Customer acquisition activity throughout the customer journey has shifted in an evolving Omni ecosystem. Institutions have lost personal interaction in the early awareness and consideration stages due to a shift toward digital research and consumption. Earlier prospect and customer detection requires digital sensory in order to identify guests and quantify needs and propensity. Accumulated customer knowledge informs later stages of the customer journey. Data drives relevant and timely customer engagement based on service and support activities, event triggers, satisfaction indicators, and attrition risk scores.
Customer engagement functionality escorts the consumer through the journey while sales management provides institutional insight along the way. Functions, both customer and staff related, work together at each stage to ensure the customer relationship is nurtured and positioned for expansion as customer needs change and opportunities arise.
Consider an example: Suppose Diane visits the institution’s website exploring small business loans. Digital sensory technology quantifies Diane’s intent and propensity based on her digital website behavior. When a pause is detected, she is offered an opportunity to provide contact information. The Customer Data Platform (CDP) creates a contact record with enough information to trigger personalized engagement. She begins the application process, but prematurely abandons it. The platform then deploys an abandonment retargeting campaign, allowing her to pick up where she left off. As a result of approval and acceptance of the loan, the solution enrolls her in appropriate onboarding and relevant product and services campaigns.
From the sales management perspective, the solution provided full visibility into Diane’s needs and activity to the staff. The banker benefits from a 360-degree view into Diane’s pipeline progress and interactions. The loan officer receives an automated alert that personal engagement is indicated, and a referral routes her contact information to a specialist equipped to meet her needs and expand the relationship. At an institutional level, with the help of this platform, Diane moved through pipeline stages from lead through conversion. Her data is continuously updated as part of institutional knowledge for pipeline forecasting, campaign optimization, and process improvement.
As time passes, her financial goals expand, and her business and family grow. The solution initiates ongoing engagement guiding the institution through continuous relationship expansion.
For more information, download the “Creating New Digital Revenue Streams through Customer Acquisition and Relationship Expansion” interview with David Engebos, President and COO of ARGO.
