Any business owner will likely mention their customers when discussing how their industry has changed over the past few years. Nowadays, customers are more sceptical, educated, and demanding than they have ever been before. This is an example of one of the expectations that businesses must live up to: caring about more than just transactions.
When businesses make short-term decisions that negotiate successful relationships, jeopardise their beliefs, and mislead customers, they use their power to quickly and widely disseminate information. A company's most important stakeholders are thrilled, loyal, and devoted when their progress is linked to that of their clients.
Similarly, when a company's performance improves, it's easier to do business with that company and build positive connections with it. When you're trying to improve your company's growth by providing an exceptional customer experience, the flywheel comes into play.
What is The Flywheel model?
Adopted by Hubspot, the flywheel can be defined as a highly efficient wheel. James Watt came up with the idea. Depending on the vehicle's speed, friction, and size, the amount of energy it can store can be affected. It could be likened to the wheels of a train or a car.
This vigour is especially useful when considering how customers can help your business thrive. Instead, customers are treated as an afterthought in other models. After all the time and effort you invested in acquiring that customer, you're now back at the beginning of the process.
The decisions you make and the course of your company's strategic plan change when you see it as a flywheel. Your flywheel's capacity for storing and releasing energy is determined by three factors. When it comes to how fast you can spin something, there are many variables to consider.
The success of a business depends on addressing all three of these issues. The speed of a flywheel increases as more force is applied to the areas that have the most impact. Forces are a set of procedures and tactics that must be used to accelerate your flywheel.
Inbound marketing and freemium models are examples of forces, as are customer referral programs, paid advertising, and investing in your customer service department. Focus on how you can help your customers succeed and they'll be more likely to spread the word about your success.
You must eliminate all of the friction from your marketing strategy in order to keep your flywheel moving. All of the things that slow down your flywheel are the result of friction. The more customers you attract by speeding up and reducing friction, the better. As a result, your flywheel is made up of all those entrepreneurs.
How is The Flywheel Model different from The Funnel Model?
The conventional marketing and sales funnel model was challenged by the flywheel model. There is a world of difference between the two. The primary distinction between the two is the manner in which the company's clients are handled. Marketing strategies that follow the classic funnel model neglect existing customers in favour of attracting new ones.
As a result of this approach, companies are better able to increase sales and build a loyal customer base thanks to the flywheel model. As a replacement for the funnel model, the flywheel model has a number of advantages.
Components of The Flywheel Model
The flywheel of marketing is divided into three main components:
The stage's name reveals that its primary goal is to entice. However, this should be premised on people voluntarily wanting it, and you shouldn't be incredibly intrusive in making it happen. The most effective way to deal with this challenge is to create relevant and helpful content. A user's requirement for something doesn't necessarily mean he wants to buy something, but perhaps you should already have all the quality content ready for him when he does. SEO and high-quality content are all that you need to do to ensure that the user finds it.
You've piqued the interest of a potential purchaser. What's the plan from here? Make it as simple as possible for them to buy. How? It's important to make it easy for your customers to communicate with you on their terms. Customers must make their own decisions, and you must take into account their needs. Consider the potential client as a long-term business partner rather than a one-time customer.
At this point, the customer has transformed into a promoter, and your job is to assist and support them. Make it easier for customers to get the most out of what you have to offer by providing them with supporting documents and knowledge bases. Your customers will appreciate it if you respond to their queries via messengers and chatbots as well as e-mail and ask for their feedback. Organise a reward system for your customers. Using any of these tools will increase the number of people who become fans of your brand and spread awareness about the products or service.
Advantages of Using The Flywheel Model for marketing
If you work in marketing, you probably have a thorough understanding of the entire sales and marketing process. A funnel is nothing more than a framework for converting a potential customer into a paying one. That's all there is to it. That's the gist of it. What occurs next is rarely given much attention.
When a flywheel model is used, one of the main and most influential advantages is that it helps improve client journey even after a purchase has been completed. Focus on nurturing customers from the time they first sign up for your service or product all the way until they become brand ambassadors and specialists on your product or service niche..
Marketing, sales, and service friction points are all easily located using this model. Using this information, you can see which activities help you gain momentum, and which ones slow you down. As a final consideration, the model explains in great detail how customer satisfaction affects the achievement of your marketing objectives. Simply put, a greater number of happy customers equals a larger volume of sales.
-Blog written by Mabel Andrady