Funnel marketing vs flywheel marketing is an arising debate that many marketers are seeking answers for. There are two approaches to understanding customer journeys: the funnel and the flywheel. The funnel is a more traditional way of thinking about how someone becomes a customer, while in contrast, a flywheel takes into account that every business has its unique approach to this process. A good way for you to figure out which one will work best for your company is by comparing these two different approaches and figuring out what works best for you through them both.
To simplify it:
A funnel is a model for business growth that maps a consumer’s journey from the awareness stage to the purchase stage while, on the other hand, a flywheel focus on a momentum driven by happy customers who will be repeat buyers and refer others.
A Brief Overview of funnel marketing vs flywheel
Inventors: E. St Elmo Lewis invented the funnel, while James Watt created the flywheel.
Customer Focus: A customer is input in a flywheel but is also the output of a funnel.
Friction Management: The flywheel has simpler pricing and connects with prospects to eliminate friction management issues that exist when dealing with funnels only.
What is the difference between a funnel and a flywheel?
A sales funnel is like your customers’ journey to purchase. It starts at the top, where people are new to your business. They might have heard about you or engaged with some of your social media posts before visiting your website. Those who get all the way down in this part of your “funnel” are closer to purchasing than those who started earlier on it (the higher they go).
The other thing that can be related to both-but, not interchangeably-is what we call a flywheel, which is more complicated but worth learning about because it has more layers than just one customer’s life cycle – think their friends’ lives too! Flywheels typically reach every part of our world, so while there may be something else going on outside these parts we’re talking about right now within them:
Top of the Funnel (TOFU)
These people know little if anything at all and haven’t even been exposed yet or interacted much if any with each other or made an initial purchase yet;
A middle layer: These individuals interact socially for whatever reason without buying from us as well as buy from us but don’t actively engage/share content/buy again etc.; And then.
The first type of conversions you should optimize the top of your funnel is:
– Newsletter subscriptions
– Call booking
Middle of the Funnel (MOFU):
The middle of your funnel is full of leads who may have subscribed to a newsletter or signed up on a website. The types of conversion you’ll want in this section would include clicks, email open rates, and content views.
Bottom at Funnel (BOFU):
This will be where most people won’t make it, but that’s okay! It’s not about forcing everyone further into their pipeline, but rather meeting them wherever they’re at.
BOFU leads need a little push to make a purchase. 4 incentives can help guide the way:
1) A time-restricted special offer
2) A small discount
3) Reassurance from your team or positive reviews
4) The flywheel approach to sales.
What’s a Flywheel?
The defining feature of the flywheel is that it keeps spinning, which attracts customers to keep coming back into your funnel- even when they come and go throughout their journey through your sales funnel. Traditionally, marketing does their job than sales do and once the customer makes a purchase they’re gone from our humble little life for good (it’s not an accident). But what if you have something more exciting planned for them on this new approach called “the Flywheel”?
What’s the biggest drawback of using funnels?
The biggest flaw of the funnel is that it only pushes downward, which means it’s hard to satisfy employees because they put so much work into attracting customers. Sales then spend hours on working with the customer, but all those resources go to waste if this is your end goal.
Funnels help you attract users and convert them into leads- a flywheel does a lot more than this! Flywheels include content for people to reach their goals, similar in some ways as funnels do- they have steps like “attract,” “engage,” etc.- but going from left to right instead of going down.
The difference between these two models is that funnels focus on conversions and attract customers.
Why You Need a Marketing Flywheel?
Flywheels focus on delighting customers by helping them achieve their goals or needs when using your product or service.
Customers are happy because they know you will treat them well and reward their loyalty. Happy customers spread the word, too! They’ll leave rave reviews that convince other people to buy from you. It’s a win-win for all parties involved: customers, business owners, new buyers looking at your product because of those great reviews!
Properly understanding your business model is very important in order to grow a business. From our discussion today, we’ve learned that it’s because of the lack of understanding and following old methods that many businesses are lagging behind. The old “funnel approach” simply doesn’t work anymore – it only caters to a few privileged customers whereas now social media is used by all kinds of people to find what they want or need. This is why we use the flywheel model that accommodates these changes in behavior better.
When you’re running a business and there is high competition in the market, you have always updated your practices – not just once or twice! Today flywheel is one best thing to follow instead of the sales funnel. Switching from funnel to flywheel will be no hassle if you go systematically. I hope now you have gathered sufficient information about funnel marketing vs flywheel marketing comparison. Let us know in the comment section what marketing tactics you want to follow to grow your business.