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New research adds insight to the 'buyer's process'
While several business purchases may seem like quick, sporadic moments of financial liberation, new research from prominent marketing consultant Mathew Sweezey suggests a single purchase is more often the result of a three-stage cycle he defines as the "buyer's journey."
Every day, potential consumers digest a certain amount of external content. If portrayed on a graph, the average consumer's content consumption would be represented by a single, unbroken straight line. If the buyer's journey could be similarly represented by a second line, it would show three spikes varying in size and width - a stage for each spike.
Stage 1: Unidentified need
In the beginning stage of the buyer's process, research indicates the consumer will first realize a "pain" or need that is not yet properly understood or defined through an unexpected piece of information - something like a promotional flyer. To further elaborate the need, the potential consumer is likely to conduct additional diagnostic research. As an advertiser, the first interaction with a consumer during this particular stage in the journey should be focused less on the business themselves, and more on products offered (i.e. What can we do for you?). Keep content simple and straightforward.
Stage 2: Defining the need
At this point, it is assumed the consumer in question has successfully defined the need discovered in the first stage of the journey. The consumer's decision of whether or not to move forward with a purchase will be guided by budget, authority, need and timeline - or BANT - constraints. For advertisers, appealing to consumers during stage two will mean focusing on how your product transcends the barriers to purchase. According to a separate study from the International Data Corporation, a marketing intelligence firm, contacting former consumers who are happy with the product may help glean valuable insight for designing future, second stage marketing materials.
During the typical purchasing process, most customers have already made a series of tentative decisions about the product before they express a readiness to speak with an official sales representative. Companies hoping to maximize their effectiveness during the first two stages of the process can invest in mailing software, which can streamline postal operations, ensuring early marketing materials are delivered accurately and on time.
Stage 3: Capitalizing on the need
Once a consumer has a proper understanding of what they're looking for, the next and final stage in the process will be to determine the outlet in which they'd like to make their purchase. To stand out, marketing materials produced for this stage should offer potential consumers insight into a business itself. "Who are we?", "What do we do?", and "Why do we do it better than our competition?" should be the three fundamental questions businesses aspire to answer in materials dedicated to stage three consumers.
