g/o sales summit: the new buying journey for retailers

2016 Sales Leadership Summit Powered by G/O DIGITAL 1#GoSummit2016

The New Buying Journey For Retailers


US Consumers are Big Spenders

Total Retail Sales (billions)

2014 $4,632.29

2015 $4,785.15

2016 $4,952.63

2017 $5,125.98

2018 $5,300.26


Why do consumers buy?


“People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.”

godigitalmarketing.com

–Theodore Levitt

InvolvementPerceived Importance

Risk ($$$)

Psychological factors shape buying habits

Rational/Emotion


Everything starts with a need

of shoppers research online before buying81%

Retailing Today, 2014

Using search engines

Comparing product prices

Reading user reviews

Visiting multiple online

stores

Reading product

information


i


The customer journey has changed


How Mobile Fits Into The Consumer Purchase Journey

45%

37%

24%

Consideration

Research

Validation


It is a complex world for marketersOffline, online, mobile and social marketing all influence a buyer before a sale,

making it difficult for retailers to find success in this complex, new world.


In this complicated purchasing environment, what can you do?


Agenda

Understand influencers and how they differ across purchase types

Learn about purchase types and how they relate to your retail clients

Use purchase behaviors to guide your marketing strategy



Influencers

Purchase Types

Application



What influences a purchase?


Content/educational information Business differentiators

Loyalty Reviews and referrals

Price incentives Location


Influencers

Purchase Types

Application



The Four Purchase Types

Invo

lvem

ent/R

isk

Emotional

Complex

Impulse

Sensible

Routine


Business Differentiators

Price Incentives

Reviews and Referrals

Loyalty

Location

Content/Education

SENSIBLE IMPULSE

ROUTINE COMPLEX



Complex PurchaseBuying Cycle: Long, No repeat customers

Top Influencers:

Examples: Buying a new computer, appliances or fine jewelry

1. Content/educational information

2. Business differentiators

3. Reviews and referrals

4. Price incentives



Sensible PurchaseBuying Cycle: Medium-long, Repeat Customers

Top Influencers:

Examples: Choosing a mattress or rent to own home furnishing



3. Loyalty

4. Price incentives



Routine PurchaseBuying Cycle: Short, Repeat customers

Top Influencers:

Examples: Buying cosmetics, toothpaste or pet supplies

1. Loyalty

2. Location

3. Price incentives




Impulse PurchaseBuying Cycle: Short, opportunity for repeat customers

Top Influencers:

Examples: buying pair of shoes, holiday décor or a video game

1. Price incentives

2. Location





Influencers

Purchase Types

Application

#GoSummit2016


Why do marketing campaigns fail?


• You need to understand their product

• You need to understand their audience

How do you determine what kinds of purchases happen at your client’s business?


How can purchase types help you identify your client’s messaging and platforms?


Ask the right questions


What you need to know:

ü Do you often have repeat customers?

ü How often to people purchase from your business?

ü Do people often research your product versus a competitor’s before buying?

ü Do people buy your product/service on a whim?

ü What makes you different and better than a competitor?





Content/educational information

Business differentiators

Loyalty

Price incentives

Reviews and referrals

Location

Does the business have enough information online to answer my questions?






Loyalty

Price incentives


Location

What incentives does the business offer to loyal customers?






Loyalty

Price incentives


Location

What specials or deals is the business currently offering?






Loyalty

Price incentives


Location

What sets the business apart from their competition?






Loyalty

Price incentives


Location

What are other people saying about the business?






Loyalty

Price incentives


Location

Is the businessconveniently located?


You want to work backwards

• A way of reverse-engineering identification of your clients target audience

• By knowing what kind of purchases happen at your client’s business, you can more effectively market to consumers on the front end



People are always on, always connected

Businesses have to be there for the:

I-want-to-know moments

I-want-to-do moments

I-want-to-buy moments

I-want-to-go moments



How do you market to each purchase type?


Complex Purchase

Create a value proposition

Craft content and messaging around your customers’ long

buying journey

Make your business easy to find — anywhere, anytime


1 2 3


Sensible Purchase

Be found online Identify and promote what makes your business unique

Establish a system for reputation management

and reviews

1 2 3



Routine Purchase

Stay top of mind Continually grow your customer base through email

Differentiate your business by creating a two-way

relationship


1 2 3


Impulse Purchase

Define your target audience and get in

front of them

Keep messaging relevant for

a personal touch

Craft messaging that inspires action

1 2 3



Focus on the customer’s purchase journeyIt will look different for every business.

agree that the quality, timing, or relevance of a company's message influences their perception of a brand.*

*Google, 2015

69

AWARENESS CONSIDERATION PURCHASE RETENTION ADVOCACY

%

2016 Sales Leadership Summit Powered by G/O DIGITAL 42#GoSummit2016godigitalmarketing.com

By focusing on the consumers, your client's business can find, connect and engage with

prospects and drive results

At the right time

On the right device

With the right message

Through the right platform


Recap

Understand influencers and how they differ across purchase types

Learned about purchase types and how they relate to your retail clients

How to use purchase behaviors to guide your marketing strategy



• Watch our video for more information on purchase types

• Have your prospects take our quiz to define the purchase types at their business

• Implement our top tips across the marketing strategies you’re pitching

What can you do tomorrow?


http://www.godigitalmarketing.com/learn/video/what-is-your-purchase-type