The Integration of Traditional Business Approaches - Assignment Example

? Reflections Paper: “Flip the Funnel” BS Introduction In the present highly competitive business environment, organizations seek to practice traditional business approaches in order to achieve their stipulated business objectives. However, the integration of traditional business approaches has been witnessed to encounter certain challenges that tend to reduce organizational competencies to efficiently compete in keeping with the fiercely growing competitive landscape of the marketplace (Jaffe, 2010). Therefore, the primary purpose of this reflection paper is to identify and to briefly analyze the notion of exceptional business strategies through evaluating the thoughts and the concepts illustrated in the book “Flip the Funnel.” Moreover, this paper further intends to demonstrate an effective application of Business-to-Business (B2B) strategy through the implication of the valuable thoughts and principles examined from the book. Recognizing Challenges Prevailing in the Traditional Marketing Theories and Thoughts With reference to the observation of different thoughts and concepts in the reading i.e. “Flip the Funnel”, it has been recognized that the integration of traditional business approach has a major significance towards achieving organizational goals. However, the book has also revealed certain negotiable opinions which significantly identify certain drawbacks that might hinder the organization to effectively deal with the increasing competition at the marketplace. In this regard, a few major challenges concealed within the traditional business theories have been demonstrated in the following conversation. The compliance of traditional business theories generally incorporates frequently practiced strategies which might hinder the organization to achieve competitive advantage over its competitors. The inclusion of conventional theories of developing marketing mix or STP model (Segmenting, Targeting and Positioning) have been observed to be practiced by organizations, for a long time, from different industrial arenas. It can be ascertained from the book “Flip the Funnel” that the integration of ordinary or widely used business strategies can limit an organization’s ability to obtain competitive advantages. Moreover, the idea of developing adequate advertisement plans can also cause the incurrence of extensive financial investments which might serve as a significant constraint for an organization to achieve its predetermined financial goals. Additionally, it can be admitted that the incorporation of different conventional marketing theories and practices can further create significant barriers to the organization in terms of independently executing different business activities. The marketing funnel of building appropriate awareness through setting effective practice of different marketing tools often promotes significant advantages to the marketers in reaping the existing benefits at the marketplace. Correspondingly, the practices related with advertisement or promotional strategies can significantly empower an organization to achieve its desired objectives more smoothly. Additionally, such practice also tends to increase the level of organizational competencies which is often accompanied with an increase in its potential to attain a larger customer base and to sustain its business profitably amid the fiercely competitive marketplace (Jaffe, 2010). Identifying Inherent Merits of the Viewpoints Presented in “Flip the Funnel” Simultaneously, it has become especially important for the modern marketers to prioritize the effective use of different awareness generating initiatives to reap the benefits from their marketing strategies. In the similar context, organizations should also need to understand the process of reconciling the gap between its communication practices and business operations. In this regard, the study of “Flip the Funnel” has revealed that the interest towards identifying appropriate needs and desires of the potential group of customers and offering authentic product/service can support the organization to retain its competitiveness in any respective business industry. Therefore, the integration of marketing strategies for measuring customer desires can be considered as a prominent factor which further enables an organization to achieve adequate opportunities to strengthen its competitiveness (Jaffe, 2010). Contextually, extending marketing funnel has also been witnessed as one of the major solutions for the modern marketers in order to cope with the growing complexities in the global business environment. Joseph Jaffe, the author of “Flip the Funnel”, in this regard has clearly identified the significance of effective Customer Relationship Management (CRM) process. It can be argued that effective CRM process facilitates an organization to structure a loyal group of customers and aids in attaining the benefit of increasing profitably thereon. At the same time, it can be ascertained that the appropriate incorporation of CRM leads towards generating customer loyalty which empowers the potential capability of the marketers in terms of building flourishing relationship with its customers. Moreover, the practice of extending marketing funnels through incorporating these marketing tools such as CRM can further improve the organizational competencies in terms of enhancing customer values (Jaffe, 2010). Furthermore, the study of “Flip the Funnel” has also demonstrated an effective strategy namely customer acquisition, which can be practiced through executing effective measures on customer retention. The process tends to deliver an effective as well as extraordinary experience to the customers, which enables an organization to make them loyal with an organizational offering in a particular market. Moreover, an effective integration of customer acquisition with other marketing strategies also enables an organization to send apparent and clearly identifiable messages to each customer which further facilitates the marketers to retain their preferred customer groups in the fiercely competitive market environment (Jaffe, 2010). Applying Flipping Funnel Marketing Models in B2B Context It has been clearly recognized from the study of “Flip the Funnel” that the integration of measures associated with extending marketing funnel can provide adequate opportunity for the modern marketers to effectively address the constraints generating from the increasing competition. In this context, the incorporation of CRM along with customer loyalty and one-to-one marketing process can substantially enable the organizations to improve their customer base along with building a large group of loyal customers. Moreover, the practice associated with customer acquisition can also be considered as one of the major and effective marketing strategies which can further enable the marketers to improve their customer retention process. In this regard, the customer acquisition process can also help the organization to make a loyal group of customers through delivering clearly identifiable messages (Jaffe, 2010). Therefore, the notion of incorporating effective CRM approach and customer acquisition process can immensely help the organization while it tends to operate in a Business-to-Business (B2B) perspectives. In relation to the present environment in B2B context, the incorporation of CRM along with customer acquisition process can also provide adequate support to the marketers in terms of building long-term competitiveness. The integration of CRM in the B2B practices can provide effective capability to the marketers in terms of strengthening their position in a respective business industry. In relation to the present day context, the CRM approach plays a pivotal role for an organization in terms of attaining acquiring of large customer base for its products and/or services. Moreover, the role of the CRM also ensures an organization to improve its internal as well as external activities by transforming its various functions. Contextually, these approaches enable an organization to build strong and flourishing relationship with other marketers by a considerable extent (Brink & Berndt, 2004). In the similar context, the compliance of adequate customer acquisition strategy can further facilitate organizations to build a loyal group of marketers. In this context, while an organization performs B2B process, the integration of marketing strategies can help it to improve the relationship with other ventures through delivering values and clearly identifiable messages which in turn ensure the improvement of business performance of other ventures as well. Moreover, an effective practice of customer acquisition in the B2B process can further ensure to embrace the relationship with other ventures through delivering value and quality based services (Stevens, 2005). Conclusion From the overall study of “Flip the Funnel”, it is observed that the traditional marketing concepts and theories are seriously encountered with certain challenges for organizations in the present business circumstances. In relation to the fiercely competitive nature of present business environment, the compliance of conventional marketing approach can severely hinder an organization to accomplish its operational as well as its financial goals. Therefore, the study duly advocates the role and the importance of funnel models including CRM approach and customer acquisition process to the modern marketers for increasing the value of their services along with building a long-term customer loyalty. References Brink, A. & Berndt, A. (2004). Customer relationship management & customer service. South Africa: Juta and Company Ltd. Jaffe, J. (2010). Flip the funnel. New Jersey: John Willey & Sons. Jaffe, J. (2010). Flip the funnel: How to use existing customers to gain new ones. Retrieved from https://summaries.com/Platinum/Flip%20the%20Funnel.pdf Stevens, R. P. (2005). B-to-B customer retention: Seven strategies for keeping your customers. Retrieved from http://www.ruthstevens.com/pdf/B2BCustRetention.pdf Read More