TT#062 Unlock the Cheat Code to More Clients: The 5 Stages Of The Buying Cycle
Ever really considered why some leads convert into into loyal clients on a sales call, some require a lot of follow-up, and some seem to drift away?
In many cases the answer is simple: the buying cycle of prospects.
The buying cycle is the journey prospects go through as they learn about your business and make the decision on whether to work with you or not.
I break the cycle down into 5 stages: Awareness, Interest, Intent, Decision, and Action.
Awareness: This is the stage where the prospect becomes aware of your business. They may have stumbled upon your website, seen a social media post, or heard about you from someone they know. It's the initial point of contact between you and your potential client.
Interest: Once they know you exist, the prospect becomes interested in what you offer. They might start browsing your services, reading your blog posts, listening to podcasts, or subscribing to newsletters. This is when they start engaging with your brand and content.
Intent: At this stage, the prospect starts showing signs of intending to buy. They might send a connection request on LinkedIn, fill out a contact form, or book a call with your sales team. It's a clear indication they're considering doing business with you.
Decision: This is the moment of truth. The prospect decides to go ahead with you as the service provider. They've weighed the pros and cons, considered their options, and decided that your service is the best fit for them.
Action: The final step in the cycle, this is when the prospect completes the purchase. They've made their choice, they've pulled out their credit card, and they've take the acton to become a client. The buying cycle is complete, but the relationship with the client is just beginning.
Make sense?
Now, it's time to look at this through another lens - the sales funnel.
The sales funnel is your way of capturing potential clients at different stages of this process and guiding them to the 'Action' stage.
This works by offering them the right bait at each stage. Maybe an ebook or tutorial at the 'Awareness' stage, something to help them recognize their problem.
Then, as they start showing 'Interest', hit them with detailed info about your product or service, through a webinar or product demo.
As they move to 'Intent' and 'Decision', personalize your approach with emails or consultations.
And when they're ready for 'Action', give them an irresistible incentive like a discount or a limited-time offer.
Understanding the buying cycle and aligning your sales funnel with it is like finding the cheat code to your marketing game.
It helps you attract and engage with potential clients just at the right time, making your marketing efforts more focused and more effective. And better marketing makes your sales efforts more focused and effective, too.
Just think about it. What if you could capture an extra 4 leads a week just by aligning your sales funnel with the buying cycle? Over a year, that's significant growth for your business!
Keen on getting a deeper understanding of this?
Check out my latest YouTube video on how you can set up an effective sales funnel for your business to get 40% more sales without extra effort.
Watch full video
