What is a Flywheel in Marketing? Going Beyond the Traditional Funnel

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The strategies and models are forever changing and evolving to fit into a new landscape. One such innovation that has cropped up recently is the marketing flywheel concept. Traditional funnels have been the most commonly used model by marketers but this may be on its way out as more companies adopt a dynamic, customer-centric approach through the flywheel. So, what exactly does marketing flywheel mean and how does it transcend the traditional funnel? Let’s do it.

Traditional Marketing Funnel: Quick Glance

Before we delve into the details of a flywheel, it is paramount that we first get to know what entails a traditional marketing funnel. The funnel has been there for an extended period serving as a map used in marking different stages clients go through from awareness to becoming customers.

There are three parts to this pattern:

? Awareness (top of the funnel, TOFU): This is where people start getting information about who you are or what you deal with.

? Consideration (middle of the funnel, MOFU): At this stage prospects review alternatives available and weigh them.

? Conversion (bottom of the funnel, BOFU): They then make purchases or complete some desired action making them customers.

However useful it appears in visualizing processes followed by customers, one limitation that severely affects this system is linearity where once converted customers exit and acquisition of new leads takes center stage over everything else including retaining existing ones that could lead to loyalty and advocacy necessary for sustainable growth.

Introduction of Marketing Flywheel

The marketing flywheel is another way of understanding the customer journey holistically. As opposed to being linear like in funnels, this wheel revolves around, showing that consumer engagement should never end. That’s why consumer interaction takes center stage in any strategy contained within your business.

In broad terms then, there are three phases involved:

• Attracting: luring prospective clients using valuable content creation supported by SEOs optimization of social media among other advertising efforts.
• Engaging: building connections with these clients by giving answers to their problems personally and holding hands with them through targeted communication.
• Delighting: ensuring that service delivery is up to date and being in contact with your customers in support will turn out loyal advocates driving your company’s growth even further.

How the Flywheel Goes Beyond the Funnel

The flywheel and funnel differ significantly regarding what they emphasize. While the funnel places more emphasis on acquiring new customers, the flywheel puts customer retention and advocacy first knowing very well that these customers can be one of the greatest assets you have.

Here’s how the flywheel performs better than a traditional funnel:

• Customer-Focused Approach: Flywheels put customers at the core of their marketing. The effect is an ever-iterating positive feedback loop where satisfied clients talk about brands they like, leading to organic growth.
• Sustainable Growth: With such a wheel concept, you do not only rely on getting new buyers. You create a self-sustaining cycle that drives continuous growth by nurturing existing relationships and turning customers into brand advocates.
• Enhanced Efficiency: Resources are better allocated under this model since it encourages an efficient distribution of resources. Rather than focusing on all efforts to get new leads, maximum value should be derived from every customer interaction to decrease churn and raise lifetime value.
• Wholesome Understanding: The flywheel takes a broader perspective when considering its application as it embraces everything about consumer journeying. It understands that now purchase is never enough but that relationship with the purchaser continues for as long as he/she engages with the marketer. This continuity is important for sustainable endeavors.

How to Implement a Flywheel into Your Marketing Strategy

A change in attitudes and tactics is required when moving from a funnel-based approach to a flywheel strategy. These few steps can help you start:

• Understand your Customers’ Journey: Familiarize yourself with the many touch-points your clients have with your brand and the reactions that these points of interaction can enable.
• Emphasis on Customer Success: Make sure that your customers achieve what they want by using your product or service which also mean providing top notch support, on-boarding as well as continuous education.
• Customer Feedback Loops: Be proactive about soliciting feedback from them and utilizing it to improve their experience of doing business with you. Happy customers are more likely to become advocates.
• Customer relations investment: Create lasting bonds with your clients through personalized communications, loyalty programs, and community-building activities.
• Measurements and Optimizations: Continuously measure the performance of your flywheel together with identifying areas for improvement. The objective is to eliminate resistance while improving customer experience at every stage.

Conclusion

The flywheel used in marketing changes from traditional models based on funnels to those that encourage sustainable growth by focusing more on customer satisfaction. By concentrating on attracting delighted customers who later turn out to be promoters, the flywheel creates a forceful cycle resulting in ongoing momentum within one’s organization. As changes keep occurring in marketing trends, adopting this kind of model could enable one to stay ahead and build customer loyalty towards ensuring success.

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