What is the buyer's journey?
Why is it important?
The steps explained
How should it be used?
What is a buyer's Journey?
Why is it important?
Within the last ten to fifteen years there has been a shift in control between seller and buyer where the buyer has more of the control as they are focused on investing in products, services or solutions that provide value to their lives or businesses.
What are the steps involved in a buyer's journey?
- Needs Identification
1. Needs Identification
The above illustration and steps represent the process the customer/buyer goes through once they have identified that there's a need.
Let's say a customer is looking to purchasing a new piece of equipment, an appliance for their home or office. The first stage would be the client recognising that there is an actual need based on the current stage or lifecycle of the equipment and what the buyer needs to use it for.
If the item is broken, then that's an immediate need for change, however, in some instances based on things like workload, features, new legislation, etc. These can be triggers where a customer has identified that there is a need for change.
The greater the need will represent the customer's level of urgency customers in addressing the matter or making a decision.
This phase is possibly one of the most important phases that vendors need to understand in the buyer's process. Once a buyer's need has been identified, the next natural thing for a consumer to do is to start "shopping around".
Internet (Website, YouTube, Comparison sites, etc.)
Opinions from friends & family
Online Reviews/forums (looking at historical data)
“57% of the purchase decision is already complete before the customer even calls the supplier.” (CEB)
In the sales process, this stage is considered the closing stage and can be daunting for many. However, this stage of the process is possibly one of the easiest stages once the first three (3) are done properly.
When a customer commits at this stage of the buying process it's mainly because the product, service or solution has satisfied most if not all of their concerns. Consider this as a customer checklist where every criterion has to be checked off before giving the ok.
How is it used?