Article by Josh Jurkovich
Customer Service is a Big Part of your Funnel Turning into a Flywheel
We are seeing a dramatic shift from funnel marketing on why customer service and happy customers are the to flywheel marketing. But, for many marketers, the biggest parts of your funnel turning into a flywheel. funnel is a trusted sidekick, making it difficult to kick it Important Customer Service Statistics (1) to the side. • More than half of consumers in America have Conversion charts are typically depicted in a funnel ditched a plan to buy a product because of poor format. What goes in at the top flows to the bottom customer service. and goes out. Much of the time, though, leads that • 51% of consumers will switch to a different come in at the top don’t make it to the bottom. Instead, company once they experience poor customer they jump ship before making an actual purchase. service. A lot of energy goes into moving leads from the top to • 95% of consumers are apt to tell their friends the bottom of the funnel, but what happens after they about poor customer service. Only 11% are apt make a purchase and exit the bottom? Where does all to tell them about good customer service. that energy go? Did you know it’s 9x easier to get a • $62B are lost each year by American companies customer to buy from you again than it is to gain a new due to poor customer service. customer? • 70% of consumers will pay more money for a product if it comes with superior customer With funnel marketing, you lose the energy you invested service. into a customer after they exit the funnel, regardless if • Increasing customer retention by 5% can they made a purchase or not. With flywheel marketing, increase your profits by as much as 95%. the energy is restored, repurposed, and released • It takes 5 to 25 times more money to capture a to expand brand awareness. It focuses on the entire new customer than to keep an existing one. customer journey. Each spoke on the flywheel adds to • American consumers will spend up to 17% more the momentum of your marketing efforts. on a product if it is accompanied by a good customer experience. Let’s explore why it’s time for your brand to hop aboard the flywheel marketing wagon. More importantly, let’s laser-focus What’s Wrong With Funnel Marketing?
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VOLUME 3
FUNNEL MAGAZINE
Funnel marketing focuses too much on the conversion. It doesn’t take into account what happens to the customer