Shopping cart abandonment rates are high across all devices, with Baymard Institute sharing that the cart abandonment rate is 70% on desktops, 86% on mobile and 81% on tablets. But how can you affect this? By understanding your buyer’s journey. In this article, we will look at what the buyer journey is and how you can map it to get a better understanding of your sales process and win more deals.

What is the buyer journey?

The buyer’s journey is the path that a customer goes on when they are going to make a purchase from your business. The buyer’s journey will consider the full process a customer will go through when making a purchase. The three stages that a customer will go through on their buyer journey are:

  • The awareness stage – The buyer identifies that they have a problem.
  • The consideration stage – The buyer begins to consider the options they have to solve.  
  • The decision stage – The buyer evaluates their options and decides what they want to do to solve their problems.

The awareness stage

This is the stage where a customer is experiencing pain points and has become aware of your business’s offering that can help them.

To understand the awareness stage, you should consider:

  1. How can we help a buyer with their challenges? – You should understand how your product or service will help customers with their pain points to be able to angle your offering effectively.
  2. The urgency the customer has – Identify how urgently the customer wants to solve their problem to get an understanding of the timeframe they are operating in.

The consideration stage

During this stage, the customer will be committed to researching different options in the industry to see what the best solution for them is. To be successful in this stage, you should ask yourself these important questions:

How do customers educate themselves on the solutions they have? – You must consider how customers will get information about their options before they conclude. For example, if you identify your customers will look at different websites of the companies they are considering buying from, ensure your website clearly expresses your unique selling point and is user-friendly.  

What is important to customers at this stage? – Whether it is the price, value or functionality of your offering, identify what will attract customers to you. You need to be aware of what your competitors are offering to differentiate yourself.

The decision stage

The last stage of the buyer’s process is the decision stage. The customer will have weighed up their options and will now decide if they will purchase a product or service.

Once a decision is being made, you must consider:

Who is involved with the decision? – It is important to identify how many decision-makers and stakeholders are in the deal that could sway the decision that is made.

Why is this decision being made? – Whether you have won or lost a deal, you should consider why the customer has come to this conclusion for future reference to guide your sales team.

Post-sale

After a sale has been completed, many businesses think the buyer journey ends. However, this is not the case. The buyer journey continues as you can now focus on customer retention and gaining referrals for your business. Creating a long-term customer relationship as can boost your revenue and grow your business.

How to understand your customers’ buyer journey

To ensure you understand your customers’ buyer journey, you must better understand your customers through research:

  • Analysing previous customer data
  • Interviews
  • Questionnaires
  • Industry reports
  • Social media research
  • Focus groups

Benefits of understanding the buyer’s journey

You will get invaluable benefits from understanding your customers’ buyer journey, such as:

More strategic marketing – You will be able to market more strategically to align yourself with the customer’s wants and desires by mapping your offering to their pain points.

Anticipate your customer’s next steps – You will be able to anticipate your customer’s next steps by understanding their buyer journey, helping you keep the sales process efficient and be prepared for objections.

Streamline your buyer’s journey with TEB

Want to get a whole new understanding of your customer’s buyer journey with exceptional data visibility? If the answer is yes, then TEB is the software for you. TEB is a sales automation CRM software that will enhance your understanding of your customer’s buyer journey and streamline your entire sales process. TEB will improve your data visibility and help grow your business with these key features:

Streamline your buyer journey with TEB
  • Customer storyboard – View your customer’s entire buyer journey in the form of a customer storyboard. This will give you a better understanding of your customers, and at what stages of the buyer journey deals are lost.
  • Custom reports – Drill down on the data you want to see with TEBs custom report generation feature. For example, separate reports for each stage of the buyer journey.
  • Track your sales team’s performance – View how your sales representatives are performing, seeing how long it takes them to bring people through the sales funnel and how many deals are being won and lost.
  • Prioritise the right deals – Use TEBs funnels and filters to identify what deals are the most likely to be won to prioritise the right customers.

Want to see these features for yourself? Quickly book a demo and see how TEB will increase your sales, generate you more revenue and drive your growth.

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