Phase 2: Consideration
Impulse shopping previously led consumers to skip over the consideration phase, but during the pandemic, people have become more cautious with their spending.
In December, experts predicted a loss of up to $7 billion in holiday sales because of the decline in impulse shopping, and McKinsey found that up to 40 percent of consumers decreased their spending on discretionary items because of the pandemic’s effect on their finances. Meanwhile, 33 percent of B2B buyers began to spend more time researching products during the pandemic, and a quarter of buyers spent less time talking with vendor representatives, according to TrustRadius.
To keep your customers moving steadily toward purchase, add value in this phase that makes you stand out from your competitors.
Since ecommerce has made it possible for consumers to purchase a product without ever interacting with a real person, add engagement opportunities on your website by taking advantage of virtual-reality technology. For example, Target allows viewers to see some items in 3D. If you’re considering purchasing a piece of furniture or artwork, Target’s site will virtually show you how that item might look in your home.
Livestreams aren’t just for awareness, they are the perfect way to explain complex products or services that consumers cannot easily understand from your other marketing collateral. Demonstrate your products to an audience in real-time so you can answer questions and address concerns as they arise.
Similarly, B2B companies should find ways to offer value to clients before they close a deal. To get a foot in the door, offer prospects free downloads of a case study or other gated content of value. If you have completed your first sales call and can tell your buyer is still hesitant, consider gifting them a low-risk trial, such as initial pro-bono project work.