Considered purchases are research-intensive transactions with a high price point or significant consequences. They typically have a long purchasing cycle due to their higher level of financial risk and emotional reward. Jewelry, real estate, furniture, and electronics can all fall under the considered purchases category.
Instead of wandering through retail stores or browsing websites and being tempted into impulse buys, considered purchase shoppers take their time to plan, research, and vet options before making a final decision to buy. Armed with everything from detailed pricing research to product and service reviews, today’s digitally savvy consumers are better-informed and more discerning than ever before.
In our Considered Purchases Handbook, we show you how to take the right strategic approach to meet customer expectations and deliver exceptional consumer experiences throughout your prospects’ entire buying journey. But how do you get customers to consider your products in the first place?
By employing the right tactics, your actions will attract the right consumers and keep them in the funnel, from research and browsing right through to sales completion.
Personalize Your Messaging
Generic messaging is dead. Retailers and brands overwhelm consumers with messages every single day. Personalized content must be delivered at the right moment, since consumers expect brands to have a high emotional quotient (EQ) and to understand them on a more intimate level—especially with the increased use of social media creating stronger feelings of brand-customer connection.
Considered purchase consumers want interactions that are relevant, interesting, and useful. And retailers must differentiate the shopping experience by delivering personalized content and interactions that meet individual shoppers’ expectations and needs, both online and in retail locations.
Here are four ways to personalize your considered purchase interactions:
- Use data to inform your strategy. Transactional and ecommerce web browsing data can tell you everything about customers, from how often they shop, what they purchased, and what they’re interested in, to how much they spend, which marketing channels they prefer, and whether they’re new buyers or existing customers. Find out how to leverage data to personalize the shopping journey.
- Meet your customer needs. 51% percent of shoppers say a personalized page showing product recommendations would benefit them, according to digital marketing firm Bazaarvoice. Use your customers’ purchase history to anticipate their needs, and provide them with a personalized selection of products when they visit your ecommerce store.
- Send prospects relevant, timely offers. When it comes to personalization, timing and context matters most. Whether through email marketing, website offers, digital ads, social campaigns, or in-store promotions, understanding how and when to engage customers promotes deeper brand-customer relationships across multiple touchpoints.
- Personalize abandonment. Jumpstart leads by using payment data to personalize abandoned shopping cart emails with personalized financing offers that turn cold prospects into customers. Show them how much they could pay and over what term if they decided to check out, or even offer a discount to increase the chances that they’ll convert.
Create Meaningful Content
The fact that more retailers are investing in content is a reflection of the overall growth of content marketing.
Content is now an important way for retailers to tell their brand story, introduce prospective consumers to their products and services, improve the customer experience, and even build long-term loyalty.
How do you use content to target considered purchase consumers? Try these methods:
- Know Where Your Prospects Stand – Being aware of where your would-be customers are in the buyer’s journey and what problems they’re facing will allow you to customize your brand’s content to meet their needs in a timely manner at each stage of the customer lifecycle.
- Create Stage-Appropriate Content – Once you have a firm grasp of your prospects’ pain points, the next step is addressing their problems. Create blog posts, web pages, social media content, product and behind-the-scenes videos, infographics, and other content that speaks to their needs.
- Spread Out Your Targeting – Considered purchases’ long cycles makes it easier for prospects to experience brand fatigue. To combat this, spread out your outreach between your website, email and social media to keep in touch without wearing out your welcome on any given channel.
- Leverage Influencers for Authenticity – Tapping into influencers, affiliates, and customers lends credibility to your brand in an organic way. Your customers want to see people like themselves using your products, which in turn helps them imagine themselves using your product. Picking the right partners and using the right messaging can help you gain attention in a way that doesn’t feel biased or forced.
From ecommerce sales copy and email campaigns to behind-the-scenes video and blog posts, you can use content marketing to help reach and engage people along every phase of the customer journey.
Retarget Your Customers
Remarketing or retargeting is a great way for retailers to reach prospects that have visited their website or expressed an interest in their offerings, but have not yet completed checkout.
Giving a prospect the opportunity to revisit a considered purchase online or offline will increase your chances of landing a sale. It will also provide you with deeper insight into your target audience by zeroing in on precisely who your customers are and how they interact with you both in digital and brick-and-mortar spaces.
On-the-fence prospects who view retargeted ads are 70% more likely to convert on ecommerce sites, according to Criteo.
Retargeting prospects with financing-focused ‘as low as’ monthly pricing emails can be an effective tactic for retailers seeking to reach high-intent consumers interested in considered purchases.
Using Bread, The RTA Store, a kitchen cabinetry retailer, successfully retargeted customers who applied for point-of-sale financing but left the store without making a purchase, significantly boosting sales.
Offer Financing On Considered Purchases
Retail and ecommerce financing is known by many names: point-of-sale financing, point-of-sale loans, and pay-over-time financing. Whatever you call it, this “buy now, pay later” form of financing has the power to increase online sales and in-store transactions.
Financing options directly influence considered purchasers’ evaluation of retailers’ products, making them a vital part of the shopping journey. Retailers should actively and visibly promote financing options in stores and across all marketing channels. The benefits to retailers are stunning:
- A Bread case study with EraGem, a leading vintage jeweler, revealed that offering POS financing resulted in a 172% year-over-year increase in revenue.
- In another case study, Digital Storm, a premier producer of computers and Bread partner, saw a 1.5 times higher average order value (AOV) when their customers opted for financing.
- Bread’s data also shows that alternative financing triples average order value. Financing has proven to reduce friction at checkout, a key deterrent to completing online purchases and one of the main causes of shopping cart abandonment.
Personalization, content, retargeting, and financing all directly influence considered purchasers’ evaluation of products at each stage of the customer journey. But before you start marketing, you need to map your customer journey and identify the key touchpoints your customers are interacting with—which you can learn all about in our full Considered Purchases Handbook.