Retention is the new acquisition
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Transcript of Retention is the new acquisition
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B2B Forum March 17th, 2016
Retention is the new Acquisition
Joseph Jaffe [email protected] Twitter: @jaffejuice (917) 603-4639 #hashtag
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The reat Resolve
People love to buy… …but they hate to be sold to
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The reat Resolve
People love to buy… …but they hate to be sold to
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What’s the Next Big Thing?
Writing the book on the future (4 times)
Customer Experience (2010) New Media (2005) Social Media (2007)
Common Sense (2013)
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WAS ACQUIRED BY WAS INVESTED IN BY WAS ACCELERATED BY
ACQUIRED FOR $178M
ACQUIRED FOR $500M
ACQUIRED FOR $150M + $475M
WAS INCUBATED BY
What if?
INVESTED $500M IN
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What if we got it all wrong?
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Do the Math
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Every single spend you make is binary: 1: Value to customer 0: Value to you
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12% 6% 3%
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What’s the point of fishing if your net’s full of holes?
Time to spurn the concept of churn
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The rise of account based marketing
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Ownership (Equity/R&D)
Referrals (New Acquisition)
Content / Conversation / Commendations
Upsell/Cross Sell
Competitive Conquesting
Churn/Attrition
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Ownership (Equity/R&D)
Referrals (New Acquisition)
Content / Conversation / Commendations
Upsell/Cross Sell
Competitive Conquesting
Churn/Attrition
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Introducing A.D.I.A. aka The Flipped Funnel
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Retention becomes the NEW acquisition
Hypothesis 1:
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Zappos
Customers will pay a premium for great service
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Segment your Customer Segment your Customer
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Customer Centricity + Influence = Advocacy
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Start a Customer Movement
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Customer Service becomes THE strategic differentiator
Hypothesis 2:
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The 4 P’s are Commoditized.
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Customer Service is the NEW Marketing/P.R./Crisis Communication
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This is not your grandfather’s customer service
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Customer Service doesn’t stop at 5pm on a Friday 2
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From “everything” to “everyone” communicates All customers are equal (some more than others) Customer service is not only about solving problems Customer service lives “in the now” Customer service can be a revenue generator Customer service lives in the public domain Customer service is an ongoing commitment Customer service can be proactive & anticipatory Customer service is alive
The New Rules of Customer Service
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The REAL role of social media is RETENTION
Hypothesis 3:
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Social = WATER
Media = OIL
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The REAL role of Social Media
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I’ve got 5,000 followers on Twitter. How about you? LIKE me on Facebook? Add me to your Google + Circles? Wait, do circles event exist anymore? Hashtag me on Instagr.am. Check into me
on Swarm…
Dude,you’re a friggen’ shoe! And I’m pretty
sure some of that activity is illegal
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Facebook “Like” broadening the wrong end of the wrong funnel © “Flip the Funnel: How to use existing customers to gain new ones” (2010, Wiley) by Joseph Jaffe
Awareness(
Interest(
Desire(
Ac.on(
Like = Satisfactory
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This is a people business driven by technology – Jim Bush (American Express)
How do you scale humanity?
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Slovenia Janeiro, Brazil
Belgrade, Serbia Bangalore, India
#ViewFromMyDesk “Container Spotters”
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Sometimes you’ve got to go off-script…
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Putting it all together
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Funnel of Attention Funnel of Trust
Funnel of Customer Experience
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© “Flip the Funnel: How to use existing customers to gain new ones” (2010, Wiley) by Joseph Jaffe
Acquisition Retention
New Acquisition
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The New Integration: Traditional Funnel meets Flipped Funnel
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80% of CEOs believe they deliver a superior customer experience; only 8% of their customers agree (Bain)
$83 billion is lost each year in the U.S. thanks to poor customer experience (Genesis)
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Close the Loop
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Connect the Dots
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A customer-centric ecosystem powered by technology
Your customers are your most influential salespeople; your employees are your most credible spokespeople
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53 Your employees are an asset
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Your “cult”ure is an Asset
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HootSuite (#HootAmb)
Your customers are an asset
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Recurring Revenue might be the Holy Grail of B2B, but it doesn’t give you license to become complacent
Forget renewals and focus on renewing your vows
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Give people a reason to believe
Stop hiding behind technology and instead embrace humanity
People don’t care how much you know, Until the know how much you care.
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The smallest things..are the cheapest things… are the most valuable things
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RESOLVED!
Your customers love to buy
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Evolution Revolution
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www.jaffejuice.com +1 917 603 4639 (to speak to me)
e-mail: [email protected] Twitter: @jaffejuice
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