What Is The Consumer Buying Decision-Making Process?
One of the most important things you need know about your business is your customer buying decision-making process. Humans have a particular way they tend to go about any type of decision they need to make, especially when it comes to spending money.
Understanding how, why, and when people choose to buy is vital information for any business owner to know. Knowing the entire process that a buyer goes through as they make decisions about what to purchase can help you improve your products, showcase your products as the leading choice, as well as help you create and implement your advertising and marketing plans.
If you’re selling a product or service, you probably have a sales funnel strategy. It’s the journey that you guide a prospect through as they first discover your product or service to the point of them buying and becoming a repeat customer.
As visitors move along your funnels – from knowing more about your brand, to deciding if they need what you’re offering, to comparing with similar competitors, to making the final or even repeat purchase, you need to know how to respond to their needs and doubts.
Therefore, you need to regularly analyze, improve and develop sales funnels to keep the pipeline flowing. Here’s how to optimize your funnels for better conversions in 4 key steps.
Firstly, what is a sales funnel? In simple terms, it’s the journey that you guide a prospect as they first discover your product or service to the point of them buying and becoming a repeat customer.
Part of making a sales funnel more effective is offering related products as part of your original offer. These are upsells, where they buy your product and some extras and even downsells, where they buy something different from you at a lower price.
Upsells and downsells can increase your average price point for every single order that your customers make. It also increases the lifetime value of every customer.
When you make a sales funnel that is a well-thought-out and includes the right offers at the right time based on your buyer’s journey, you’ll increase your ROI and bottom line. Here are 9 things to test when creating upsell and downsell messages to make your sales funnel work more effectively.
Contextual marketing pays attention to what your audience is doing in real time in the real world.
During the Superbowl blackout in 2013, Oreo Cookies tweeted out a picture and a statement that said, “You can still dunk in the dark.” This is a classic example of real time contextual marketing. It was unexpected, not planned, but it was effective and went viral.
Contextual marketing focuses entirely on using content for marketing your products and services. Contextual marketing usually means that you’re creating content for your website, using specific keywords so that an advertisement platform delivers the ads of interest to your customers.
For example, if you are using Google AdWords, it will deliver to your audience ads based on the content using the keywords in the content to trigger the right ads. This can be planned as well as happen in real time if you pay attention to how you can relate current happenings to your content marketing. Using as much of both planned and unplanned contextual marketing can rapidly boost your business.
Nearly every business uses upsells. When you buy a pair of shoes, you’re offered polish to go with them or when you buy a burger at a fast food franchise, you’re asked if you want fries with it. These are time-honored examples of upselling in retail to increase the price point of each transaction.
Another time-honored way to ensure you don’t lose a sale entirely is to offer a downsell. This is aimed at people who may have reasons for not needing or purchasing the main offer (usually a lack of funds) but may still want some element of your product or service.
The philosophy of upsells and downsells for any business is fundamentally the same. When your customer is in a buying mood, you want to offer them something else they may be interested in because that’s when they are most likely to buy. Here are 5 tactics to help you gain more profits with your upsells and downsells.
8 Things You Need To Know When Marketing Your Online Business
The best marketing for online business will pay for itself.
When you first start marketing your online business, you’re going to need to figure out your marketing budget. Some people who are new think they have zero budget, and while you may be able to get started with no budget other than your time, eventually you’re going to need to have a real marketing budget.
Marketing is really an investment and not just an expense. Your marketing, when planned correctly, should deliver you a return on investment that makes it worth doing. In this way, you can take your business to the next level.
If you have a product or service to sell, then it’s time to get serious about reducing buyer fear so that you can close the sale and boost your conversions. After all, closing the sale is the point because if you don’t do that, no one will experience your amazing product or service that solves their problems.
Reducing buyer fear is an important aspect of marketing online and even offline. People won’t buy if there is something that is worrying them about your product or service. People only buy from those they feel as if they know, like and trust. You included. You know you’re trustworthy so show it by proving it.
The online buying process is different to the offline buying process. As an online business owner you rarely, if at all, have any direct face-to-face contact with your customer. A prospect finds your products online and then decides whether to purchase or not.
It’s important to understand a typical buying process and sales cycle, so you can move your prospective customer from first encountering you or a particular product, all the way through to buying your product.
There are basically 5 steps to the typical online buying process.
OK, so I’m not really the Easter Bunny but I have got some handy digital marketing tools for you so you don’t have to go searching all over the web to find top digital marketing software. Easter isn’t the big gift-giving occasion like Christmas but it’s still regarded as the start of the spring buying season.
Your potential customers are out there and with the right tools and resources, the more reach, impact, leads and sales you’ll get.
Regardless of your industry, every buyer goes through a journey when making purchasing decisions. Understanding your buyer’s journey will help you know what information to give them and when.
You can think of the process of choosing what to buy as a journey. It’s the process of going from awareness to purchase. Thinking of this as a journey will help you guide your audience through the awareness or acknowledgment of a problem that they need to solve and how you are the one that can help them solve it.
You’re working hard to get people to visit your website but the key to online business success is to convert your website traffic into customers. It’s a hard fact to swallow but almost no one will buy from you on their first visit to your website.
There is where the ‘Rule of 7’ applies. In marketing circles, research states that you need to interact with someone 7 times before they purchase a product or service. This is because that person is trying to get to know you. They want to figure out if, in their minds, your products or services bring value to their life.
So once that person lands onto your website, how do you convert your website traffic into customers using the ‘Rule of 7’?
It might seem like an obvious statement but sometimes businesses forget the fact that the only way to make money is to get customers to buy. A sales funnel process is set of steps where you move a prospect through a series of communications that results in them buying from you.
But what happens after that first sale is made? Are you now finished with that customer and do move onto the next prospect?
Every business needs to create an effective sales funnel if they want to succeed in their marketing efforts. So many businesses don’t create a plan when it comes to marketing. Instead they do what everyone else is doing or what they feel is easiest or cheapest, without knowing whether or not it actually works.
Sales funnels help business owners know how many potential customers they have, where they come from, and how they’re going to be brought into the product cycle.
Many online businesses make the mistake of putting all their efforts in trying to sell to new customers rather than remembering the value of repeat customers.
When your business gets someone interested in your products or services you can turn that prospect into a customer. This is time to celebrate, right? You have made a sale, so your work is done. Now it’s time to find some new leads so you can hopefully repeat the process. Slow down, speedy.
It costs 6 to 7 times more to get a new customer than keep an existing one and, on average, 20% of your customers will be responsible for 80% of your sales. So how can you encourage your prospects to buy more and become repeat customers?
To understand the concept of an online marketing funnel, think about a regular, everyday funnel. The idea of a funnel is that you can focus a large quantity of something down into a very narrow flow. That’s why funnels are wide at the opening and extremely narrow, sometimes even pointed, at the bottom.
This upside down pyramid shape also works extremely well online for building your business. Let’s look at how an online marketing funnel works and why your business needs one.