If you do not know what the purchase cycle of your customers is, you are missing a great opportunity to improve your marketing actions and increase the profit of your company. But do you know what is meant by a buying cycle? list_altIndex of contents What is the purchase cycle or conversion funnel? Phases of the buying cycle: AIDA Why is it important to know the purchase cycle of your customers The purchase cycle is the process that a user goes through from discovering that they have a problem or need until they find and buy something that solves or satisfies it. This cycle can be measured both in the offline and online channels, but the truth is that, in the latter, knowing and understanding the phases a buyer goes through is much easier. And it is that one of the great advantages that an online business has is that we can analyze in detail each step that the user takes from entering the web or viewing a type of online publication until he clicks on “buy”. So much so that if we correctly record the route that you take until the moment you think “do I buy it?”, Surely we will increase the possibilities of sale.Said in this way, it seems simple, but behind the consumer’s purchasing decision there is a world.Learn more about the buying process and the impact it has on Accountant Email List with this free guide.What is the purchase cycle or conversion funnel?The process of the purchase cycle is usually represented graphically in the form of a funnel, and that is why we also usually refer to the funnel or conversion funnel . Represented in the form of an inverted pyramid, in each step we find each of the phases of the purchase cycle, which can culminate in the final purchase or conversion (which, instead of the traditional purchase of a product, could be the subscription to a certain service). Thus, while in the widest part of the funnel there are all those interested in the product (or who could be), in the narrowest part of it are those who end up buying the product or hiring the service.Do you like what you are reading? Subscribe to the blog! EMAIL * your email I have read and accept the Privacy and Cookies Policy .In turn, the purchase cycle is known in English by the name of buyer’s journey , hence we must also consider the importance of building a buyer persona that helps us better understand the behavior and habits of potential customers to whom we address (and who we are interested in addressing).
This point is essential to create the Customer Journey Map , that is, the content guide that we will have to prepare to accompany the user with the appropriate information depending on the phase of the cycle in which they are and lead them towards the final conversion. And there are many factors at play to end up making the consumer fall in love! But what interests us here is to know in more detail each of the phases of the purchase cycle and, in this way, offer the customer what they want at the most appropriate time and place.Phases of the buying cycle: AIDA The purchase cycle always consists of the same 4 phases (AIDA) for any product or service, although the duration of the process may vary in each case and we can find some “sub-phases”. purchase cycle The term AIDA is composed of the words “attention” ( awareness ), “investigation” or “interest” ( interest ), “decision” ( decision ) and “action” ( action ). Let’s see them one by one: 1. Attention A person realizes that they have a problem, a need or a desire. The question that is asked is: “How can I fix it?”In this first phase, there is usually no rational basis with which the user connects with your brand. You will have to offer him a first contact that is moved by emotions, provide attractive images that awaken the desire to satisfy a need that previously did not exist.2. Research Then he goes on to a phase of searching for alternatives in which he asks himself: “What options are there in the market to solve my problem or need?”In this case, the client knows your brand, but is consciously looking for information, investigates through different means and also knows your possible competitors. It is a key phase in which we must impact the user.3. Decision To choose between the different alternatives, you must form a criterion and take into account everything that can influence your decision making (price, delivery time, renewal frequency …). So, here the user wonders which is the best option.In this phase, the conviction is deepened by presenting the advantages of the product through the appropriate information.4. Action Once you have taken into account all the variables, it is time to buy; In other words, it is time to close your sale. At this point, customer service is of great relevance, since the consumer may still have many doubts about the delivery time, return conditions, guarantees, etc. So we must try to generate the best shopping experience so that there is not a step back and the decision is reinforced.The duration of this process may vary in each case. Knowing the stages of the buying cycle not only determines the content planning itself, but also affects customer relationship management (CRM).Currently there are more complex purchase cycle models in which more phases are included to better detail the process that the user goes through in their evaluation of a product or service. The AIDA cycle is one of the best known and includes the essential processes that you must take into account. New Call-to-action Buying cycle example And here is an example of a purchase process with each of the AIDA phases (even in the simplest purchases, the different phases follow):Imagine that this afternoon you have a meeting with a potential client that is very important to your company and that you go down to lunch with your coworkers. On the menu there is fideuá (your favorite dish!) And you can gobble it up in no time, with the accompanying aioli. ALERT!… You realize that you could bring down Dracula himself with that breath and decide to solve the problem ( Attention ). How can you fix it?… You start wondering how to get out of this mess ( Research ). What options are there to solve this? You could cancel the meeting (but since you are a great professional, you dismiss it ipso facto ), or you could also buy a toothbrush and toothpaste, chew on a coffee bean or buy gum…. After giving it the odd turn, you realize that you don’t have time left and that you have to rush off towards “La Reunion”.
So what is the best option? ( Decision ). You decide on chewing gums, which are the fastest and cheapest option. … On the way to the meeting, you stop by a kiosk and buy a couple of packages ( Action ). You never know when you might need them! 😉 This example that we have described does not take you more than 15 minutes, but it is scalable to all the purchase decisions you make and in some cases it can take months. Why is it important to know the purchase cycle of your customers Would you speak the same to an acquaintance who liked you than to one who doesn’t even know who you are?When developing a Forex Email List and advertising campaign, the same thing happens, so it is essential to be clear about everything the user does from the moment they know the need to solve a problem that your product can solve until they make the final decision (e even go further).Generate need.Arouse interest in our product (consideration).Attraction.Investigate alternatives and determining factors.Make the decision.Final purchase or conversion (action).Loyalty.From a marketing point of view, in the end what interests us is that all the people who are at the beginning of the buying cycle end up converting or, at least, as many people as possible. If not, what we should try to do is retain these potential customers in the decision or consideration phase, so that, even if they do not buy in the short term, they can take us into account for their next purchases or in the near future. . In fact, even if the user has made the purchase, we must continue working on the customer to reinforce their decision and then develop loyalty strategies so that they repeat with us.As we mentioned at the beginning, if you know the process your customers go through before buying your product, you will be able to prepare a much more effective marketing strategy: you will be able to devise specific marketing actions depending on the phase of the purchase cycle in which the user is found, notably improving their results. To achieve this, we must work on a content strategy specially designed for each phase of the cycle in which the user is, that is, follow an effective lead nurturing and lead scoring strategy to always find the right message to the right person. .We put you in a situation: before offering a product, leads must be sufficiently nurtured and, of course, know exactly which leads are ready to receive certain information. In this way, we will be able to reduce cart abandonment rates or increase, for example, the opening rates of mailings.Finally, we must stress the importance of monitoring the phases of the purchase cycle , analyzing all the strategies that we have developed for each of them. Now, you must bear in mind that there will be cases in which the user does not go through all the stages, does not do it in the same order or, no matter how hard we try, does not convert. Do not worry. You can measure everything and reconsider your strategies to improve little by little. And if you have any questions, see you in the comments!