In most businesses, it costs roughly 5-10x more to acquire a new customer than it does to retain an existing one. Marketers typically spend 80% of their budgets trying to chase as many new prospects as possible into the top of the traditional "sales funnel" so that ultimately a few of them will end up buying the product or service. In this book, marketing guru Joseph Jaffe explains how to "Flip the Funnel" and generate huge quantities of new sales prospects-by investing in the bottom of the traditional funnel-your existing customer base. The book explains how to cut your marketing budget, and still grow sales using a committed, conversational marketing philosophy and methodology, described in the book. The book also explains how to use digital and social media to implement "influencer marketing" and word-of-mouth strategies i.e. using loyal, opinionated and/or loud customers to reach out to prospects to become the most credible, persuasive and influential endorsers or salespeople. Another key weapon in the arsenal is using customer service in create new ways to turn customers into salespeople. The result of the "Flip the Funnel" approach is that "customer retention becomes the new acquisition."
