Understanding The Conversion Stage Of Buyer’s Journey
In my previous article, I have looked at the consideration stage of the buyer’s journey. In this article, I will be talking about some of the facts that you need to know about the Conversion Stage of Buyer’s journey. Follow me as we are going to look at that together in this article.
The Conversion Stage represents the moment when the consumer is ready to buy your product, has done his research and based on their needs and motivations, has decided that the product is providing the best solution for their problem. At this stage, the consumer has not yet paid for the product or service and the role of the marketer is to create a point of contact to drive the conversions.
This is generally achieved with targeting and re-targeting, promotional offers, and creating a sense of urgency. Thanks to analytics on website, social media, and marketing emails, marketers can gather data that will qualify a lead for sales based on actions taken.
If we take our example, Mary has read reviews online, asked her friends, went on several brand’s websites, started following some products on social media. Recently, she went on the website of product X, selected a few products, added them to her basket and saved it, but didn’t convert.
She came back to the company social accounts and product pages a couple of times during the week. These clues give marketer information that she is actively considering the product and might be ready for conversion. As a result, it might be a good idea to send a marketing email reminding her of the product she left and offer a promotional code for her first purchase that will be valid for the next few days.
Another tactic can be to use social media retargeting capacities on Mary’s social media newsfeed, showing relevant ads that showcase the product and the brand.
The Retention Stage is often overlooked and is a key stage for ensuring reoccurring revenue and creating a group of active brand advocates. Once the consumer has used the product and is satisfied, it is crucial to provide added value and create a real relationship. This, on one hand, delights the customer that will feel special and part of the brand’s community, on the other hand, this encourages repurchase and thus additional revenue from an existing customer.
From a cost point of view, it is more cost-effective to retain existing customers and encourage re-purchases than getting new leads that might only be at the awareness stage. In this stage, you are addressing an already convinced consumer that thinks your product is great for them, but you still need to keep them satisfied and create a desire to come back to your product.
This is achieved by many tactics like content development, special promotions, events, newsletters, community management, etc. If we look at our example, Mary has purchased the product after seeing a retargeted ad on Facebook. She used the product through her hair, which became much healthier, posted on social media about her experience, and is currently happy with the product’s promise. Her purchase might last her a month or so, thus the brand over this period of time has to ensure that her next purchase if only to renew the product, will be within their product range.
The brand can send a post-sales message to thank Mary, giving her a voucher for additional purchases and also provide content about other products she might like. The company could also use research to understand what other buyers in their community have bought and if Mary fits any existing buyer personas that could provide extra information. If they know that she visits the blog often, they can set up a lead flow to subscribe her to their newsletter and use smart content to show relevant articles.
Today with digital marketing, the retention stage can be extremely rich and relevant based on all the information gathered using online analytics. The more you know about your customers, the more you will be able to provide additional value to them and delight them, not only with your product but with your brand experience and personality.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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