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Definitions

Buyer life cycle: The buyer life cycle is the process by which a consumer decides to buy a brand. Though the specifics can be defined in different ways, it runs from when the consumer learns that a brand exists through to purchasing it and using it.

Where to start

The optimal growth strategy for a specific brand is governed by its existing status and context. A small brand will have little option but to target users of other brands in the category and persuade them to switch. Bigger brands with bigger budgets may find it more rewarding to reach outside existing category users and encourage new people to buy for the first time. Few brands opt for a premiumisation strategy, even though the potential rewards are far greater than trying to grow volume sales. Bigger brands will not only need to pursue the same strategies but will have the resources to develop new services and cross-sell to their existing customers.