Traditional marketing funnels no longer serve their purpose in our changing, complex and dynamic world. The new marketing funnel transforms and becomes an interconnected structure, where each stage can fuel the next. Introducing: the Flywheel.
What is the Flywheel?
"The world is not flat"
The buyer’s journey is not flat, its round, it’s a cycle, it’s a flywheel.
"It’s not the destination, it’s the journey"
For too long the buyer’s journey was depicted as a line from start to finish. Great companies now know better, success is a flywheel.
" Think about it: what's happening in the funnel with customers? They are the result - nothing more, nothing less. All the money you've expended on attracting the consumer is lost, bringing you back to the same position where you started. "
With the flywheel, you leverage the enthusiasm of your happy clients to generate returns and repeat transactions. Essentially, the business keeps generating results and the wheel keeps turning. It's not a marketing trick. We're not discussing jargon here. And we're obviously not redefining the same procedure. If you think about the client acquisition process as a flywheel instead of a funnel, you're making new choices and improving the approach. To understand it better, let us explain how it works.
How It Works
The amount of energy or power the flywheel produces depends on three things:
How quickly you spin it
How much pressure there is
How large it is
More effective businesses can change their marketing strategy to tackle all three.
Every company is different and your business model dictates how you build your flywheel. Figure out business teams and areas which have the greatest effect on growth.The flywheel's pace increases as you apply intensity to aspects that have the most effect — like your customer service department.
The Inbound Methodology and the Flywheel
You might wonder how the inbound approach blends in with all of this. The number one inbound company, HubSpot has revamped and modified the current inbound model around the flywheel. The strategy focuses on how to create a flywheel that attracts, engages, and delights — building an inbound company that places consumers first.
Organizations who prefer to adopt the flywheel model over the traditional funnel have a huge benefit as they are not the only people who make their company thrive — their clients help them grow too.
Why it matters?
"Businesses have to place consumers first and do more than simply expand, they need to do it better.
Doing better involves realizing that our clients are individuals first, not figures on a spreadsheet — and connect with them when they want and need to.
It means keeping consumers at the forefront of your company and valuing interactions, not only transactions. Getting stronger is adding power to the best parts of your market and removing any pressure that gets in the way — especially if it impacts your consumers negatively.
When your business is hard to manage, or you depend on less than truthful methods, don't be shocked when customers start walking out of the house.
If you take the time to invest in a method that's straightforward, simple to understand and suit your customers, you may be at the top."