Human behavior is never static. It evolves in response to changing times and requirements. So it is no surprise that customer buying patterns have changed considerably over the years as well, especially since the advent of technology. Instant access to information and stringent competition has had a big impact on the way people shop.
In this article, we look at the different ways in which customer behavior is changing. Being aware of this information allows business owners to alter their marketing and sales strategies to get more success.
Understanding First Moment of Truth and Zero Moment of Truth
You can understand the entire modern buyer journey by looking at the first moment of truth and zero moment of truth. These are valid customer experiences but they showcase the impact of modern digital technology well. Here’s a look at it:
- First Moment of Truth – Imagine the customer in a brick-and-mortar furniture store. They want to buy an office chair. They browse through the options available to them carefully and based on the design, color, size, and price, choose one. This is the first moment of truth, a decision they make when they first encounter the product. The second moment of truth is when they experience the chair, use it regularly, and decide whether it is good or bad.
- Zero Moment of Truth – Imagine a customer in an online store. They want to buy a chair and have multiple options available. They choose to make a purchase based on online reviews, product description, size measurement information, and prices. They make the decision without any contact with the product at all. This is the zero moment of truth.
Ever since the advent of technology, more and more customers experience the zero moment of truth. Even if they visit brick-and-mortar establishments, they take time to research online and see if they can find a similar design at a more affordable rate. Immediate access to information as fundamentally transformed how people buy things.
Skipping Around in the Sales Funnel
Most business owners and marketers are familiar with the sales funnel. This used to be a fairly linear journey where the customer would come in contact with the product, investigate it, decide if it met their requirements, and make the purchase. This is straightforward and somewhat predictable.
Modern sales funnel isn’t really a funnel and there’s nothing linear about it. Customers often encounter a product when they are searching for something specific online. When they find some factors of it appealing, they read reviews from past customers and compare the rates and features of the product with items from competing businesses. During this journey, they face several distractions that can make them forget about the purchase.
Marketers need to work around this and develop a complicated marketing strategy that can draw customers back in and keep them engaged on the distracting online platform.
It is important to keep a constant eye on customer buying patterns. That will allow you to stay ahead of the competition and get good sales.