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Posted by Todd Hockenberry ● Oct 09, 2014

Buying Cycle Changes Over Time

buying cycle changes over timeIt wasn't that long ago that the ideas of selling and marketing had drastically different connotations than they do today. Traditionally a buyer would be in the market for a product or service, would seek out a sales person from a company they had previous heard about through traditional sales channels, and the sales person would feed them the information the salesperson thought was relevant. The buyer might repeat this process a couple of times and compare prices, but the information they used to make their final decision would have come from a salesperson.

Generally the buying process consisted of research, evaluation, and purchasing. Sometimes the process would be swift, with one individual in charge of each stage of the process, and sometimes it took a long time, involving multiple individuals within an organization. Either way, the process generally began by contacting a supplier and a salesperson.

The general process hasn't changed much, buyers still research and compare and ultimately make a purchase, but the details of the process have altered drastically. Let's take a look at these buying cycle changes over time:

Research

The internet has fundamentally changed the buying cycle. Rather than beginning the sales process with contacting a salesperson, most buyers instead do their research without ever speaking to anyone. Most research now a day's takes place through search engines, websites, blogs, industry sources, and rating sites. Buyers can collect the information they need on a companies they may never have come in contact with without once reaching out to a single salesperson.

Comparison

The availability of research material online has also moved the comparison portion of the sales process into cyber space. With no first contact being made in the research stage, salespeople often don't even have a chance to make a second or third contact during the comparison stage. Buyers collect their research online, and make their comparisons and evaluations in-house without sellers ever being aware that they are being evaluated.

Purchase

For many, the first time they learn of a buyers interest is when they are approached by a buyer ready to make a purchase. With the number of suppliers able to take online orders increasing, some sellers first contact with a buyer is when an order comes in from their website.

As more and more buyers use the internet to take control of the buying cycle, the key to handling this changing buying cycle has become finding a way to connect with buyers as early as possible in the cycle.  

Since your website is often the first thing a lead comes into contact with, it is vital that your website is built in such a way that it both draws a buyer in and gives them access to the information they are looking for in their research. This means calls-to-action, downloads, blog posts and articles, and other sources of content. It also means that it is important for you to maintain an online presence. If a buyer can't find you online when they are conducting research, then you're toast.

You also need to make a real effort to follow up on online leads. If you miss out on contacting a lead who downloaded an e-book off of your website, you might never get the chance to reach out to them again.

You may be interested in these related posts:

Building a Lead Generation Engine - Targeted Lead Generation

Topics: Sales

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