What is marketing flywheel?
The marketing flywheel is a model based on keeping customers happy and in turn, this experience helps your company make more sales and reach more people. This new marketing/sale model was made to combat the popular “sales Funnel” method which is still widely used today.
HubSpot is well known for its “all-in-one marketing software” has incorporated this model into its organisation, which shows us how important this method can be.
If you think of a flywheel in its mechanical sense, it is used to store momentum and in turn release energy to keep the flywheel turning. The energy stored depends on a variety of other factors, such as how fast it spins, the size, and the amount of friction it experiences. This energy is especially important when you are thinking about how customers in case your business growth.
How It works
The flywheel method is based on using the positive (and negative) outcomes to help drive your growth in marketing. This works by making the customer the centre of your method, even after you have made a sale. Today, the larger influences on sales come from word of mouth and customer referrals.
There are three main areas of the flywheel: Attract, Engage and Delight.
The first step is where your users a drawn in. This can be done by engaging customers through stand out content, word of mouth, event, ads, review, or testimonials. These methods of attracting should be enjoyable and not just used for sales.
Engagement is a key point to create meaningful relationships with your customers and potential clients. It is important as a business to understand what your customer wants or needs pain points and motivations. Some ways you can connect with your clients include helpful or instructional blogs, podcasts, social media polls, chat boxes and follow up methods. The engagement aspect has the ability to not only build your authority but connect with your users.
This part is making sure your customer is happy with their purchase and overall experience. The Delight stage is all about standing out from the competition when it comes to making an impactful experience for your customer. If a customer has a good experience (even in negative situations) this impact may give them a reason to promote and recommend your brand. Some ways to apply this experience is through free shipping, return policies, reward programs and customer support.
Marketing flywheel vs the funnel
How is the flywheel method any different from the funnel method? The funnel is designed for action (sales) whereas the flywheel looks beyond just the sale.
A flywheel is a cycle whereas the funnel method only looks to achieve one thing which is sales. The funnel method looks at customers as an output, many can go in and filter out but few come out of the funnel.
The Flywheel method shows us that customers are the most important input. This means that rather than looking at a sale as the endpoint, we look at how their experience can increase the momentum to drive our sales.
Grow your business with a marketing flywheel
In conclusion, it has never been easier to start a business but never harder to grow your business. The marketing flywheel is based on keeping customers happy and in turn allowing them to help your company make more sales. This is done through all the stages of this method, not only through ads and sale but through engagement and experience. At the end of the day, customers drive your growth so its only common sense to be able to connect and make their whole experience enjoyable.