What is Buyer's journey?
Buyer's journey refers to the process that a potential customer goes through before making a purchase decision. It includes all stages from awareness of the product or service to making the actual purchase.
The first stage in the buyer's journey is awareness, where customers become aware of their need for a particular product or service. This could be triggered by an ad, social media post or a friend’s recommendation. The second stage is consideration, where prospective buyers research and compare options available in market. Here they evaluate various products / services based on features, price, quality etc., and try to identify which one fits their needs best. The final stage is decision-making. Based on consideration set, buyers make a final purchase decision that aligns with their unique requirements.
The Importance of Understanding Buyer’s Journey as Marketer -
A marketer need to ensure that right information reaches at right time during buyer’s journey.
In order to capitalize on each phase companies must figure out ways how they can provide meaningful experiences, seamless communication channel experience and solve problem efficiently for its customers.
By doing so, it helps company build brand equity, establish long term relationship with customers & increase revenues over time.
Influential Factors During Buyer Journey–
The influence factors vary among individuals depending on demographics/geographic regions/key influencers such as Societal trends /friend’s recommendations/consumer reviews /price point comparison /relevance across different devices are some key influential factors impacting purchasing behavior during buyer’s journey.
To sum up, a company needs to understand buyer’s journey in order to customize their messaging, content and offers that cater to the customer’s specific needs during their path to purchase. Missing any piece from this puzzle could lead companies losing potential customers.