5 Ways the Flywheel Will Improve Your Marketing Strategy
October 27, 2021
“Flywheel” is a major buzzword on the topic of Hubspot’s marketing strategy. If you’ve done any research at all, you probably know the concept is based on retaining and creating loyal customers as opposed to grabbing everyone’s attention all the time. The flywheel acknowledges the sales process as a smooth cycle where each step blends into the next, as opposed to a strict step-by-step process that ends at closing a deal.
Still, you might be wondering how this process can help your business’ marketing strategy. Let’s discuss 5 ways the flywheel can improve your marketing strategy, and the benefits Hubspot and Flywheel will bring your company.
One: the Flywheel Utilizes a Modern Mindset for a Modern Customer
If you’re hooked on the traditional funnel, you’re probably more focused on the traditional marketing mindset. The old way of marketing involved getting your name out there as much as possible. This is why banner ads, billboards, and commercials all rose to prominence in the first place.
The problem is that these strategies work less and less often than they did in the past. People don’t see an ad and think, “Oh, I need that product.” Instead, they ignore it and move on. Instead, modern customers are more proactive; they realize they need something, then search the internet for it. Through Google searches, friends’ recommendations, and customer reviews, they find the products themselves. The Harvard Business Review even found that 57% of buyers decide on business-to-business purchases before they even contact the seller.
The flywheel counteracts this problem through shifting the focus to inbound leads and creating a fulfilling customer experience. This way, your marketing strategy has the dual effect of marketing your product to the right people, then making sure they’ll come back for more and tell their friends.
Two: the Flywheel Allows for More Synergy Between Stages
While traditional funnels isolate each stage in the sales process, a well-executed flywheel allows these stages to flow into each other. This lowers the chances of miscommunication or customer confusion.
Though you might need to put more effort into ensuring your teams communicate effectively, the customer will appreciate the consistency and easy transition. Moreover, your sales, marketing, and customer support teams will have an easier time communicating once you set up the proper channels.
Three: the Flywheel Increases Efficiency
The reason the funnel is called a funnel is because it’s assumed the majority of leads won’t make it to the funnel’s end. While it casts a wide net, it’s built to account for leakage. The flywheel—on the other hand—narrows the prospective leads at the beginning, taking a quality-over-quantity approach.
Instead of wasting time trying to appeal to everyone, the flywheel allows you to shift your focus to a more narrow audience. Though this might seem counter-intuitive, it allows you to invest more time and energy into retaining each customer. Now, you can spread the resources previously devoted to marketing and spread them out across more departments.
Four: the Flywheel Allows Customers to Help the Sales Process
In the modern marketing landscape, word-of-mouth is quintessential. While the traditional sales funnel doesn’t account for how customers could help your growth, the flywheel considers them a key aspect. That’s why the flywheel is built on ensuring a phenomenal customer experience. While advertising may give your flywheel the initial push it needs, the customers are the ones who keep it spinning.
Once a customer trusts your company and your product or service, they’ll keep coming back. They’ll become more likely to tell their friends or talk about your product on social media. This loyalty is a key factor in the sustainable growth the flywheel can provide. While potential leads may not listen to you, they’ll listen to their friends and family.
Five: the Flywheel Benefits the Customer
If you care about your customers—and you should—then you’ll be happy to know that everyone wins with the flywheel. Not only do you reduce the number of annoying ads your leads need to see, but you also help customers find what they need, create useful resources, and utilize various programs and offers they’ll find beneficial.
The goal of these programs isn’t just to generate leads, but to help your customers feel appreciated.
While the funnel is familiar, there’s more benefits to the flywheel. If you’re thinking about switching from a funnel to a flywheel and looking for a marketing agency to help you utilize hubspot, then goodteam.agency is here to help! Feel free to reach out to us and schedule a seven-minute call to learn how we can help you make the most of your flywheel!