4 Steps to get started, 7 key benefits and examples of how to implement – this is your complete guide to using customer journey analytics to boost user experiences and drive engagement
Are you proactively improving user experiences at every key touch point?
In today's competitive financial technology (FinTech) landscape, keeping customers happy isn't just a nicety, it's a necessity. But understanding their journey – from initial awareness to loyal advocacy – can be a complex puzzle.
That's where customer journey analytics comes in, offering a powerful tool to create truly delightful user experiences.
Here’s what you need to know…
In a recent post, we showed how brands can proactively pre-empt market changes by using customer journey mapping to anticipate customer needs.
The process is very similar to what an agile development team does when building a new tech product (a mobile solution or web app, etc.), in that you map the flow of a user’s journey through the various stages and touchpoints as they use your product/service.
With customer journey analytics, though, it’s not theoretical; you actually connect analytics and measure user flow and sentiment through those key journey touch points. It’s kind of like taking your journey map and making it a real-world tool to measure your performance.
Not to be confused with the equally powerful and important customer data analytics, with journey analytics, there are two key types of measurements to implement at every touchpoint:
What's more, you can use the information you get back to do more data-driven product development.
If you haven’t done so yet, create a customer journey map to explore needs. It helps you visualise each user’s flow with your product/service – from when they first learn about you, to signing up (or not), to using the product for the first time and so on, by assigning each step in the flow to an actual touch point (screen, phone call, call to action) either on your digital product or in real-world contact with your business.
This allows you to start collecting actual data on each of those key touch points – how many people actually take that specific step at that specific node, and how did they find the experience?
Using your customer journey map, set up analytics to track each of the “nodes” or touch points in the real world.
For example: If you know that having a new user take a specific step on your website or app unlocks joy for them, turning them into a loyal customer, you can set up analytics to track:
This, in turn, allows you to A-B test different onboarding methods (video VS text-based, for example) and see which one is most effective, so you can make as many new loyal customers as possible.
See how to use analytics to boost engagement and how to hyper-personalise and drive engagement with full customer data analytics.
For even deeper insights, you can also use tools to measure the user’s sentiment while taking a certain step.
For example: Asking a user to rate the onboarding experience, or rate their likeliness they’d tell others about your product (Net Promoter Score or NPS), or other quick surveys.
This helps you to gain an even deeper understanding of how they feel after completing a certain step in your flow/journey.
Learn how to do customer feedback analysis.
You can use data visualisation tools to identify trends, patterns, and anomalies. It helps to segment customers to understand different behaviours at various stages in the journey.
Based on the findings, you can then refine your strategies to address pain points, enhance delight moments, and personalise user experiences.
Meeting customer needs? See how to use design thinking in finance.
Imagine you have a FinTech product that requires an inspection, for example, and you have a mobile inspection team that sets up an appointment with the client. But, sometimes, when the team shows up, the client isn’t available, so they have to reschedule.
Quantitative measurements will tell you how often this happens – what percentage of clients have to reschedule.
Now, applying qualitative measures like an NPS survey when they reschedule, you might find that your NPS score drops if the customer reschedules (even if it was “their fault” for not showing up), meaning you’re losing customer loyalty and sentiment.
Having insights like this allows you to make data-driven decisions. Like throwing the problem back to your innovation and team and saying: “Help us figure out how to get more customers to get their inspection done the first time…”
This, in turn, allows you to develop a better solution – perhaps you can build a self-scheduling tool, so the customer has more control over the inspection time. Or you could opt for a digital inspection solution, where they can self-inspect using their phone and don’t need to align calendars with an inspection team.
Either way, customer journey analytics are a powerful way to boost your innovation based on actual data, so you can deliver data-driven customer experience improvements.
Also, see how to use AI and machine learning for personalisation and personalisation at scale.
Identify areas where your customer journey falls short, leading to frustration and churn.
Unearth moments where customers have a positive experience – and find ways to replicate them throughout the journey.
Analytics enable you to identify emerging issues early and solve them before they escalate, leading to happier customers.
Back your customer experience (CX) strategy with concrete data, not just guesswork. See how analytics can unlocks data-driven product development.
With a deeper understanding of customer needs, you can create personalised product recommendations, targeted communications, and customised offers, giving you the enormous value of personalisation at scale. See how to implement personalisation.
By understanding your customers on a deeper level, you can create more meaningful interactions and loyalty.
By gaining insights into customer behaviour across the journey, you can optimise onboarding, retention, and re-engagement strategies.
As tech and innovation consultants with our own development, venture, integration, product management and customer experience teams, we live and breathe iterating products for growth and scale – see all the FinTechs we’ve helped achieve amazing results.
Our teams of FinTech specialists will gladly partner with you to help you make the right decisions.
