Level One Bancorp Customer Journey Design Recommendations
Yes, Level One Bancorp can use Customer Journey Design principles in the Regional Banks industry. Level One Bancorp has to carefully evaluate the positioning and targeting strategy in the Financial sector, to build a highly effective customer journey.
Customer Journey is the compelling series of experiences that a brand or a product delivers to the customers that keep them coming back for more. It is a sequential design of not only the product purchase journey but also post sale usage experience and service experience. For example
Customer Journey Design is a deliberative act of putting in place touchpoints that can not only improve the customer experience but also reduce friction throughout the whole – pre purchase, purchase, and post purchase experience. For example
Some of the most prominent examples of customer journey types employed by the leading organizations are -
More often than not companies try to routinize the customer journey that is making it more effortless and predictable. For example Amazon one click shopping experience. Once the product is selected customers don’t have to fill in the address and other details, don’t have to fill financial data to pay, and don’t have to follow up the order as they receive constant notifications based on what stage the delivery process is.
But this constant drive to routinize the customer journey is not suitable for most products as the motivation behind the purchase varies.
None of the archetypes explained above are superior to one or another. All four types of customer journeys can help organizations to achieve long-term success in the marketplace. It all boils down to the type of the product and services of the company. In fact as Level One Bancorp is a multinational company in Regional Banks industry with diverse products and services offering – it can use all the four above archetypes for different products and services.
The firve steps of Customer Journey Design for Level One Bancorp in Regional Banks are are – identify product service archetype Regional Banks industry, applying archetype design principles to Level One Bancorp products & services, cue purchase decisions based on Regional Banks ecosystem, streamline touch points across Level One Bancorp distribution & service channel, and build a post sales strategy based on product features and usage.
First step of designing the customer journey design for Level One Bancorp products and services in Regional Banks industry is to identify and categorize the products and services based on different types of archetype
As Level One Bancorp is operating in multiple product categories in the Regional Banks industry, the bigger challenge is how to categorize various products and services of different archetype and how to serve them using either existing backend operations.
Even though customer journey is not confined to streamline the purchase decision, but it is one of the most critical parts of the process. Providing right purchase cues at right time can enable Level One Bancorp to increase its market share in Regional Banks industry.
By streamling customer journey at every opportunity is not confined to making it effortless and routine, but to optimize the touchpoints based on product and service archetype.
Finally Level One Bancorp can build different customer journey designs based on the expectations and behavioral aspects of various customer segments.
To succeed in the hypercompetitive market, marketing managers must design a compelling customer journey that can make customer return for more. The customer journey design should consider – product and service archetype of Level One Bancorp in Regional Banks industry, positioning of various products, customer expectations and existing go to market strategy, and finally providing a streamline process in line with product features, usage, and customers’ expectations.
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