Author: Boryana Ivanova
What is the buyer’s pyramid and how can you use it successfully for your business?
The main problem with large online stores is that there is often a lack of fundamental parts of the overall marketing strategy. The reason for this is rooted in the time of the expansion of the shops. Specific parts of the business structure that contributed to the initial success are gradually forgotten or missed. And what exactly are these important elements that we need to pay attention to?
The buyer’s pyramid
The foundations, on which we must build our business strategy, fit into the so-called “Buyer’s Pyramid”. This is actually the path that the consumer takes from the very beginning, when they learn about the existence of our brand, to when they finally make a purchase. The pyramid illustrates the techniques that every marketing specialist should use not only at the beginning of their business, but also in its further development. The pyramid is divided into five main parts, which we will examine in detail.
Let’s say we’ve set our target audience and it’s time to advertise. Here we often make a mistake because we do not divide our audience into separate parts. People who might be interested in our products or services are at different stages of the “buyer’s journey” and we need to be careful about each one. In the first part of the buyer’s pyramid is the group of those who are “Buying now”. Of course, this is the smallest percentage of our audience – about 1-3%. This group consists of those people who are actively in need of our product and are ready to place an order immediately.
Open to it
This group (7-10%) includes people who have an interest in us, follow us, like our products, probably even need them, but for some reason do not make the final decision to place an order. That is why we need to take action and “push” them to order. This is most often done through an interesting proposal from our brand. If, for example, we are a fashion brand and we notice that part of our audience is interested in us, looks at certain clothes or shoes, but does not place an order, then what we can do is release a special discount code for these exact people. In this way, we could easily push them to the final action.
Not thinking about it
10-15% of our audience belong to the group called “Not thinking about it”. These are the people who are not ready to make a purchase at the moment, but maybe another time they would. They tend to postpone orders for another day, month, season or even another year. The reasons for this can be various. People might not have enough money at the moment, wait for some kind of sale, or even plan to order for a certain occasion (like a holiday, birthday, etc.)
Don’t think they are interested
The fourth part of our audience are the people who “Don’t think they are interested” (20-25%). However, even if they are not currently interested in ordering from our brand, they might need to after a while. That is why it is important for these people to learn about our brand, to remember it and, if necessary, to buy from us. Everyone comes across thousands of brands in their daily lives that they don’t really need, but the brands are there to remind them of their existence. If, for example, an electrical appliance breaks down in our home, we open Google, search for the product and trust only those brands that are most familiar to us.
Know they are not interested
The largest part of our audience belongs to those who “Know they are not interested”, and this is the remaining 50%. No matter what we do, no matter how hard we try, there will always be people who wouldn’t buy from us under any circumstances. This is absolutely normal, as no existing brand has so far been able to attract all people. That is why there is competition. Sample statistics show that in a situation where 5,000 users see our ad, 100 of them (2%) click on it, but only 1% make a purchase – which means there is only one order.
Where (almost) everyone is wrong
The main mistake that most advertisers make is to leave the Facebook algorithm to set aside an advertising budget for only those 1-3% “Buying now” who are at the top of the pyramid. Advertisers must tailor the algorithm to advertise to a larger audience. Otherwise, this problem leads to limited sales, significant lack of growth and complete exhaustion of audiences.
How to act?
What we need to do is focus not only on the “Buying now” group, but also address the next groups, speak their language and show them the reasons why they should actually buy from us. We should pay attention to a wider audience by using educational campaigns, by highlighting the benefits of the brand, by responding to consumer hesitations that prevent them from making a purchase, for example by refuting the consumer’s objections before they even visited our site.
That is why we must define our buyer’s journey and be aware of our customer’s opinions – what are the benefits of our product, what pains they will “cure” with it, and overall – why they should make a purchase. All these elements are a mandatory part of our work practice at Markademics. As Facebook advertising specialists, we can create the right advertising strategies tailored to the specifics of each individual brand, and of course, to get the desired results.
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