Beyond The Funnel: The Marketing Hourglass
The Marketing Funnel, Sales Funnel or Adoption Funnel, as the concept is commonly referred to, is one of the core marketing models used by companies and consultants to outline the progression of potential customers from first contact with a product or brand through ultimately to purchase. It provides a picture of how customers can be segmented into different stages as they move along a journey, directed by marketing and/or in-product messaging, to create the desired action, i.e. making a purchase or subscribing to a service. However, product adoption can be extended further to a point where the customer actually ‘markets’ on the product or brands behalf; i.e. they become advocates or evangelists who proactively spread marketing’s most valuable asset of all: word-of-mouth. The traditional ‘funnel’ therefore doesn’t illustrate the complete journey of a customer. An ‘hourglass’ model would be more appropriate; where the action of purchase / sign-up is merely the central point, and the progression of the customer extends beyond the funnel through additional stages of engagement with the product to ultimately become advocates / evangelists.
The model below defines this progression and provides a concept for how marketers can migrate potential and active customers through their levels of engagement. The benefits for the marketer are to firstly define the characteristics of customers at each level, and then to understand the processes involved in moving between each level. In this respect marketing strategies and tactics can be developed to ‘manage’ the customer through their journey in order to maximise their experience, value and engagement.
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[...] Merely buying paid placements within social media sites doesn’t constitute ‘earned’ proliferation though; it takes time and trust for the consumer to accept and engage with brands in this space. Social media is prefaced on an experience removed from overt marketing and commerciality. My definition of a brand is “the promise of a future action or experience that, when kept, creates preference in customers minds” (see my post on Brand Evolution). The brand is therefore the start of a relationship with the consumer. Never has this concept been more relevant and important than in the social space. Brand owners must focus on the quality as well as quantity of their brand engagements in order to ‘earn’ media through their relationships with the consumer which ultimately leads to preference, loyalty, endorsement and advocacy (The Marketing Hourglass). [...]
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I like this a lot. In fact I may be tempted to nick it (with credits!), Web 36.0. Fits really well with our thinking around a “LISTEN => PREDICT => ENGAGE => CONVERT” circle.
Feel free! I’m liking ‘Listen > Predict > Engage > Convert’, definitely fits in with this line of thinking. Thanks Mike.
I agree with your assumption.