What is Flywheel Marketing?
Flywheel marketing is a new way to think about how you should market your business. Rather than focusing on just one aspect of the flywheel, flywheel marketing focuses on all aspects at once.
The flywheel model of marketing is a very different approach to the traditional linear funnel. It allows you to take your customer experience and focus it on one single point, then build out from that point in all directions.
If you’ve been frustrated with the limitations of the funnel, this new flywheel model might be just what you’re looking for. But how does flywheel marketing work? And what are its advantages? To find out more about flywheel marketing and see if it could help improve your own customer experience, read on!
Flywheel marketing – a great way to improve your customer experience
Flywheel is a term that can be confusing to any business. I’m sure here you’re also thinking, “wait, flywheel? Isn’t that what goes on spinning in front of my car when it’s having tire problems?” Well, guess what, WRONG!
The flywheel model of marketing is actually super cool and the easiest way to build your brand.
The flywheels used for cars don’t work like flywheels used in marketing. Flywheels in flywheel models represent unqualified leads or strangers that tick into qualified leads or prospects because you keep engaging them with something they need (the key!). This process then turns customers into repeat buyers who will recommend you through word-of-mouth (amazing!).
Flywheel marketing is a strategic approach to acquiring and retaining customers by providing value at every customer journey stage. The flywheel model has become popular in recent years to build brands and create sustainable growth. Unlike the funnel model, which relies on a single point of contact with potential customers, flywheel marketing engages prospects through multiple touchpoints throughout the customer journey.
Now when you’re thinking – “how do I get started?” or “what are the benefits of flywheel marketing?” Well, that’s why we’re here!
“Flywheel marketing is a process that helps businesses deliver better customer experiences.”
So how flywheel marketing exactly works? Stay tuned as we uncover all of its secrets!
How does Flywheel Marketing work?
The flywheel is a great metaphor for marketing. It builds up momentum and keeps going and going.
Three things help it build up speed:
Firstly how fast you spin it: The more friction there is, the more likely it will slow down.
Secondly How much friction there is, and third most importantly, how big it is: the bigger the flywheel, the longer it takes to get going at full speed.
The faster you spin it, the harder it is to stop its momentum, but it is heavy and hard to stop.
Flywheel Marketing is a paradigm shift for many marketers.
-Your flywheel can be boosted by removing all the friction from your business strategy-this includes internal processes, miscommunication across teams, and alignment with customers/employees.
-Rethink how you structure your team, why churn is happening, and where prospects are getting stuck in the buyer’s journey to reduce friction.
-Ask yourself if you make it easy for prospects to connect with you, or do they need strict guidelines?
Flywheel Marketing is when you’re able to create promoters of your business. These are folks who are so extremely happy with your product/service that they strive to convince their friends, family, and social media networks about what you do – all while buying more from you.
Why You Should Opt For the Flywheel Model of Marketing
There are many advantages to using the flywheel marketing model. One significant advantage is that it helps focus on optimizing a buyer’s journey even after the purchase is done. The flywheel model also helps nurture customers from the first moment they become a customer until they turn into brand advocates.
The flywheel model is one of my favorite marketing models. Why? Basically, it helps marketers focus on the customer’s journey even after they mature into a customer. That way, you can look after them from the moment they are on board on your system until the stage when they are experts with your product or service and happily become brand ambassadors.
The Flywheel vs. the Funnel
Wondering what’s the difference between Flywheel marketing and Funnel marketing?
If you’re a marketing professional, flywheel marketing is one of the most important things you can do in your career.
Funnels are often seen as conversion mechanisms – but I want to show you something else.
Flywheels are about identifying new leads and getting them into your flywheel, then systematically converting them into customers over time. Funnels are only part of the flywheel process – but flywheels are an entire business model around lead generation and conversion.
The funnel starts with generating prospects using different strategies like social media ads or trade shows, setting up funnel systems for collecting leads, nurturing these leads. Until they become qualified sales leads, send your sales team when ready, and then finally make the sale.
The flywheel model is a different, more comprehensive way of representing the forces affecting your company’s growth.
It simplifies how you can map out and create marketing experiences that bring in new customers and make their buying experience memorable.
Your marketing team’s actions impact other teams at your company. For example, the marketing inputs you use – determine how quickly prospects move through your sales process.
The sales motion you put in place affects how likely aspirants will be satisfied and turn into successful customers.
It’s crucial how you support and provide service activities. The more your powerful customer support cycle is – the more chances are for customers to become your promoters!
In the end, they will be who recommend you to their colleagues — or warn their networks to stay away.
B2B Marketing is Tough. “Nowadays, flywheel marketing is the only way to go.”
Do you know this time-tested strategy where you work with your clients to understand their needs and craft solutions specific to them? Well, it’s more important than ever before.
Like nowadays, most buyers aren’t looking at how beautifully your company’s marketing material is designed to make a purchase decision!
Peer recommendations, third-party review sites, youtube videos having a review, and word-of-mouth play a significant role in “buying decisions” than ever before.
Simultaneously, overall trust in businesses is plummeting: 81% of buyers trust their families’ and friends’ recommendations more than companies’ business advice, and 55% report relying on the businesses they buy from less than they used to.
So Here’s The Takeaway
The Flywheel Model is a great way to put your customers in the center of your business operations. This will help ensure that your company grows sustainably and consistently.
People are talking about flywheel marketing, and you should do too.
I bet you’re thinking flywheel sounds like a fancy industry buzzword. But it’s not – flywheel is nothing more than an evolution of the traditional “funnel” form of marketing communications. Today, buyers don’t stop with just reading your brochures or visiting your website- they share their opinions with others on social media sites, blogs, and forums, which means marketers have to be present in all these places to tell their stories as well.
And that’s precisely what Flywheel Marketing is designed for