The purchase cycle or Buyer Journey
Posted: Wed Dec 04, 2024 8:04 am
Customer Lifetime Value
Customer Lifetime Value (LTV) is the sum of the profits that a consumer provides to the company during the entire time that he or she is a customer.
For example: if a customer purchases an average of $200 per month for lebanon whatsapp mobile phone number list months and the company earns a 50% margin, the LTV of that customer is $600 per year.
Buyer Journey
It is the journey that a potential customer takes from the moment they come into contact with the company until they make a specific purchase.
This is a concept from the world of marketing that refers to the stages that a prospect goes through, from becoming aware of a need that can be resolved by a product or service, until the purchase is made.
The purchasing cycle is successful when companies understand the way customers buy today.
To understand it better, you need to know its different stages. Let's talk about each one of them.
Stage I: Awareness or knowledge
It's when the lead becomes aware of a problem, need or challenge they are facing. This leads to dissatisfaction and a desire to act.
Stage II: Scope
When leads approach various brands, they research and contact potential vendors in an effort to understand what potential solutions exist and which ones can best meet their needs.
Stage III: Selection
During the research phase, a preference for a particular vendor or solution may develop. They become what we call the “emotional favorite,” gradually moving into the position of the winner.
Stage IV: Purchase
The desired product or service is purchased, thereby satisfying needs or solving the problem.
Lead Scoring and Lead Nurturing
Lead Scoring and Lead Nurturing are two important concepts to take into account in the Inbound Marketing methodology. Although they are similar, they are two very different concepts. On the one hand, Lead Scoring is a methodology that allows you to classify leads in order to determine their readiness for sale. The lead receives a score according to the characteristics of their profile or behaviors they perform (for example, downloading certain ebooks or visiting certain web pages). Companies can qualify potential clients by assigning points according to the degree of commitment to the action taken. You can implement classifications such as A, B, or C or using terms such as "hot", "warm" or "cold". Lead Scoring helps companies know if a lead is ready to be approached by the sales area or if they should continue sending them information. Lead Nurturing is precisely the process of "nurturing" a lead by sending them information so that they advance in their buyer journey as quickly as possible, "pushing" them towards the purchase decision stage.
Customer Lifetime Value (LTV) is the sum of the profits that a consumer provides to the company during the entire time that he or she is a customer.
For example: if a customer purchases an average of $200 per month for lebanon whatsapp mobile phone number list months and the company earns a 50% margin, the LTV of that customer is $600 per year.
Buyer Journey
It is the journey that a potential customer takes from the moment they come into contact with the company until they make a specific purchase.
This is a concept from the world of marketing that refers to the stages that a prospect goes through, from becoming aware of a need that can be resolved by a product or service, until the purchase is made.
The purchasing cycle is successful when companies understand the way customers buy today.
To understand it better, you need to know its different stages. Let's talk about each one of them.
Stage I: Awareness or knowledge
It's when the lead becomes aware of a problem, need or challenge they are facing. This leads to dissatisfaction and a desire to act.
Stage II: Scope
When leads approach various brands, they research and contact potential vendors in an effort to understand what potential solutions exist and which ones can best meet their needs.
Stage III: Selection
During the research phase, a preference for a particular vendor or solution may develop. They become what we call the “emotional favorite,” gradually moving into the position of the winner.
Stage IV: Purchase
The desired product or service is purchased, thereby satisfying needs or solving the problem.
Lead Scoring and Lead Nurturing
Lead Scoring and Lead Nurturing are two important concepts to take into account in the Inbound Marketing methodology. Although they are similar, they are two very different concepts. On the one hand, Lead Scoring is a methodology that allows you to classify leads in order to determine their readiness for sale. The lead receives a score according to the characteristics of their profile or behaviors they perform (for example, downloading certain ebooks or visiting certain web pages). Companies can qualify potential clients by assigning points according to the degree of commitment to the action taken. You can implement classifications such as A, B, or C or using terms such as "hot", "warm" or "cold". Lead Scoring helps companies know if a lead is ready to be approached by the sales area or if they should continue sending them information. Lead Nurturing is precisely the process of "nurturing" a lead by sending them information so that they advance in their buyer journey as quickly as possible, "pushing" them towards the purchase decision stage.