The buyer controls the modern consumer journey.
The way people shop and buy has changed forever. As financial brands, our job is to help facilitate the journey based on the unique situation of each individual consumer.
Pre-internet, the buying journey was so simple: there was point A and point B. First, you had some type of broadcast marketing stimulus—TV, print, radio—and this is what drove the consumer into a branch location. Then they would meet with a financial brand representative, get a loan, open an account, and so on. That was that. Life was good for financial marketing and sales teams.
Post-internet, the path is more like point A through point Z. There are just so many other waypoints we have to consider now as a financial brand guiding consumers along their individual buying journeys.
When you haven’t mapped out your digital consumer journeys, it’s like you’re asking consumers to walk through the woods alone at night without a flashlight!
The more you can understand how people actually shop for and buy financial products in today’s digital economy, the better position you’re in to address problems like abandoned applications and bridge these gaps.
In this whitepaper from Digital Growth Institute, author, founder and CEO James Robert Lay explains the process and steps needed to undertake in order to understand and manage your members' online journey.