The flywheel marketing model is the antithesis of the sales funnel. After carrying out their marketing and sales campaigns, sales funnels focus on the customers only. But flywheel marketing prioritizes the customers and focuses on making them happy. Flywheel marketing offers rewards and coupons to the customers for a satisfactory user experience as well as to create a brand image. Now, if you have applied a sales funnel to your marketing techniques, we are going to show you what flywheel marketing is and how it provides more advantages over the sales funnel.
What is Flywheel Marketing? What Should You Know About it?
What is a flywheel?
Flywheel is a marketing model adapted by Hubspot to explain the success you get when you combine your enterprise’s mission with providing a remarkable customer experience. The Flywheel stores and releases energy, which is essential in your business’s marketing strategy. Flywheel marketing was invented by James Watt. The flywheel is a wheel that is energy efficient; it stores an amount of energy depending on its spinning speed, its size, and the amount of friction it witnesses. A flywheel is like the wheels on trains and cars that help your car keep going as you run miles and miles. Flywheel energy is most useful when you are thinking about the effects your customers have on your business. Other marketing models take customers as their outcome. So, when you acquire customers with your energy and money, you are starting over and investing more energy to gain customers again.Instead, you can allow your customers to help you grow your business with Flywheel.
How Does a Flywheel Work?
There are three main factors involved in the flywheel marketing model: speed, friction, and size. Companies that are successful incorporate all three elements into their marketing strategy. The speed will increase when you make extra investments in different parts of your company. You can choose to spend a lot of money on the customer service department, which is mostly about serving your customers the right way. When the customers get a positive experience working with you, they will recommend your services to others. That’s how your customers help you grow your business. However, every company is different, and the marketing cycle of your business depends on your marketing model. You will have to find out the department of your company that has the most impact on your brand. And with that knowledge, you will have to adjust your marketing cycle and make those departments more powerful.
The marketing cycles improve your company’s dynamics, and you will have to identify and reduce the factors that go against the dynamics. You should eliminate friction as much as you can from your business. To reduce friction, you will have to analyze your company’s structure, why your customers are switching to different service providers, and why they are taking the time to buy your services. You have to analyze if your team members work with each other or like to work individually. The prices that you offer for your products are straightforward or come with extra fees. Is it easy for your potential customers to contact you whenever they need help with something regarding your product or services, or is the customer care service process not that flexible?
In flywheel marketing, you will have to reduce friction and improve speed, and the more you succeed in it, the better your circulation will grow.
What is the Benefit of using Flywheel Marketing?
If you are not a marketing professional, then you will have to first learn about everything regarding the sales funnel and marketing. Sales funnels are a marketing mechanism that turns leads into customers. But when you are successfully able to convert your leads into customers, some marketing experts or businesses don’t give it much attention afterward. That is the place where the flywheel model makes sense.
The best advantage of using the flywheel marketing model is that its main focus is to improve a customer’s experience even after you have already converted most of your leads into customers. With flywheel marketing, you can promote your customers from the first stage since they become a customer, and the stage goes on until the customer becomes a subject matter expert. A subject matter expert is a person who has a lot of experience regarding your products or services and later becomes your brand advocate.
In flywheel marketing, you place the customer in the centre of the wheel, and the other areas of the wheel focus on how to treat the customers to make them stay in your business for a long time. The flywheel marketing model also identifies the reasons for friction in marketing, your products or services, and sales. With flywheel marketing, you can find the activities that allow your flywheel to run faster. It will help you enhance its speed.
It will also help you identify the hiccups you find in the marketing campaign that are slowing down your business. With flywheel marketing, you can also find the details about what brings customer satisfaction and its impact on the success of your business. In the short term, happy customers help your business grow. Now we are going to talk about how you can implement a flywheel marketing model in your business to increase customer satisfaction.
How to use Flywheel Marketing to Boost Customer Experience?
Some companies already have what they need to build a successful flywheel marketing model. You just have to analyze your sales funnel and find out where flywheel marketing can be implemented. In this section, we are going to show you some of the essential steps to help you leverage the flywheel and obtain the benefits it provides.
1. Get Familiar with Flywheel Stages.
There are four stages in the flywheel model: activate, adapt, adore, and advocate. In the first stage, or activation stage, you will have to convince the visitors to become new users of your brand. And in the next stage, or adoption stage, you will have to find ways to make those new users come back to your company to buy more products or services. The adore stage helps you find users that are loyal to your products and services, users who genuinely love using your products and make use of your services. And in the last stage, or advocate stage, the existing users who are already using your products and loving your services will help bring new users to your business by sharing their feedback and spreading their knowledge regarding your company. Once you are familiar with these stages, you can easily implement the other strategies you require to make a flywheel marketing model successful.
2. Determine the Metrics for the Flywheel Stages
Now you know what the areas are you should focus on to create a successful flywheel model, but now you have to set the metrics and goals for each stage to finally achieve what you need. For example, in the activation stage, you need to create sign-up forms for the products with leads. In the adoption stage, you will have to divide the number of previous customers by the number of new customers and analyze how many customers are visiting your brand on a daily basis. In the adore stage, you have to measure the average revenue per user as well as their lifetime value. The advocate stage will require you to create affiliate programmes for obtaining new leads.
In flywheel marketing, you place the customer in the centre of the wheel, and the other areas of the wheel focus on how to treat the customers to make them stay in your business for a long time. The flywheel marketing model also identifies the reasons for friction in marketing, your products or services, and sales. With flywheel marketing, you can find the activities that allow your flywheel to run faster. It will help you enhance its speed. It will also help you identify the hiccups you find in the marketing campaign that are slowing down your business. With flywheel marketing, you can also find the details about what brings customer satisfaction and its impact on the success of your business. In the short term, happy customers help your business grow. Now we are going to talk about how you can implement a flywheel marketing model in your business to increase customer satisfaction.
In flywheel marketing, you will have to reduce friction and improve speed, and the more you succeed in it, the better your circulation will grow.
3. Find out the Areas of Frictions
Find out the areas that are causing friction in your flywheel. Find out the things that are slowing down your business in ways such as getting new leads or keeping your customers loyal and increasing the number of new customers leaving your brand. You can reduce friction in a flywheel by creating a secure website and optimizing targeted marketing campaigns.
4. Perform Experiments
You can create a CRO test and experiment to understand the ongoing process of your brand. You can create marketing campaigns, review them, test them, and modify them to make the marketing operation better.
5. Evaluate the results.
Like in regular sales funnel marketing, in flywheel marketing, you will have to constantly check out the results and modify the metrics and strategies whenever needed. In the last stage, you will have to make sure that all of the stages were successful and that your flywheel marketing model actually provides customer satisfaction.
Conclusion
The flywheel model is the best way to gain your customers’ trust and make them a part of your business. As you strive to convert visitors into customers and then customers into loyal business partners, you are actually getting ahead in your industry among your competitors.
Simran works as a technical writer. The graduate in MS Computer Science from the well known CS hub, aka Silicon Valley, is also an editor of the website. She enjoys writing about any tech topic, including programming, algorithms, cloud, data science, and AI. Traveling, sketching, and gardening are the hobbies that interest her.
