What is the Customer Buying Cycle?
The Customer Buying Cycle is a process that customers go through when they are considering a purchase. It can vary from customer to customer, and even from purchase to purchase. However, there are some general steps that most customers will follow when making a purchase decision.
In this blog post, we will discuss what the Customer Buying Cycle is, and how you can leverage it to increase sales for your business!
The 5 Stages of the Buying Cycle
The Customer Buying Cycle is made up of five distinct stages:
In this stage, the customer becomes aware of a need or want. They may not be actively searching for a solution, but they are aware that there is a problem that needs to be addressed. An example of this would be a customer who realizes that their car needs an oil change.
In this stage, the customer begins to actively search for a solution to their problem. They compare different options and try to find the best fit for their needs. An example of this would be a customer who is comparison shopping for a new car.
In this stage, the customer has decided on a specific product or service and is ready to make a purchase. They may do some final research to confirm their decision, but they are close to closing the deal. An example of this would be a customer who has found the perfect car and is ready to buy it.
In this stage, the customer makes their purchase and becomes a customer of your business. It may seem like this would be the last stage, but you wouldn’t want the customer to become a one-time shopper, would you?
Repurchase or Renewal
In this stage, the customer decides to purchase from your business again. This could be for the same product or service, or for a different one. An example of this would be a customer who buys a new car from the same dealership where they bought their last one.
As you can see, the Customer Buying Cycle is a process that customers go through when they are considering a purchase. By understanding the different stages of the cycle, you can better cater to your customers’ needs and increase sales for your business!
How to Make the Most of Each Stage
Now that we’ve gone over the different stages of the Customer Buying Cycle, let’s discuss how you can make the most of each stage to increase sales for your business.
Making the Most of the Awareness Stage
The best way to take advantage of the Awareness stage is to create content that educates your potential customers about their problems, and how your product or service can help them solve them
This could be in the form of a blog post, an eBook, social media, or even a video. By doing this, you will be top of mind when they are ready to move on to the next stage of their journey.
Making the Most of the Consideration Stage
The best way to take advantage of the Consideration stage is to provide your potential customers with information that will help them compare different options and make an informed decision.
This could be in the form of a buyer’s guide, product comparisons, case studies, or even free trials. By doing this, you will increase the chances that they will choose your product or service over your competitors.
Making the Most of the Intent Stage
The best way to take advantage of the Intent stage is to make it as easy as possible for your potential customers to purchase your product or service.
This could be in the form of a streamlined checkout process, flexible payment options, or even free shipping. This is the stage where your website or sales team really needs to shine!
Making the Most of the Purchase Stage
The best way to take advantage of the Purchase stage is to ensure that your customers are happy with their purchase and that they have a great experience with your business.
This could be in the form of a thank you note, a follow-up call, or even a discount on their next purchase. Discount codes, loyalty programs, and customer referrals are also great ways to encourage customers to come back and shop with you again.
Making the Most of the Repurchase/Renewal Stage
This is the time to start offering your customers incentives to buy from you again.
This could look like a loyalty program, a subscription service, or even a VIP customer club. Following up with your customer to see how they are enjoying your product or service and asking for feedback is also a great way to encourage them to come back and shop with you again.
Creating a Customer Buying Cycle That Stands Out
The best way to create a customer buying cycle that stands out is to focus on creating a great experience for your customers at every stage. This means having well-written and informative content, providing helpful resources, offering flexible payment options, and making it easy for customers to purchase from you.
If you need ideas, check out what your competitors are doing. Pay close attention the next time you buy a product or service from a different industry and see what they do to make the experience great. You can then take those ideas and adapt them to your own business.
An example of a company that has really nailed the Customer Buying Cycle would be Apple. They have done an amazing job of creating a great experience for their customers at every stage, from the awareness stage all the way to the repurchase/renewal stage. If you take a look at their website, you’ll see that they have informative content about their products, helpful resources like buyer’s guides and product comparisons, and a streamlined checkout process. They also have a great loyalty program and offer free shipping on all orders. All of these factors come together to create a customer buying cycle that is hard to beat.
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Make Your Customer Buying Cycle Stand Out!
The bottom line is that the customer buying cycle is an important tool that you can use to increase sales and grow your business. By understanding the different stages and how to take advantage of them, you can create a customer buying cycle that will help you close more sales and keep your customers coming back for more.