Consider all of the events that must have occurred in order for you to be reading this right now.
The infrastructure alone is insane.
While we’re going through life, many things may appear random, but looking back experiences seem to fit. It’s like viewing a movie for the second time and realizing how much you missed the first time.
This is probably why they say hindsight is 20/20.
Anyway, if you want to reach potential customers before your competitors, remove the barriers. imply recognizing the behaviors of your best customer segment that leads to purchasing your product. In other words, map out the customer journey.
After that, you just place yourself upstream of the customer journey.
Royal Bank of Canada achieved just that with their ‘Mydoh’ app for youngsters.
Rather than waiting until children reached the age of 18 and then competing with all the other banks, RBC opted to meet its prospective clients sooner.
To do this, they developed an app for children that allows them to collect allowances from their parents.
Of course, they required the parents’ approval, so all they did was include to-do lists and financial education in the app.
So, in order for the children to receive their allowance every Saturday, they must accomplish specific “chores” as well as learn about financial responsibility (becoming less risky to the bank). Win, win, win.
As you can see, the Mydoh app is creating a favorable relationship between RBC and incentives… which leads to brand loyalty and persistent use.
By the time the child becomes a potential for other banks, he or she has already built a strong bond with the Royal Bank Of Canada, making switching unlikely.
They realized competition would be severe for young people who were new to the market, so instead of waging an uphill struggle and giving incentives and discounts, they simply avoided competition by going upstream.
So, what about you?
What steps do your prospects take before becoming customers, and how can you meet them first?
