What happens after a customer buys one of your products? It’s easy for business owners to ignore this question since they have already received money from the customer. Ignoring the post purchase evaluation process can leave money on the table. Including post purchase evaluation in your business strategy can increase repeat orders and help you optimize your offerings. This important stage of the process can increase your company’s revenue when implemented correctly. So how does post purchase evaluation actually work?
How Does a Post Purchase Evaluation Work?
After consumers buy a product or service, they evaluate the purchase. This evaluation will impact how a consumer feels about your company and how they will talk about your brand. As an example, a customer would have a negative post purchase evaluation if they purchased a flimsy chair that fell apart in a week. Now this consumer will wish they had purchased a different chair and never do business with the same company again. The same logic extends to shipping companies, ecommerce fulfillment, and any other business.
What Is Post Purchase Behavior?
Post purchase behavior happens after every purchase, regardless of whether its days, weeks, or months later, consumers formulate firm thoughts about your company and the value your brand provides. People rely on assumptions, social proof, and other external factors when buying goods and services, and after the purchase, they can make a decision about your product based on their experiences.
What Is Post Purchase Marketing?
Post purchase marketing is an integral but often forgotten part of the customer journey. Companies can check in with customers about their experience with the product, similar to how a waiter checks in on your table while you are eating your food. Post purchase marketing can remind customers about their great experience with your product. First-time customers may become repeat customers because of post purchase marketing. If a customer does not like their experience, you can learn from their feedback and improve your products and services for future customers.
What Is the Consumer Decision Making Process?
The consumer decision-making process occurs when a prospect first encounters your brand. They learn about your business and may decide to become a customer, but that decision does not happen overnight. Understanding the stages of consumer decision-making progress can help you strategically position your brand in front of consumers and increase conversions.
What Are the Stages in the Consumer Decision Making Process?
The consumer decision-making progress has five stages. Optimizing each step of the journey can increase conversions and the average lifetime value of your customers.
The consumer recognizes a problem in their lives. The right product or service can solve this problem, but not every consumer rushes to the next step. Some consumers need to recognize the problem and then have a strong enough desire to take action.
During an informal search, the consumer looks for products and services that can solve their problem. The introductory search helps consumers discover various businesses that offer the right solution for the current issue.
Multiple businesses can solve the existing problem. Business owners can choose many trucking companies to deliver their freight. During the alternative evaluation process, consumers compare choices based on price, convenience, and other factors. They eliminate offers that do not align with their objectives and work at this step until they decide on a single product or service.
The consumer buys the product or service from the chosen business. Money exchanges hands and the consumer receives the product. Service-based companies will perform their services upon reaching an agreement.
Post Purchase Evaluation
The consumer assesses their purchase after receiving the good or service. Consumers will evaluate if the good or service fulfilled their goals. Consumers will feel happy about their purchase if the good or service was as advertised or exceeded expectations.
Why Are Post Purchase Evaluations Important?
Post purchase evaluations give you insights into what customers think about your products and services. You can focus on offers with maximum customer satisfaction and phase out products and services that frustrate customers. Customers who have been enjoying your products and services may be happy to hear from you. You can learn from negative feedback and enhance future customers’ post purchase evaluation experience. Making it easy to get a refund or voucher can ease a customer’s negative experience with your product or service and make them consider giving your company a second chance.
Optimizing The Customer Experience
Treating your customers well will encourage them to do business with you in the future. Many companies focus on finding prospects and turning them into customers, but they forget about the post purchase evaluation process. While getting new customers will improve revenue, converting someone who has already paid for one of your products or services is easier. Checking in with customers and optimizing the post purchase evaluation presents a hidden opportunity for many business owners.
A post purchase evaluation is when a consumer considers if the purchased product or service fulfilled their expectations.
Post purchase marketing is important because you can discover ways to improve your product and increase the lifetime value of happy customers.
Your brand, messaging, and experience with your product are some of the factors that influence consumer buying behavior.