10/04/2024
FUNNEL gone cold?
Model: AIDA/Marketing Funnel
1. Attention: Grabbing potential customers' attention.
2. Interest: Generating interest in the product or service.
3. Desire: Creating desire for the product or service.
4. Action: Encouraging customers to take action, such as making a purchase.
Model: Hourglass Model
1. Evaluation: Customers now look at your online reputation before making a decision.
2. Adoption: Post-purchase education and relationship building are crucial.
3. Retention: Focusing on retaining existing customers, who are more cost-effective than acquiring new ones.
4. Expansion: Offering more products and services to grow your brand and serve more customers.
5. Advocacy: Leveraging word of mouth, the most powerful form of advertising, by asking satisfied customers for referrals.
It Matters for Entrepreneurs:
+Customer-Centric Approach: The Hourglass Model puts more emphasis on understanding and serving the customer throughout their journey.
+Long-Term Growth: Prioritizing retention and advocacy can lead to sustained business growth and a loyal customer base.
+Adaptation to Modern Trends: In the age of AI and digital marketing, focusing on reputation, relationships, and customer advocacy is key to staying relevant and competitive.
By shifting focus to the Hourglass Model, entrepreneurs can better navigate the complexities of today's market and build stronger, more sustainable businesses.