Its nice when you listen to a podcast and the thoughts of the speaker completely resonate with your own.
This happened to me recently when I listened to Joseph Jaffe speaking to John Wall at Marketing Over Coffee. Jaffe spoke about the need for businesses to Flip the Funnel (the title of his latest book – I must get a copy to review here!) and focus their marketing efforts on servicing existing customers rather than spending often huge $amounts£ on new customer acquisition. The 80/20 rule shows that 80% of your profits (more than likely) come from 20% of your existing client base so why do so few businesses focus their efforts on that 20% they already know and work with?
Its an issue that increasingly perplexes me and hearing Joseph Jaffe argue this point so passionately was one of those magical, reassuring light bulb moments – I agree wholeheartedly that customer experience WILL be the single biggest competitive advantage in business for the next phase. If you are a business leader or entrepreneur you simply must listen to this podcast interview.
Somewhat spookily, no sooner than I took the ear-plugs out from listening to this podcast, I opened a parcel containing an advance copy of Delivering Happiness from Tony Hsieh to review on this blog. Zappos is a company that single-handedly brings WOW! customer experience to central stage and is a shining light of tomorrow’s business – much in the way that Jaffe sets out.
Two breaths of fresh air just moments apart – I love it when a plan comes together!