Here is a book that I’m reading as part of my latest MBA course, this one on the topic of Business to Business (B2B) Marketing. I’m only a couple of chapters in but pretty impressed with what I’m seeing so far – and I don’t impress easily.
Basically, as you’ve probably guessed from the title, it’s taking some of the tried and true pillars of marketing and turning them upside down, literally. The author is making a case for how we’d be better off taking the typical marketing ‘funnel’ – where the a large number of leads that we’ve invested in advertising to eventually give way to hopefully at least a few conversions at the narrow end of the funnel – and doing essentially the reverse. His argument is based around how our efforts – and investments of money and time – should be focused more on retention than acquisition. Hmm. Ok, I’m listening. Go on.
He asserts that by taking this tact – investing more on retention than acquisition – we can effectively think of the sale – formerly the optimal end state – as the beginning to what will ideally be a long and meaningful relationship with said customer. I know that all sounds a bit fluffy and pie-in-the-sky, but he’s making some good points so far so I’m going to stick with him to see where it leads (plus, it’s a required reading for a paper I’ll be writing later in the course so I’m not sure I really have a choice anyway)!
Stay tuned for more updates on this book as well as my insights, thoughts and maybe even the odd limerick or haiku on the topic B2B marketing over the next couple of months.