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Flip The Funnel Reflection - Research Paper Example

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Flip The Funnel Reflection paper Name of the of the Professor University Date Contents Contents 2 Introduction 3 Underpinnings of the new theory 3 New approaches to marketing 5 The ‘flip’ of the funnel 5 Conclusion 7 References 8 Introduction All companies, whether big or small, stand in the similar position when it comes to attracting customers towards their brands…
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Download file to see previous pages The book named ‘Flip the Funnel’ shows a triangular relationship between good old-fashioned fundamentals of business, future-focused vision of the business leaders and most importantly, common sense. This book allows the development of a totally new way of thought thinking and provides space for turning the existing conventional practices upside down in order to develop a new way of thinking (Jaffe, 2010, p. 270). This new methodology has taught me the way in which businesses can expand through shrinking costs. Reduction in costs would also allow shrinking the financial budget. It helps managers to adopt strategies about achieving higher yield from making less investment and incurring lesser costs. This new process focuses not only on profit maximization but also on the needs of the customers, so as to induce them to satisfy their needs by spending their money with the particular company. Underpinnings of the new theory According to my perception, the Flip the Funnel theory concentrates on two underutilized constituencies in the marketing field; the customer evangelists and the employees of the company. This theory on one hand focuses on the prospective customers that are not exiting customers of the company but who might become loyal customers of the brand in future. On the other hand, it also focuses on the employees. Employees are also customers at the other end of the funnel. This potential has remained unexplored and if exploited can yield good benefits. The method of flipping the funnel is different from the acquisition principle of the traditional marketing funnel that emphasizes on generating new business from new customers (Court, Elzinga, Mulder & Vetvik, 2009). In difficult times the company does not have the opportunity of mitigating risks, cutting costs or make a tradeoff between quality and quantity, since quality helps the company to keep its reputation alive. On the contrary, the company has to improve its commitment and make wise investment decisions. All activities of the business affect customer decision and therefore affect the future performance of the business. Although for big businesses the effect of these activities sometimes appears to be insignificant, often actually they are game changing. I have learnt from the book that customer experience, short term interactions between the company (its brand, products and customer service) and its customers and long term business performance, are inter-related. Therefore these activities are potential enough to significantly impact future sales; both in terms of repeat purchases by the existing customers and also new business generated from the existing customers. Therefore, Jaffe has put it convincingly that there should be no hesitation regarding flipping the funnel in modern business activities but, the doubt should be cleared regarding the appropriate time at which the funnel can be flipped. Also the question, that how much the tunnel should be flipped, has to be answered well ahead of actually practicing the method of turning the traditional marketing tunnel (Jaffe, 2010, p. 271). This new method advocates a strong idea; a company-customer pact should be followed that imbues the idea of partnership between these two parties. New approaches to marketing The book demonstrates several examples by ...Download file to see next pagesRead More
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