On The “Mark”eting…by Doug Smith
How often do you purchase a new car?
How often do you purchase laundry detergent?
How often do you buy a new pair of shoes? (For my wife, I think this is about every week)
The answers to those questions are your buying cycle for each category.
What is the buying cycle for your product/service? (If you don’t know it, I suggest you find out)
It is important to know the buying cycle of your product/service because it plays a big part in how your potential customers react to your advertising.
Take the target pictured above. Each red ring of the target represents a part of the typical buying cycle…..
– The outermost ring is when you are not in the market for a product/service. (You own a car you are happy with and buying a new one is the last thing on your mind.)
– The second ring is when you realize you may need that product/service. (Your car has been in the shop lately and you are wondering if it is time to get a new one)
– The third ring is when you’ve decided it’s time to purchase that product/service, but you want to shop around. (You hop online to do some research)
– The Bulls-Eye is when you are ready to buy. (You’ve had it with your car and it is time for some new wheels….NOW!)
The timing between each ring depends on the buying cycle of your business.
How often do your customers need to purchase your product/service? (For example…..the buying cycle for a new car is about 5 years. The buying cycle for gas for that car is about two weeks.)
The key to marketing success is how well you reach your potential customers BEFORE they get to the Bulls-Eye. If your marketing efforts are based exclusively on reaching the people in the market for your product/service RIGHT NOW, you better have the lowest price or you will lose out because you haven’t taken the time to differentiate yourself from your competition in the mind of your potential customer.
Cultivate a marketing message that creatively explains your businesses Unique Selling Proposition and then consistently hammer home that message.
If you consistently tell someone WHY YOU before they NEED YOU they will FIND YOU.