#SocialC20 Live: Flip the Funnel: Why Customer Retention is the New Acquisition

Joseph Jaffe, spoke about how to Flip the Funnel and Why Customer Retention is the New Acquisition this afternoon.

Customers and users are humans, corporations are sterile: keep it real in order to engage.

Revolution is not about uprising but rather 360 degrees, going back to the begining. Social media is based on principles that are not new, only the platform is new.

Customer experience and customer service are going to be the only value add that matters to users.

Companies must Flip the Funnel:

At Zappos, 75% of their profits come from returning customers.
Their mission is to know that 75% (know everything about them) and activate their advocacy.

Community is the new demographic.

Funnel ambassadors, evangelists, and consumers into one community.

"Like" should be relevant and utilitarian.

Customer service is the new marketing/PR/Crisis communication.

New Rules for Customer Service:
1.Customer service doesn't stop at 5pm on a Friday.
2.From "everything" to "everyone" communicates
3.All customers are equal (some more than others)
4.Customer service is not only about solving problems.
5.Customer service lives "in the now"
6.Customer service can be a revenue generator
7.Customer service lives in the public domain.
8.Customer service is an ongoing commitment
9.Customer service can be proactive & anticipatory
10.Customer service is alive

The real role of social media is RETENTION.

Empower your human beings (social media employees) to do their jobs, and help them help you help your customers: funding, training, tools, and technology.

Flipping the funnel will allow us to go from campaigns to commitments to ecosystems.

Valerie M. Russo Evans

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