Share this content

Time to say farewell to the marketing funnel?

by
24th Jan 2013
Share this content

“Chief marketing officer’s long-running love affair with the marketing funnel has come to an end, but put away your tissues, because the CMO’s new love interest is a major upgrade.”

That’s according to Forrester analyst Corrine Munchbach who has reintroduced the new love affair as being the customer life cycle.

Detailed in the new report Embed The Customer Life Cycle In All Marketing, Munchbach claims that the marketing funnel, with its fragmented paths to purchase and focus on placing the customer at the heart of the business, no longer applies to modern marketing.

Instead, she outlines the customer life cycle – the “customers’ relationship with a brand as they continue to discover new needs, explore their options, make purchases, and engage with the product or service experience” – as the right approach, and lists reasons why:

  • The customer is at the centre: By putting your customer at the center of marketing, priorities and budgets will change to singularly respond to customer needs. Each phase in the life cycle is about what the customer does, not what marketing seeks to achieve. Better data will propel brands forward when it comes to creating customer—obsessed marketing programs, meeting customer needs in the right location (physical and channel), with the right content, at the right time.
  • It considers the complete brand experience: The life cycle encompasses the full scope of the brand experience – from earned media to the in-store experience to the website – and therefore encourages marketers to go beyond traditional activities and sales numbers, and instead focus on that whole experience, particularly customer satisfaction and engagement. Digital tools vastly expand the marketer’s arsenal for creating these superior experiences and consumers take expect a high level of interaction
  • A purchase does not always (or even often) equate to loyalty: Today’s smart marketers understand that a transaction isn’t an automatic recipe for positive word-of-mouth or a repeat sale; instead, loyalty is something that has to be earned and nurtured on an on-going basis. The life cycle emphasizes that goodwill must be built up and continually delivered on to build successful – and profitable – long term relationships.

Do you agree that the marketing funnel approach is outdated? If so, is this the best new approach to take?

Related content

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.