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CRM Marketers are the Real Growth Hackers No One Talked About…Until Now

Darko March 17, 2021

Automation

Like so many other industries, digital marketing had a bit of a shocker last year. However, this has created the opportunity for CRM to break free of it’s step-child persona, taking an equal share of the limelight from acquisition marketing.

Typically, CRM has always played second fiddle to it’s bigger, more glamorous sibling, acquisition. With larger budgets to play with and more “rockstars” (why are they always referred to as such? A rockstar is the last thing you want in charge of huge acquisition budgets) operating in the space, paid media has always been the poster child for how to achieve growth at scale.

Paid media taking a back seat in 2020 (and likely 2021 too)

However, the global pandemic has led to large cuts in global ad spend, with WARC predicting a year-on-year drop of 10.2% in this Nov 2020 report. What’s more, UK marketing budgets fell -50.7% in Q2 2020. Considering they only fell -41.7% during Q4 2008 in the midst of the global financial crisis, this is significant.

Without the acquisition budgets, and presumably with paid media specialists either put on furlough or made redundant, where are businesses supposed to turn to make money? “Why, the database of course! There’s loads of people in there who we’ve tried to sell to before, at varying levels of success. Time to put all of that money we spent on acquisition for so many years to work!” And this is why a robust CRM strategy is worth its weight in gold right now. 

To help create the perfect environment for holistic marketing strategy to thrive, At Think VEN we’ve been helping businesses to champion and develop the idea of “The Bow Tie Funnel”.

What is a bow tie funnel?

Your typical sales and marketing funnel focuses on everything up to, and including, becoming a customer – that first conversion which results in someone spending money on your goods or services. It’s reckoned that as much as 70% of customer revenue comes post-sale; all too often this side of the customer journey either isn’t given the same level of weight as the acquisition side or, even worse, is completely overlooked.

The Bow Tie Funnel aims to solve this problem by flipping the inbound funnel on it’s side, adding  a mirror-image funnel next to it, focusing on post-conversion consumer behaviour.

This concept enables businesses to get a holistic view of how a lead becomes engaged, is converted to a customer and then, through a great customer experience, is turned into your biggest advocate, reducing churn, increasing LTV and, most importantly, driving referrals. 

For decision makers and business owners, especially when repeat custom over time is possible, it is far more cost effective to retain existing customers than it is to find new ones.

That is the (not so) secret to real growth hacking.

If your organisation is ready to take the next step up in making the most of your CRM strategy, or you’re at an earlier stage and would like to discuss when you need to set one up in the first place (more on that here), feel free to get in touch!

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