Flip the Funnel. How to Use Existing Customers to Gain New Ones

Why customer retention is the new acquisition If there's anything the recession of 2009 taught us, it was the importance of investing in our customers, but when was this any different? So says Joseph Jaffe, bestselling author of Life After the 30-Second Spot and Join the Conversation, and a leading expert and thought leader on new media and social media. In most businesses, it costs roughly five-to-ten times more to acquire a new customer than it does to retain an existing one, and yet companies continue to disproportionately spend their budgets into the «wrong» end of the funnel – the mass media or awareness side. What we haven't paid enough attention to is the «right» e…