How high consideration businesses can avoid holes in their revenue cycle.
The customer journey of a high consideration purchase is inherently complicated, but it becomes even more complex during times of economic uncertainty. Advertisers in this category must always maintain a forward-looking approach, despite the challenges the market presents to them with today. The most successful high consideration marketing strategies are focused on fostering long-term relationships with prospects, and continuously nurturing them as they make their way through the sales funnel.
If at any point marketers lose their momentum in initiating and maintaining these relationships, they may discover large holes in their revenue cycle in the future. Keeping this in mind, how can high consideration product marketers focus on establishing and maintaining valuable customer relationships in the midst of COVID-19?
Make the introductions now so you can continue to build the relationships later.
When market fluctuations occur, it’s not unlikely for consumers to shift priorities and hold off on committing to big-ticket purchases. Although consumers may not be interested in committing to your product now, you can still establish a connection so that you can reach them later. Lead generation campaigns are the perfect opportunity to capture valuable consumer information that can be used as the foundation for a future long-term customer relationship.
Tighten up your targeting strategy.
Typically, high consideration products come with much higher price points, resulting in conversions being less frequent. Keeping this in mind, your targeting strategy should remain laser focused on audiences who show the highest propensity towards your brand. Taking the time to understand which channels, platforms and publishers your prospects tap into at different stages of their journey can help you deliver relevant messaging more effectively. Also begin to consider how these touch points may be impacted as a result of COVID-19, like increased time spent against digital publications versus traditional formats.
Adjust your messaging to fit the current needs of your prospects.
As fears of an impending recession begin to loom, consumers are handling their income with a heightened sense of caution. Now more than ever, consumers will need the extra reassurance when committing to a high valued product, which means tweaking your messaging to fit their needs. Think of automakers shifting their creative messaging to reflect their current financing options, including deferred payments and interest free financing.
Ensure your prospects are geared with the right information.
With increased time spent at home, consumers are dedicating more time and attention to the consideration phase of their buyer journey. If you’ve gotten them past the awareness phase, it’s very likely they’ll be researching your brand online to see how it stacks up against competitors. Ensure that you’re providing your prospects with useful, up-to-date information across all digital channels.
Continuously nurture potential customers with communication throughout the sale cycle.
Remember, a successful high consideration purchase strategy is built around developing strong relationships with your prospects, so maintaining communication throughout the entire sale cycle is key. If prospects begin to inquire about additional information concerning your brand or product, make sure you have a system in place that guarantees a timely and thorough response. In addition to this, establish a strong digital retargeting strategy that continues to keep your brand top of mind.