Flip the Funnel: How to Use Existing Customers to Gain New Onesby Joseph Jaffe
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/i>/i>
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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.
- 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.
- Publication date:
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- Barnes & Noble
- NOOK Book
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- 3 MB
Meet the Author
JOSEPH JAFFE is President and Chief Interrupter of crayon, a strategic consultancy that helps clients leverage new media and social media to effect transformational change. Prior to launching crayon, Joseph was Director of Interactive Media at TBWA\Chiat\Day and OMD USA. Jaffe hosts a Web video show on marketing called Jaffe Juice TV (www.jaffejuice.tv). He also publishes a popular and influential marketing blog and audio podcast called Jaffe Juice (www.jaffejuice.com). Jaffe is the author of two previous books, bestselling Life After the 30-Second Spot and Join the Conversation. He is a Senior Fellow at the Center for the Digital Future at the USC Annenberg School and the Society for New Communications Research. Contact him at email@example.com or follow him on Twitter: @jaffejuice
Most Helpful Customer Reviews
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Companies traditionally use the mass media to market their products and services, spending much of their budgets on hit-or-miss communications. They hope their messages will somehow penetrate the media din and reach a sufficient number of receptive prospects who will go out and buy their goods. Without a strategy for retaining clients, firms repeat this expensive process again and again. Marketing consultant Joseph Jaffe says this is completely backward. Instead, companies should focus on enhancing the experiences of their existing clients, converting them into engaged, enthusiastic advocates who will provide powerful, credible word-of-mouth advertising. Although many of Jaffe's ideas are a bit commonplace - his general hypothesis outlines how customer retention is more advantageous than customer acquisition - getAbstract finds that his book presents a logical, cogent case, backed up by many colorful examples. Despite the book's repetition and visually messy layout, marketing executives are sure to benefit from its thoughtful, lively dissection of traditional marketing.
Overall, I thought it was pretty good. This certainly is not a book you can fly through- I've zipped through a business book or two that hammers home one key idea. Take your time and soak in all of the good information, because there is plenty to keep you fed throughout. I found myself needing to put the book down and think about how I could begin incorporating the 'Flipped Funnel' on my packaged goods brand.
Marketing consultant and blogger Joseph Jaffe was the keynote speaker at the MarketingSherpa Email Summit in January 2010. Each member of the audience received a copy of Flip the Funnel courtesy of the event's sponsor. I've just returned from the conference and read the book on the trip home. As is common in business books, Jaffe synthesizes a few new facts and concepts, with back-to-the-basics common sense, a collection of case studies into a strongly presented New World View. Jaffe's main point is compelling. The funnel that gets flipped in the book's title is the new business acquisition sales funnel of AIDA: Awareness, Interest, Desire, and Action. Jaffe asserts that in today's new media environment - fueled by new social media connections - companies should instead focus on customer retention by having the highest quality customer experience. By focusing on the funnel that begins with a customer's first purchase, delighted customers can then be activated to become evangelists for the company. Thus, the company will grow it's customer base through a powerful word of mouth effect. Jaffe's new flipped funnel is ADIA: Acknowledgement, Dialogue, Incentivization, and Activation. As a Marketing Director who is developing a new social media strategy, Flip the Funnel has caused me to view our plans with a new perspective. On Monday, I will be taking the concepts from his keynote and the book to my colleagues, and I will be incorporating some of the ideas into my strategic plan. That said, the book isn't perfect. It would have benefited from sticking closer to its most important concepts. Also, some of its case studies and examples aren't fresh. The YouTube PR horror stories of Domino's and United Airlines have already made the rounds. I spotted some typos and minor factual mistakes, too. I recommend the book, and I highly recommend Jaffe's speaking events. He's a terrific presenter with an important approach to business in the age of social media.