What is your path to purchase?

Maybe it isn’t a path for you – more like a straight road to the shop to buy what you want. If you are popping out to get a pint of milk or the newspaper there isn’t really a decision to make. When it’s less of an everyday item then research shows us consumers are getting smarter and using lots of things to help us make a decision.

We are using different types of media to work out what we want to buy and who we want to buy it from; we are consulting with friends, review sites, search engines and social media to work out what we want to buy and when.

We go on a journey visiting different sites on our laptop and mobiles; we ask friends on social networks, we message different brands and read reviews. We jump from one thing to another; all the power is in our hands to find out the right information so we get what we want!

With such power at our fingertips we have provided marketers with a huge problem!! But it means they are working extra hard to work out where we are on that journey so they can make us aware and provide us with a great deal! The very purpose of marketing is to identify the best time and place to make an effect; with the most compelling message for a buyer – if they can get this right then it is a win-win scenario.

We at Chatterbox Labs have spent 5+ years in academia applying NLP (natural language processing) techniques to help machines understand what people are saying and we have taken this to market to help marketers understand our path to purchase. Broadly our path is broken down into 3 pre-purchase steps:

INTEREST – we are showing an interest in a brand or product

CONSIDERATION – more than interest; we are comparing products

LEAD VALIDATION – we are done; we know what we want to buy

POST PURCHASE – we tell our friends what we bought

At Chatterbox our Path 2 Purchase product can, in real time, find consumer messages in social data that align to one of these stages; no-one else globally can do this. It’s incredibly advanced technology built on scientific methods by our PhD data scientists. Our partners are working out how powerful this solution could be to connect brands with their existing and new customers. And for all consumers this will be a great deal as they fight over how to win our business.

For more information please contact our VP Strategic Alliances
Andrew Watson (Andrew@chatterbox.co) or visit our website www.chatterbox.co