February 2010
FLIP THE FUNNEL - How to Use Existing Customers to Gain New Ones
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Why customer retention is the new acquisition If there's anything the recession of 2009 taught us, it was the importance of investing in our customers, but when was this any different? So says Joseph Jaffe, bestselling author of Life After the 30-Second Spot and Join the Conversation, and a leading expert and thought leader on new media and social media. In most businesses, it costs roughly five-to-ten times more to acquire a new customer than it does to retain an existing one, and yet companies continue to disproportionately spend their budgets into the "wrong" end of the funnel – the mass media or awareness side. What we haven't paid enough attention to is the "right" end of the funnel-the word-of-mouth component that essentially acts as a multiplier for future business. The economic impact of an active, engaged and loyal customer is tremendous.
And the same is true of the opposite scenario, namely the impact of angry customers and negative word-of-mouth or referrals. It is this thinking that Jaffe has channeled to challenge marketers to "flip the funnel" once and for all. With a renewed focus and energy on customer experience, it is possible to grow your sales, while decreasing your budget – in other words, getting more from less. Engaging a few customers to spread the word to many.
Using this new "flipped funnel" model, together with a set of new rules of customer service and a revolutionary customer referral and activation process, you'll learn how to transform your existing customers into your best salespeople. In addition, Jaffe will explain how to best introduce and combine both digital and social media tools to boost your loyalty arsenal, deploy "influencer marketing" and implement word-of-mouth strategies that inspire your loyal, opinionated, and most vocal customers to become credible, persuasive, and influential endorsers of your products and services.
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January 2010
GROUNDSWELL - Winning in a World Transformed by Social Technologies
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| Charlene Li and Josh Bernoff define 'the groundswell' as a social structure in which technology puts power into the hands of individuals and communities, not institutions. We see examples of this all around us: Second Life, You Tube, Twitter, etc. The technology that is enabling this has created a permanent, long lasting shift in the way the world works. This compelling and research-based book will not only identify the emerging components of this shift, but will also help companies build their businesses around it, regardless of what specific new technologies come along. The word on social computing has been out for a while. It's game changing. Books like Wikinomics begin to describe what the networked world has become. But institutions of all kinds need more than descriptive context.They need tools to navigate the shift in power that social computing and web communities have created. They need data on how their customers use and perceive new media, and guidance about what it means to their business. More than that, they need sophisticated advice that tells them how to turn this new reality to their advantage. This book provides that data and advice. Li and Bernoff, well-known thought leaders in the area of social technology, have used their considerable resources at Forrester Research to generate hard consumer data that quantifies a viable business opportunity. Based on their work with dozens of companies presented in the book, the authors are able to credibly describe how business can participate in the new social medium in order to communicate with, energize, support, and learn from their customers.More importantly, their work offers proof that prepared organizations can reap significant financial benefits in product development, marketing, PR, sales, and customer retention. They will use their own proprietary data and additional survey research to illuminate the strategies appropriate for specific brands, media, outlets, institutions, and nations. |
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If there's anything the recession of 2009 taught us, it was the importance of investing in our customers, but when was this any different? So says Joseph Jaffe, bestselling author of Life After the 30-Second Spot and Join the Conversation, and a leading expert and thought leader on new media and social media. In most businesses, it costs roughly five-to-ten times more to acquire a new customer than it does to retain an existing one, and yet companies continue to disproportionately spend their budgets into the "wrong" end of the funnel – the mass media or awareness side.
What we haven't paid enough attention to is the "right" end of the funnel-the word-of-mouth component that essentially acts as a multiplier for future business. The economic impact of an active, engaged and loyal customer is tremendous.
And the same is true of the opposite scenario, namely the impact of angry customers and negative word-of-mouth or referrals. It is this thinking that Jaffe has channeled to challenge marketers to "flip the funnel" once and for all. With a renewed focus and energy on customer experience, it is possible to grow your sales, while decreasing your budget – in other words, getting more from less. Engaging a few customers to spread the word to many.
Using this new "flipped funnel" model, together with a set of new rules of customer service and a revolutionary customer referral and activation process, you'll learn how to transform your existing customers into your best salespeople. In addition, Jaffe will explain how to best introduce and combine both digital and social media tools to boost your loyalty arsenal, deploy "influencer marketing" and implement word-of-mouth strategies that inspire your loyal, opinionated, and most vocal customers to become credible, persuasive, and influential endorsers of your products and services.
- Explains how to cut your marketing budget AND grow sales!
- Illustrates practical ways to use existing customers to reach out to new prospects
- Outlines the authentic role of social media
- Demonstrates key ideas with rich, real life examples including Comcast, Apple, The Obama Campaign, Dell, Panasonic, American Airlines, Delta Airlines, Johnson & Johnson, Coca-Cola and many, many more
- Written by one of the most sought-after consultants, keynote speakers, and thought-leaders on new marketing change and innovation; renowned blogger and podcaster at Jaffe Juice (www.jaffejuice.com) and host/presenter of web video show, JaffeJuiceTV (www.jaffejuice.tv)
Visit www.flipthefunnelnow.com to join the conversation.
