Too many companies are transfixed on new customer acquisition. Like ravishing beasts all they want is more more more. After the kill, they leave meat on the bone as they stalk in the bushes for their next pray.
Seems foolish but the traditional marketing sales funnel doesn’t encourage otherwise. It’s a tiresome pit of effort that funnels new customers through the stages of awareness all the way through to purchase. More recently, a loyalty component has been added to the model with the realized necessity of repeat customers (Although I would argue that many companies still don’t have loyalty programs in place).
However, unless you want your profits to dwindle down like the funnel, we need to continue to evolve this marketing model. In fact, it should no longer be a funnel at all but rather a repeating hour glass that sees companies spend equal time pre and post sale in an effort to create Brand Advocacy.
@Marcio_Saito said it particularly well:
“The role of marketing doesn’t end in Loyalty. Turning happy customers into Brand Advocates and then amplifying their voice is how marketing creates more awareness and brings new prospects to the ‘funnel’.”
How many companies do you know that have brand advocacy strategies or spend even half the effort on post sale marketing?