We provide the methods and tools to deeply understand a specific market’s end-to-end Buying Journey. We decode what we call the Buying Journey DNA, including the steps, key activities, players, decision making approaches, value drivers and all the factors that can cause friction to slow or stop this process.
What’s in a Customer Buying Journey?
A Customer Buying Journey is more than just the steps buyers go through when making a purchase. Each journey is comprised of six distinct strands we call the Buying Journey DNA. Once the strands are successfully decoded, we then work with clients to develop revenue growth strategies optimized around how their customers buy. Below is an overview of the six strands of Buying Journey DNA and how they influence a Customer Buying Journey.
The event or activity that would give rise to a Buying Journey, as opposed to simply gaining the interest of someone in a particular offering.
Steps, Activities, and Touch Points
The discrete steps that comprise an overall Buying Journey. It should be noted that these steps may be completed in very different elapse times by different customers, and some of these steps may be started and then stopped. Also, a buyer may jump backwards and forwards through the process, but ultimately it will be found that the Buying Journey will comprise the sequential steps of an optimal buying process. Each of the steps of the end-to-end Customer Buying Journey comprises a number of Activities in which they would engage. Some of these Activities are concerned with them requiring, requesting, or needing information from, or consultation with, a prospective supplier. Such Activities are then referred to as Touch Points.
The days of a decision being made by a single decision-maker are now in the past. Buying decisions are now made by a dynamic network of decision influencers. The Key Players are all those roles and positions that are likely to play a part and influence the overall Buying Journey.
When individuals approach a buying decision, they do so with a series of pre-conceived notions of what they want, who they may buy from, and how they will approach their buying decision. Market-Partners Inc. has developed a proprietary model for mapping these dynamics to effectively align sales and marketing to the buying style known as the 4Q, or Four Quadrant Buying Style.
The value drivers are the tangible – or intangible – benefits, experiences, or rewards that the individuals engaged in the Buying Journey perceive that they, or their organization, will gain because of the potential acquisition.
As the various players navigate the Buying Journey, they may develop a number of concerns, anxieties, questions, and fears. These can be very real, or they may be of an emotional nature. These Buying Concerns all serve to slow down, or even stop, the Buying Journey. They are not always expressed and shared with others and they could be the concerns of only a few, or even a single individual. It is these Buying Concerns, however, that cause the friction that occurs in the overall Buying Journey. Market-Partners Inc. research has discerned nine specific categories of concerns.