Creating an Impactful Omnichannel Strategy: The Customer Journey

July 1, 2019 Katie Rzendzian

In our previous post “Organize Your Data to Create an Impactful Omnichannel Strategy,” we introduced you to omnichannel marketing, why it’s important, and the part your data plays in activating an omnichannel strategy.

Now, let’s take a look at the real-world context of what a financial services customer lifecycle looks like through an omnichannel framework.  

Omnichannel in Action

Jackson sees a Facebook ad for his local XYZ Credit Union and is drawn to their low rate mortgage compared to all others he’s previously researched. Jackson had previously been searching for a house on Google (demographic information captured through second-party data) and finally found his dream starter home, so this is perfect timing. 

Jackson clicks on the ad, via his mobile phone, which links to the mortgage landing page on their website. He scrolls easily through their mobile-optimized site and finds information on fixed-rate mortgages; he then clicks the “Apply Today” CTA to start an application.

After filling out a few sections with his contact details (first-party data), he decides that he needs more consideration time and abandons the application. Luckily, the database stores his application in case he decides to return.

Upon reading the New York Times online, Jackson sees an ad for XYZ Credit Union with messaging related to mortgage loans indicating he’s been remarketed to successfully.

Upon reading the New York Times online, Jackson sees an ad for XYZ Credit Union with messaging related to mortgage loans indicating he’s been remarketed to successfully.

A few days later, Jackson receives an email from the CU offering to schedule an in-person appointment with an advisor, which he takes up. 

When he arrives in-branch for his consultation, the advisor pulls his former application up by his phone number, which Jackson appreciates for its convenience. The advisor provides excellent customer service and puts all of his notes from their conversation in the secure centralized database. Jackson signs the papers via their online signing service and is immediately sent a copy to his email for his records, as requested.

The advisor follows up with a personalized email with any lingering information, complete with contact information for phone, email, and messaging app details.

A few months down the road, Jackson visits a car dealership to get his car serviced because it keeps breaking down. He makes the service purchase via his CU card, which prompts an automated email campaign around car financing sent from XYZ’s automated email system, which ties back to Jackson’s customer data and purchase history to deliver relevant content based on purchase activity. Jackson can’t afford it right now–because he just bought a house–but the seed has been planted for a future purchase and the financing that will surely accompany it. Based on a geo-fencing digital tactic that’s recorded he’s recently visited a car dealership, XYZ Credit Union auto loan ads will follow him around the web to remind him he knows who to go to when he’s ready to think about financing his next large purchase.  

Based on a geo-fencing digital tactic that’s recorded he’s recently visited a car dealership, XYZ Credit Union auto loan ads will follow him around the web to remind him he knows who to go to when he’s ready to think about financing his next large purchase.  

When you create positive interactions from the very beginning of the relationship, starting with reaching the right people with the right messaging, and continuously foster that relationship through in-branch interactions, email follow up, and customer service, bonds are formed and loyalty is built. Having a large base of loyal customers should be every institution’s end goal. 

 

So, what are the first steps I can take to get started?

Investing in new technologies is key to capturing customer insights to drive your omnichannel efforts. For example, investing in a marketing cloud for automation, Salesforce for CRM, a data management platform for intelligent insights (or working with partners who have access to these platforms), provides institutions with the tools they need to succeed and outpace competitors. 

Prior to getting executive buy-in for technological innovation, perhaps the most major challenge is creating a digital-first culture and mindset within your organization. But with a new tide of data-based decision-making influencing every sector of business, leaders of traditional based institutions are realizing the critical shift that needs to take place. It’s do or die time for banks and credit unions to stay competitive among the growing threat of institutions who are embracing the future of the digital transformation. 

 

How can Mogo help with your omnichannel efforts?

Developing an omnichannel experience for customers relies heavily on serving digital advertising that is relevant to existing customers and prospects. We can help you identify who to target, what message to deliver, and where to target while ensuring consistency across digital touchpoints to create the optimal customer journey. Get started by reaching out to hello@mogointeractive.com or visiting us at mogointeractive.com/verticals/financial-services