Flip the funnel: how to use existing customers to gain new ones

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The recession of 2009 underscored the critical need to invest in customers, a sentiment echoed by Joseph Jaffe, a leading expert on new media and social media. He highlights that acquiring new customers can cost five to ten times more than retaining existing ones, yet many companies still allocate their budgets towards mass media and awareness. The focus should shift to the word-of-mouth aspect, which serves as a multiplier for future business. Engaged and loyal customers can significantly impact a company's success, while dissatisfied customers can do the opposite. Jaffe advocates for "flipping the funnel" to prioritize customer experience, enabling businesses to increase sales while reducing costs. By engaging a select group of customers to spread the word, companies can maximize their resources. This new model includes innovative customer service rules and a unique referral and activation process, transforming existing customers into effective salespeople. Jaffe also emphasizes the integration of digital and social media tools to enhance customer loyalty, utilize influencer marketing, and implement strategies that turn loyal customers into credible endorsers of products and services.