IN THE LOOP – Creating a Modern Buying Experience

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Presentation Description

In recent years, the traditional marketing funnel has undergone a transformation, bending and shifting until the linear buying cycle Awareness, Familiarity, Consideration, Purchase, Loyalty—has come full circle to form, well, a circle.

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Presentation Transcript

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In the Loop Creating a Modern Buying Experience

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The most surprising thing isn’t the shift itself after all the availability of comparison shopping social media and reviews sites over the past decade have changed the way we shop for just about everything. What’s interesting to note is that the purchasing behavior between consumers and businesses has become so similar. Sure their triggers may difer but in essence they follow a very similar journey. More than anything what technology has done is put the buyer in the driver’s seat. Today’s buyer has the power to do their own research fnd their own information ask friends or colleagues for advice or recommendations even demand timely information from companies in the form of social media or content. Regardless of whether you’re a B2B or B2C business the terms have changed. In recent years the traditional marketing funnel has undergone a transformation bending and shifting until the linear buying cycle—Awareness Familiarity Consideration Purchase Loyalty—has come full circle to form well a circle. 2 What technology has done is put the buyer in the driver’s seat.

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3 So what does this tell us A new buying experience is emerging one that dumps the old straight line approach and acknowledges the new power held in the hand of the consumer. McKinsey a global consulting frm actually foresaw this happening back in 2009 and and posited their own idea for what this new buying experience looks like: You can see how this journey fts both consumer and business buying habits with key diferences in trig - gers of course. But for the most part the journey it- self is the same. Consider the options research them make a decision then hope they meet your expecta- tions with good postpurchase customer experiences. Your job as a marketer is to make their buying deci- sion an easy one by making every possible touchpoint with your brand a clear enjoyable and informational experience. Today’s consumer comes at a brand from all angles and you have to be ready to not just engage them at the point but continue to ofer valuable infor - mation throughout their evaluation phase.  1. Initial Consideration: During this frst phase the buyer considers an initial set of brands based on a recent touchpoint or general awareness.  2. Active Evaluation: This is when the buyer does their homework and adds or re- moves brands from consideration based on their fndings. The buyer will engage in information gathering learning about the brand’s oferings reading reviews engaging on social media and soliciting feedback from others.  3. Moment of Purchase: After careful evaluation the buyer selects a brand and makes a purchase—hopefully it’s you.  4. Post-purchase Experience: This phase is about more than loyalty it’s ensuring the cus- tomer has a consistently great experience with your company which ideally won’t stop after they’ve forked over a check or credit card. This experience can lead them into the loyalty loop which is a quicker path to purchasing additional products and services from you. They may still go through steps 1–3 when looking to make another purchase but a great experience with a known brand can go a long way.

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4 With a marketing automation system comes the power to engage buy- ers in the evaluation phase with relevant content that nudges them closer to a buying decision. But you have to be smart about it. It’s not about you anymore. The modern buying experience give the buyer the control—it’s their time their needs their money and if you can’t under- stand that they’ll happily jump to the nearest competitor that does. So what’s the most efective way to create a compelling modern buying experience As the buyer journey has shifted so has the means for delivering content that serves the needs of the modern buyer. Marketing automation as an industry abides by the mantra of delivering the right content to the right person at the right time—a sentiment tailor-made for the buyer who wants things on their terms. Marketing Automation: Your Best Friend Marketing Automation

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