Decoding the Purchase Journey Through Effective Market Research

Decoding the Purchase Journey Through Effective Market Research

Understanding the path that buyers navigate on their journey to decision-making is crucial for the success of any product or service. Designing and implementing the right market research study can uncover understanding of this journey and help you obtain the actionable insights that can shape your business strategies surrounding the purchase journey of your customers.

Step One: Know Your Buyers

Start by identifying and engaging with key stakeholders, both internally and externally, to gain an understanding of the influences on decision-making throughout the process. Logica works with you to create a plan for interviews, surveys or other custom study types to gather insights directly from those who are engaged in the purchase journey.

Step Two: Identify Knowledge Gaps

It is important to assess your existing knowledge about purchasing behavior, and pinpoint gaps in your understanding of your buyer’s journey. Are you missing data about the top of the acquisition funnel, such as driving awareness and building effective marketing campaigns? Or, do you lack insights at the bottom of the funnel, such as closing the sale? Make sure to also identify areas in between—such as how prospective buyers research your brand online.

Step Three: Conduct Thoughtful Market Research

Once you understand your stakeholders and buyers—and have identified your knowledge gaps regarding the purchase journey—you can create the right custom market research studies with us. At this stage, we work to pose the needed questions to fill the identified buyer journey gaps by utilizing the right mix of approaches. This will help you create a comprehensive view for business decisions and strategies moving forward.

Step Four: Taking Action

A truly actionable research study gives you the insights to improve the purchase journey to increase closed sales. The study itself can combine in-depth qualitative research with quantitative methods, using a variety of custom methods to fill in knowledge gaps—Logica works with you to come up with exactly what’s needed. Whether it’s refining marketing campaigns, optimizing sales processes, or enhancing customer engagement, you can make informed adjustments to your business strategies surrounding the buyer journey using these insights.

The Impact of Purchase Journey Research

The right purchase journey research study can be the game-changer in both acquiring and retaining customers. By gaining a deep understanding of your buyer’s journey, you position your business to meet their needs at every stage. By following this step-by-step approach—knowing your buyers, identifying knowledge gaps, conducting thoughtful research, and taking actionable steps—you can set your business up for success, as well as your buyer.