The buying cycle, also known as the sales cycle, is a process that consumers and businesses go through when deciding on a purchase. Understanding this cycle is key to selling a product or service effectively.
Generally, the buying cycle is broken down into four stages: awareness, consideration, purchase and after-sale.
- Awareness is when a consumer discovers your product for the first time.
- Consideration occurs when consumers think about using your product as a solution to their problems.
- Purchase is when a consumer chooses your product and actually buys it.
- After-sale includes all follow-up support and considerations.
Each stage is critically important to launching and selling a successful product; think about each stage strategically.