As a marketer, I recently found myself in an interesting situation. I was in the market for a new car for my wife, and was involved in pitching a car account all at the same time. In every single interaction we had with the potential clients they made reference to the sales funnel, and I wanted to call bullshit. The sales funnel that you are most likely familiar with (awareness, consideration, lead, conversion etc.) is not entirely wrong, but it drives the wrong type of thinking. I bet some business school professor who never spent much time with real prospects and real customers designed this funnel. This stuff resonates with the “I run the marketing department on a spreadsheet” types, but does not work well for those of us who understand that understanding consumer behavior is a prerequisite for manipulating their behaviors.
Buying a car is 80% emotional, 20% practical. I’m much more likely to buy a car that fulfils most of my emotional needs, and a few of my practical needs. I am far less likely to pull the trigger on one that fits most of my practical needs and few of my emotional ones. Love is blind.
If you fall in love with a car, not unlike a girl you will stop seeing the flaws. In fact you will start to justify your choice with flawed logic. “If I buy a two seater I will save gas since I will drive it less” – In today’s economic environment we can’t pull any punches. We need to create emotional demand.
Here is my new funnel (well it’s much more of a loop)
Buzz, intrigue, explore, experience, crave, cave, flaunt. Which in turn creates Buzz.
Enjoy!
Comments (3)
That's quite true, it's a great logic. However I feel it's market (including geography, soical classs etc) & spending capability driven too. For Indians the share probably would be 50% each; & maybe 90% practical and for Chinese it maybe 10% emotional (heard its tough to squeeze bucks out of them). Unless it's a Slumdog Millionaire or you get the people in your funnel, err.. LOOP!!
Posted by Rahul Tiwari | February 27, 2009 9:49 AM
Posted on February 27, 2009 09:49
True? Not the New Funnel, but the market “socio-economic” equation especially in the automotive industry. If you are immune to the economic down turn and in the market for let’s say a “Land Rover” or “Ferrari” of course. And the Buzz that is referred to in the New Funnel is actually self-induced and all self-adulation. I’m sure you have read “Truth, Lies & Advertising”, Jon Steel documents the social buzz that is created in the “Porsche” account planning research, not the “buzz” that most individuals strive for.
Hyundai which now is the best selling automotive manufacture is specifically addressing the economy and it’s collateral effects head-on. For the automotive industry this is the New Funnel with additional manufactures soon to follow suit if the industry wants to become profitable.
Though, the New Funnel is absolutely on target when applied to the largest audience/population with disposable income, 12 to 18 years of age. As we all know, this age group is especially manipulated by their peer’s perception “the New Funnel Buzz” that is a direct evaluation of their own self worth. Not those of us who can actually make substantial decisions with our income.
Posted by Blog Reviews | March 1, 2009 3:40 PM
Posted on March 1, 2009 15:40
True? Not the New Funnel, but the market “socio-economic” equation especially in the automotive industry. If you are immune to the economic down turn and in the market for let’s say a “Land Rover” or “Ferrari” of course. And the Buzz that is referred to in the New Funnel is actually self-induced and all self-adulation. I’m sure you have read “Truth, Lies & Advertising”, Jon Steel documents the social buzz that is created in the “Porsche” account planning research, not the “buzz” that most individuals strive for.
Hyundai which now is the best selling automotive manufacture is specifically addressing the economy and it’s collateral effects head-on. For the automotive industry this is the New Funnel with additional manufactures soon to follow suit if the industry wants to become profitable.
Though, the New Funnel is absolutely on target when applied to the largest audience/population with disposable income, 12 to 18 years of age. As we all know, this age group is especially manipulated by their peer’s perception “the New Funnel Buzz” that is a direct evaluation of their own self worth. Not those of us who can actually make substantial decisions with our income.
Posted by Blog Reviews | March 1, 2009 3:40 PM
Posted on March 1, 2009 15:40