What is ICBC?
The identification of the Customer Buying Cycle is finding the answer to the question, 'How do your customers buy?'. We can also use different terms, such as a buying process, or a customer journey.
How do we identify the way customers buy products or services?
To identify the way the customers purchase, you just need to talk to them. Yes, all it takes is talking to your:
- Employees from different departments (Internal Experience)
- Customers, but using a slightly different approach (Deep Dive – in-depth interviews)
Internal Experience – what is it?
Internal Experience is one of the methods we use in the Identification of the Customer Buying Cycle. It consists of gathering the knowledge about the customers from your team in order to understand how the customers buy and what happens to them after their purchase.
Our experience tells us that the knowledge about the Customer Journey (the process of buying) lies largely inside the organization. What you need to do is to hold a meeting in which you bring together key people that have contact with the customers throughout the various phases of the Buying Cycle, typically: marketing, sales, customer service, warranties, technical support, call center, etc. Every department that has any contact with a customer at any moment takes part in the buying process, and has a lot of interesting insights to share.
Deep Dive (in-depth interviews) – What is it all about?
The knowledge gathered and systematized during the Internal Experience is a very good base when approaching customers. During these interviews we uncover what the organization thought about the way the customers buy, and how accurate this vision is. Don't worry. While working with many companies at identifyng the Customer Buying Cycle we see that a typical company knows quite a lot about it. We help to verify this knowledge, fill the gaps, and put it into better use.Contact
What are the parts of CBC?
The Customer Buying Cycle is presented in a report which contains the following elements:
- Phases of the Buying Cycle
- People who take part in the process, along with the information from when they join the process
- How long does a particular phase take
- What are the customer's needs in each phase of the process
- Identified triggers which initialize the buying process
- Identified blockers which interfere with the buying process
- Information about the customer's satisfaction with the purchase and customer service
- Other elements suited to your specific needs
What do I get by identifying the phases of the Customer Buying Cycle?
The identification of the phases of the Customer Buying Cycle allows you to analyze the way in which customers buy your product or service in detail. It gives you the possibility to adapt the sales and marketing efforts to the exact process the customers must go through. Furthermore, breaking it down into phases means that you can focus on a particular element which does not work, without having to change the whole process. This saves you a lot of stress in such situations where you realize that SOMETHING is not working, but you don't know what it is and have no idea how to fix it.
Does every company have their own CBC?
This is a very interesting question that leads us directly to acknowledging an important fact: the Customer Buying Cycle specifically applies to the customer and not to your company (or to any other company, for that matter). It is a unique way in which the customer buys the product or service that satisfies a specific need. Your company can only identify it and meet him halfway or allow the competition to do it.
So to answer your question, every product or service can have a different Customer Buying Cycle.
What does ICBC look like?
When we help companies with their lead generation efforts, we go through certain phases; we:
- Talk to you to understand what you want to achieve with ICBC
- Set up a work group to participate in the Internal Experience workshop
- Pick a group of customers to investigate their buying process (Deep Dive)
- We prepare a report based on both the Internal Experience and Deep Dive
We will send you a full report.
ICBC and then what?
ICBC is the first step that leads you to the creation of your own lead generation platform. Further steps are:
- Lead Nurturing Matrix
- Lead Scoring
- Data Gathering Tactics
- Marketing Automation
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