00:00:19:13 – 00:00:50:16
Paul Sterett
Welcome to our third installment in the Know Thy Customer webinar series to kick off this year. Now that we’re into February and it is February 14th. Happy Valentine’s Day. So as we’ve previously reviewed the first two webinars, the first one was going over this stage in your customer’s buying cycle of life and then the next one we looked at was a situation.

00:00:51:00 – 00:01:21:15
Paul Sterett
So as we move through your customer’s buying cycle, we are going to continue into stage three. So the options and see what your customer is doing as they’re continuing to move this buying cycle. So a little refresher on what we’ve already covered. So in the live stage, this as a reminder is the time that your customer is spending between purchases and for any good or service.

00:01:21:15 – 00:01:51:00
Paul Sterett
This is the vast majority of what our customers spend their time in and their state of mind in this is that they’re obviously not ready to buy, but you can build a relationship with them. And it’s very important to understand how much time they spend in the first stage of their customer buying cycle. Because you’ll have a better understanding of how long you have to talk to the talk with them and the type of relationship that you can build with them.

00:01:51:21 – 00:02:26:11
Paul Sterett
So as they move out of that first stage, going into situation stage two in their buying cycle, this is when a need presents itself. So this is that beginning, that transition from then being relational only to actually moving towards that transactional moment in their buying cycle. And this is obviously really important because in this situation stage is where you’re really dialing into the target profiles of your customers, which allows you to craft better messages in the life stage.

00:02:26:16 – 00:02:51:06
Paul Sterett
So as we’re moving through each of these stages, the information that we learn that we glean out of these is kind of looks back and how to build out that overall marketing strategy and marketing plan. So moving out of stage two in the situation and moving into the options, this is what our customers are doing after that needs that need to present itself.

00:02:52:10 – 00:03:27:03
Paul Sterett
And so in the option stage, it’s kind of self-explanatory from the title, but once that need has come in the situation stage and they are triggered or start to become transactional, then they have to start looking for their options to satisfy the need that was created. So I used this example previously, but when I graduated college I had a need to get a job, so I had to look the part.

00:03:27:17 – 00:03:52:23
Paul Sterett
So when I looked at all my options, I, I had a list of things. And so this is where in this option, of all the ways I can satisfy that need in this stage of the buying cycle, this is where you are going to be able to be presented in this group or not presented. And that really depends on how well you’ve done previously building those relationships.

00:03:53:10 – 00:04:19:03
Paul Sterett
So this is that stage, the option stage is coming right after the situation. We’ve already made up our mind that we are going to take action on the need that’s presented itself. And then we go into these the options stage and we’re going to look what’s available to us. So this is the frame of mind that our customers are in at this point is that they are looking to resolve that need.

00:04:19:03 – 00:04:45:17
Paul Sterett
They’re looking for a solution. And when they are presented from that list of options, where this ends up being is, I have a need. I’m going to probably start with Googling it and I’m going to be presented with this list of options. And going back to me, looking the part for a job interview after graduating college, I had a number of options.

00:04:45:17 – 00:05:14:11
Paul Sterett
I could borrow a suit from my dad or a sibling. I could buy a suit of my own. I can also do nothing. Maybe just wear a shirt and tie that I might have had. So looking at those options, once we have that need presented to us, we’re looking at who which way we’re going to go. So I made the decision that of all the options available to me, I was going to go buy a suit.

00:05:15:07 – 00:05:52:17
Paul Sterett
So within that decision then I’m looking for who am I going to buy that suit from? And we’re I we’re just naturally looking for somebody that we’re familiar with. And if you have successfully engage your target profiles in the previous stages, particularly life, which is the longest stage of our buying cycle, if you’ve made that emotional connection with them and and really did, they’d done the work to build a good relationship with them, they’re going to feel as if they know you if you’re on that list.

00:05:53:10 – 00:06:24:16
Paul Sterett
Now, this is incredibly important because all things considered, we want to do business with people that we know. So if we have not done the work in the previous stages of building that relationship and understanding their frame of mind as they’re moving through their buying cycle, once they get to the options stage, if you are in a list but you’re unrecognizable, then you have nothing to differentiate yourself from the other places that for me, that I can buy a suit.

00:06:25:01 – 00:06:53:10
Paul Sterett
So Men’s Wearhouse successfully engaged me over the time that I was relational, that I fit their target profile. And then once I got to that options stage and I decided that of those possibilities, I’m going to buy a suit. Then the next was who was who am I going to buy it from? And I look for from that list for somebody that I’m familiar with.

