Traditional Funnel Marketing is Short Sighted
For nearly two decades now, marketers have lived and died by traditional funnel marketing. The importance of gathering new leads and passing them off to sales has been paramount, and typically marketing’s job ends once the lead is in the hands of sales. However, in the new age of the customer engagement economy, this is no longer the case.
Marketers now have an urgent, time sensitive problem – how to redefine their role in a tech-driven economy where customers make the rules. The traditional funnel is now short sighted. It does not account for the entire customer journey. For example, what happens to returning customers? There are many gaps in the traditional funnel through which good leads can be lost. The traditional funnel takes a company-centric focus instead of a customer-centric focus.
B2B organizations are no longer in control of the customer buying journey. Customers don’t have to depend on what you tell them about your product or service. Because of information access and new technologies, customer behavior has changed. They now have the ability to do their own research, and most of them do. Most customers have completed 60-90% of their decision making before ever getting in touch with someone from your sales department.
B2B marketers are now feeling pressure from the C-suite to “do something” about customer engagement. In this new, customer-centric environment, the traditional funnel is outdated and cannot support the demands placed upon it by marketing and sales.
Introducing a New, Holistic Model of the Customer Journey
Fortunately, there is a new model that accurately reflects the new center of the marketing universe and the expanded roles and responsibilities required in the customer engagement economy. We call it TPG ONE™. The “ONE” stands for having a single, holistic view of your customer’s lifetime journey with your company. This model is powerful because it enables your entire company to coordinate and optimize every aspect of the customer journey.
No longer does marketing’s job end when the qualified lead gets passed over to sales. Now, the funnel is stretched to include the continuing customer journey throughout the buying, adoption, loyalty, and advocacy phases – all of which marketing plays important roles in. The funnel then loops back around as marketing nurtures established customers into new buying journeys. Acquiring a new customer costs six times more than keeping an existing one, and customer centricity delivers compound annual revenue growth rates of 17% compared to 3% for those who lag behind in customer centricity. Clearly, being customer-centric works!
Making the shift to a new, customer-centric model may sound difficult, and it will come with some challenges. However, the TPG ONE™ Customer Journey Map does not leave the traditional funnel behind entirely. The first five stages are the same as those in the traditional funnel. It’s the next five stages, in the second half of the infinity loop, that bring in the new ideas of customer-centricity, loyalty, and advocacy. These additional steps are vitally important to nurturing your customers in their complete buying journey rather than abandoning them at the point of their decision to buy. Remaining their companion throughout their decision to use your product or service could very well earn you a customer for life.
TPG ONE™ – A New Approach to the Customer Journey
The TPG ONE™ Customer Journey Map operationalizes customer focus by showing you how your organization can engage with your customers at every point in their buying journey. It is a roadmap to customer centricity. We’ve put together an infographic that explains how we created TPG ONE™ and the basics of the TPG ONE™ Customer Journey Map.
- Posted by Ashley Thompson
- On 07/20/2018
- 0 Comments