A buying cycle is the cycle that a typical customater will go through as they make their way toward a purchase. A buying cycle consists of five different stages leading up to purchase as well as after purchase. As someone who is selling a product or service, it’s important to know what a potential customer experiences on their way to becoming a customer so that you can do your best to not only ensure one purchase, but repeat purchases.
The first stage of the buying cycle is the awareness stage. During this stage, a person realizes that they are in need of something. This may be a service or a product. Through their research, they will become aware of what you have to offer. They are now aware that you are a viable option for purchasing what they need. As someone who is selling something, your research, marketing, and promoting was a success. You now have a potential customer. What’s next?
The second stage of the buying cycle is the consideration stage. The potential buyer has been made aware of their need and the fact that you offer a solution. It’s likely they are now exploring other options in addition to your product or service. During this stage, you want to show the potential customer that you are the best choice. This can be done through public relations and advertising that successfully describe what you have to offer that will benefit the potential customers life.
The next stage of the buying cycle is known as the intent stage. It’s at this point that a potential customer is ready to make their purchase. During this stage, the potential customer will weigh what you offer against what other seller’s are offering. They will examine not only the product or service in depth, but the cost will also be a consideration. Your job as the seller during this stage is to do your best to convince the potential buyer that your product or service is the best choice.
The fourth stage of the buying cycle is the purchase stage. During this stage, the potential customer has decided which product or service they are going to buy. If you are were successful in proving that yours is the best choice, you’ve just made a sale! This is not the end of the buying cycle though. When you make your sale, you will want to get contact information from your customer so that you can stay in touch. It’s important to remember that a sale isn’t just a one time event. When people like a product or service, they tend to go back to the same place for more.
The repurchase stage is the final stage of the buying cycle. When the customer is need of something else you have to offer, it is during this stage that they will reflect on their previous experience purchasing from you. If the service or product you offered helped them and if the price was worth what you offered them, they are going to seriously consider you for their next purchase.