00:06:53:10 – 00:07:42:09
Paul Sterett
And of course, Men’s Wearhouse told me I was going to like the way I look as a consumer, though I don’t remember that. They told me that. Somebody told me that, and it was because they had really good relational marketing that I remembered that. So this goes into the power of being known. If you are not building that relationship, then that brand recall, and this is what the most successful businesses do well, is that in that relational phase in their firm life and to the situation, if you don’t have good brand recall and you’re not building those relationships, then you’re not going to be really in the mix for somebody that is looking to satisfy

00:07:42:09 – 00:08:15:18
Paul Sterett
that need and looking at their options. So that really brings us back to as we move into this third stage of the customer’s buying cycle, is tying it back in the work that we do in that life stage is really critical because once they start moving in and making a decision on how they’re going to satisfy that need in the situation stage, if we have not built that relationship, then we are going to be in a sea of Paul Steretts and then at that point it’s just a crapshoot is are they going to pick us?

00:08:15:18 – 00:08:37:22
Paul Sterett
It’s a common thing. Or people say, Well, I’m going to get three quotes or I’m going to talk to three different people. Largely, they do that because they don’t know anybody, because most businesses spend all of their time chasing the transaction and not building a relationship that once this this because your customers are moving through that cycle and they look at their options.

00:08:38:03 – 00:09:14:14
Paul Sterett
If you are not if you’re an Paul Sterett to them, then you are not going to be you’re not going to have any edge, you’re not going to have a differentiation between the other people on the list of their options. And that really puts us at a disadvantage because all of the time and energy that we put into chasing that transaction, if we carve out the right amount of that to build that relationship and to be known prior to then having a need, then once they get to these options and God willing, we’re on that list, we’re going to be a much more prominent name.

00:09:14:15 – 00:09:50:10
Paul Sterett
And they can recall that’s what brand recall is, is building that relationship so that they remember us as they go back. So being in the mix in this stage of their buying cycle is really again goes back to how well we have done the work in stage one and stage two. So in stage one, if we build that relationship through our better messaging, making sure that we are understanding what the consumer can process in that that life stage.

00:09:50:10 – 00:10:19:14
Paul Sterett
And just a recap on that is going back is if we’re trying to push facts and figures in a relational media relational stage, like take TV for instance, if we’re trying to push facts and figures, price, phone numbers, color options, all of those things, we don’t take notes or watching TV, but we do make those emotional connections if we’re speaking in those terms to our customers.

00:10:20:00 – 00:10:49:19
Paul Sterett
So if we do that well and stage one once that need presents itself or once a situation is created, that’s not necessarily just need driven, but maybe it’s an event driven decision, then if we have not built that relationship once we get into the option stage, we really put ourselves at a disadvantage because we’re just in a sea of Paul Sterett names.

00:10:49:23 – 00:11:26:01
Paul Sterett
And again, it’s just a crapshoot whether or not we are going to be part of that selection process. So doing the work in that first stage of building that relationship and that big section of their buying cycle is going to put us in the best position to when they go to to satisfy their need and make their decision on how they’re going to satisfy what came up in the situation stage, being prominent, being able to be a brand that they can recall in their options review is going to put us in a better position to have better outcomes.

00:11:26:08 – 00:11:47:16
Paul Sterett
And obviously we all are looking for better outcomes in our marketing as we’ve put plenty of time and energy and money into crafting our marketing plans. And if we don’t do it in this right, follow these steps and understand what our customers are going through and the steps in their buying cycle, then we end up being very frustrated with mediocre outcomes even if we get to that point.

00:11:48:03 – 00:12:20:12
Paul Sterett
So following these steps and understanding where your customer is as they move through their buying cycle is going to really make all of your efforts more impactful and get us those outcomes that we’re looking for, which ultimately are more sales and increased margins. So as we move in a move out of the options stage, the next stage is stage four, and this is research for your customer as they move through their buying cycle.

00:12:20:16 – 00:13:01:01
Paul Sterett
That next webinar will be February 28th and I hope that you can join us there. Thank you for joining us today. Again, Happy Valentine’s Day. And if you have any questions that want to go deeper, please reach out. We’d be happy to have a conversation. Thank you so much and look forward to seeing you. February 28 for our next webinar.