The Consumer Buying Life Cycle versus RIBS™.
Traditionally when a consumer spends, they going through a buying life cycle of Awareness, Consideration, Interest, Preference and Purchase. But when it comes to the buying life cycle on the web – there is nothing traditional about it. The web can cause consumers to skip some of these buying life cycle steps and or travel through these steps out of order.
Understanding these steps is a major advantage in creating an online marketing plan and recognizing where a customer may be in this life cycle of a spending.
We have coined the phrase “RIBS™” - Research with Intent to Buy / Spend, meaning that the consumer is ready to click the “BUY NOW!” button. They are merely finalizing their search, looking for the best price, brand, free shipping, etc., and making the purchase with the attributes that are important to them.
How do we identify RIBS™ - Research with Intent to Buy / Spend? Quick example -We are an Online Marketing company and within our services we offer Website Design. Folks who are Googling “Website Design”, would not be considered RIBS™ - Research with Intent to Buy / Spend, because the key phrase is too general. The customer who has Googled “Website Design” is at the beginning of the buying life cycle. If that same customer should Google “Professional Website Design Company”, then they are much more likely in the RIBS™ stage – and our goal to be found on the results page of that specific search.