Consumers go through a number of steps before completing a purchase.
Each time a consumer buys a product, the transaction falls in the middle of a series of steps known as the consumer purchase cycle. From becoming aware of the product to advocating it after the purchase, this cycle describes the process of consumer buying.
Definition
According to the financial reference website Money Glossary, the consumer purchase cycle is the set of activities that a consumer completes when buying a product. Money Glossary also notes that the consumer purchase cycle applies to repetitious purchases of the same product.
Steps
The consumer purchase cycle typically includes seven steps. As technology writer David Tan noted in a 2008 article on his website, these steps include, in order: awareness of the product; interest in the product; consideration of the product; purchase of the product; retention of the product; and advocacy of the product and brand.
Considerations
Although the length of the consumer purchase cycle varies based on a number of factors, marketing experts at Dealer Marketing note that the length of the cycle has extended considerably since 2001. Retailers and sales professionals can help manage the length of the cycle and encourage the consumer to complete a purchase by keeping in close communication throughout the cycle.
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