Thursday, 14 March 2013

The #Social Consumer Journey: from a brand perspective...The #Funneloop

There have been a number of consumer and customer journey models, all of which have been very confused and somewhat fudged, since the arrival of social media. McKinsey, GfK, Forrester (with Facebook) and a few others have been doing the rounds for the past few years. #Imho, none of them have actually really grasped an accurate and representative model that includes the social dynamic of people interacting with each other. So, please let me introduce to you the #Funneloop.
 For those of you familiar with previous models will see two subtle differences:
  • It combines the funnel (the consumer attrition from awareness through conversion to loyalty) with the Loyalty Loop
  • It adds the much missed consumer into the equation. Not a consumer on their own, but consumers in numbers, interacting with each other
The image may be likened to a limb challenged squid, or one of Ricky Gervais' Flanimals, but if you take the time to follow it, it does actually serve as a beneficial framework for marketing and social marketing purposes.

The key factors are:
  • The people flowing through the funneloop. 
    • Numbers are one need these of course. 
    • But specific audience segments, based around their passions, influence and value is a major, and potentially more important consideration 
    • Understanding how they interact with each other is also key
  • The amount of attrition throughout the flow, the "leaky pipe", naturally, needs to be kept to a minimum. 
    • There will be leaks, so it's worth knowing where these occur, understand the reasons why, and have a baseline measure. This will enable you to see if these become larger than normal at any given time. 
  • Product, brand and fellow consumer experience post purchase, which will impact the decisions of those considering purchase. [ZMOT]. 
  • The experience will also impact the number of customers (already purchased) who decide to turn right at the "Reconsideration point".
    • Minimise the "left turners" and reduce churn rate. 
    • Build up advocacy and trust to drive Momentum. 
  • As well as the numbers and quality of consumers, enhancing the speed of flow will also increase conversion rates and repeat purchases. 
  • Make it easy and a great experience at every touch point for them. Momentum will be stimulated by achieving high degrees of advocacy and trust.
It's important to realise that a brand's social behaviour plays a part at every stage of the funneloop and will also enhance the returns (ROI) from other marketing, when operated in a synchronised manner. 2nd screen with TV and Twitter are good examples of this. You may also see a #Funneloop in an aquarium.
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