questions pictures and more. If you've provided a first-class journey you will see the pay off as your happy customers will help you to convert more buyers.
Research shows that post-purchase consumers are receptive to ads for complementary products too. Depending on what you're selling you could dramatically increase the customer lifetime value of your buyers.
The RFM model is a relatively simple yet powerful method for customer segmentation. However it is worth noting that it only takes three behavioural variables into account.
Although recency frequency and monetary value are all highly important factors many other variables can be used to make tactical targeting decisions. Down the line you could consider further dividing each RFM group based on other attributes.
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