Your business depends on buying cycle stages
When you first subscribe to a marketplace, you’ll get a welcome series. You also receive a reminder when you neglect your cart. This is done in accordance with the buying stage you are in. This buying cycle stages help you send a different email to different people based on where he/she steps on. It does not have to be an email marketing, you can apply it to any platform including WhatsApp messenger.
Understanding how your potential customers buy relates to your marketing strategy, content, and sales process. You cannot give your subscriber all campaigns once they join your newsletter, right? Get to know their buying cycle stages, so you can catch their heart.
What is it?
The buying cycle is the process of what a customer experiences when buying a service or product. Customers will undergo this series as they expose themselves to your content. Then, come closer to the final stage: purchasing.
There are several stages they will go through. Those are awareness, consideration, intent, purchase, and repurchase. These items mean they start with the process of realizing their problem. Then, they think about the available options and make the decision. Finally, the customers pay and repeat shopping.
Every stage needs different marketing strategies to push them to the next level. You need to consider the interactions. It is because they must expect a different approach in a different period. Thus, the simple yet challenging purpose of each stage is to make sure that your customer move to the next step.
Why does it matter?
A business will not convert if the customers are still stuck somewhere in the stage. The rest may make the final decision, but others are at one of the stages. If you do not take action on this, they may forget and remain in that particular stage.
- Maximize your marketing efforts
While you are doing window shopping, for example, you still do research on something you need or want. Thus, you may feel annoyed when the salesperson keeps approaching you, right?
That also happens in digital marketing, even 67 percent of the customer’s journey is digital. When your customer tries to figure out what they need, do not push them with a bunch of emails. But, escort them when they need your assistance. Knowing what your customers need at each stage can help you match your marketing approach.
- Make your customers convert
Once you understand the suitable marketing campaign for that person, you can direct your business to gain more revenue. You can know which customers who need basic education or more in-depth content. Over 80 percent of companies get big bucks when they work on their customer experience.
- Build loyalty to the existing customers
The buying cycle cares about how to keep your customers. Investing in retention can increase your profit by 25 percent to 95 percent. It is because the existing customers may be satisfied with your services and products. Then, they will spread their fulfillment to their friends.
Deloitte has shown that personal referrals are the most effective method in marketing. Some businesses apply influencer marketing to make “personal recommendations” to their products.
Buying cycle stages
At this first stage, the potential customers realize the problem they face, and need a solution. They frequently conduct research to deepen their understanding to get to know the issue better. The problem does not have to be a major concern. But, it can be as simple as they want to buy a new cloth.
Awareness stage requires you to build awareness. Content marketing such as blogs, social media posts, white papers, and eBooks will be helpful. You can ask influencers to join your marketing campaign to let their followers know about your brand.
The potential buyers now can understand what they need and consider several options. Yet, their commitment is low even though they have known your products. They still evaluate, compare, and contrast the opportunities.
Assist them with educational content such as comparison posts or videos, case studies, and expert guides. Here, they may also think about the price. Hence, do not forget to include pricing on your website or social media along with the features they will get.
People on this buying stage are ready to buy a solution, so direct them to choose your solution. The success variable at this point is to earn their trust. Highlight your unique value and emphasize the reason why your brand is the best among the competitors.
Add customer reviews, webinars, and podcasts. Maximize the reviews on the marketplace like Amazon and eBay, if you sell there. You can also share the testimonials from existing customers on social media. Create a space to open conversations where they can confirm anything about the product.
Congratulations! They are ready to commit to your brand. The crucial thing you need to do is avoiding them for changing their mind at the last minute. Hence, do not forget to list your pricing accurately and make the payment method doable. The content you can provide must be specific like an email containing vouchers or influencers who attach their referral code.
Your lifetime revenue depends on the repurchase stage. A 5 percent growth in customer retention is able to improve a company’s profitability by up to 75 percent! Not only you skyrocket your income, but also save your marketing budget. Based on Forbes, nurturing the existing customers can be 5 to 10 cheaper than acquiring new ones.
Thus, keep their loyalty by making them updated to your campaign and brand. Make sure your customers continually get value from the content and products. The types of content you can design are news and promotions, surveys, newsletters, or even loyalty membership.
Buying cycle stages have 5 levels to conquer, and you cannot shortcut the process. Do not hassle on sale because you may target people who have not had a desire to buy any product. Instead, optimize every stage to make your potential customers step forward to the next.