In today’s world of Revenue Marketing, nothing is more sacred than the funnel. It has become the standard of measurement, performance and contribution for B2B marketers. Whether you depict the funnel vertically or horizontally, the marketing funnel has become the mantra of marketers today. And thank goodness! Once marketers embraced the funnel approach, they finally became more accountable in affecting revenue growth.
- But, what if what we think is right is actually wrong?
- Or, what if the funnel’s usefulness has passed?
- And, what if that old way of thinking and using a tool perhaps past its prime is holding the CMO back from a seat at the table?
As companies begin to pivot away from product-centric strategies to embrace customer-focused strategies, I think it’s time for B2B marketers need to reimagine the funnel. Rather than a funnel that ends with delivering an MQL to sales, the customer engagement economy now requires a holistic view of the customer journey or customer lifecycle. Rather than marketing and the rest of the company working in silos across the customer’s journey, there needs to be a highly coordinated effort.
The Game Changer
The game changer in reimagining the funnel and its usefulness to marketing is the rise in what I call the customer engagement economy. This is the world in which the customer is in control.
Customer experience is the new battlefield for B2B companies and marketing has been thrown into a leadership position to lead the troops. Gartner predicts that by 2018, more than 50% of organizations will redirect their investments to customer experience innovations. Why? Because customer experience pays. Companies that pivot to a customer-centric approach see double-digit growth in customer retention, customer satisfaction and account expansion rates.
A New Day and a New View
So, how do we adjust our funnel-centric world for the game changer of customer-centricity? I am a strong believer that a picture paints a thousand words and for this blog, I want to present two different drivers for marketing performance – The Funnel and TPG ONE, a holistic picture of the customer journey.
Let’s say that you are a funnel centric marketing organization as represented by the picture of the left. Your approach is probably top of the funnel focused and generating net new business is your world. Your responsibilities and your view of the customer journey is limited. If you are a customer-centric marketing organization as represented by the picture on the right, your roles and responsibilities are very different – much more expansive. Now, you have a holistic view of the customer journey and you now have responsibilities both in net new acquisition and in account expansion.
The most important difference in these two pictures is the role of marketing in the company in terms of responsibilities, leadership and impact on revenue and growth. Marketing has an opportunity to step-up in this unique environment and lead the company in customer engagement.
To find out more about moving from a funnel to a customer-centric holistic approach, click here to download our latest white paper – TPG ONE: A New Approach to the Customer Journey (Redesigning the Role of Marketing for the Customer Engagement Economy).
By reading this white paper, you will learn how to take action on:
- Defining the customer problem you need to solve
- The market changes that are driving the shift to customer-focused strategies
- The short comings of a funnel-centric approach for marketing
- A new framework (TPG ONE) for marketing that provides a single, holistic customer-first lens
- The new customer-centric scorecard
- Using marketing operations to execute
- Using TPG ONE as a blueprint for action