Buying Cycle Definition
The buying cycle is a sales and marketing concept that aims to describe the five stages people usually go through when making a purchase. These stages are:
- Awareness
- Consideration
- Intent
- Purchasing
- Repurchasing
Awareness indicates the time that a consumer both identifies a need and a given business capable of fulfilling it.
Consideration is the buyer’s process of evaluating how well a business can fulfill their need, which might include additional research, comparing the prices and/or offers of competitors, and deal-seeking.
Intent is the stage that ultimately leads to a purchase; during this time the consumer solidifies their decision through emotion, budget, and logic.
Purchasing is when the shopper becomes a customer and purchases a product or service.
Repurchasing is the decision making process undergone by a customer which leads to additional purchases.
Buying Cycle Example
Suppose that a business wanted to improve the way they communicate with their target audience to help guide potential customers through the buying cycle. They decide to create content on their website for each of the buying cycle stages with the intent of leading them through to a purchase and, ideally, an eventual repurchase.
The business might begin with the awareness and consideration stages, crafting content designed to answer common questions or provide solutions to problems, thus gaining search traffic for consumers who have a need but may not have identified a business who can fulfill it. Other content might include improved product/service descriptions designed to counter potential sales objections for consumers on the brink of the intent stage.
Why Is Understanding the Buying Cycle Important in Strategic Marketing?
- Content Creation
- Understanding the buying cycle allows a business to create content, advertisements, or other marketing materials aimed at customers in each of the five stages.
- Closing Sales
- Knowing where a customer is in the buying cycle can be an important indicator of how to engage, e.g., whether or not a “hard sell” is appropriate.
