The Flywheel is the marketing model of 2021 and the future, here’s why…
Whether you’re new to marketing or have been around the block a few times, you know the goal of any business is to acquire more customers.And the way to go about doing this is by setting up some kind of system to see them through the process.
Over the years, the most popular way of tracking where people are on their journey, from potential buyer to loyal customer, has been to use a funnel.
Whether that be through a marketing funnel, a sales funnel, or something else
While this linear approach has worked for a number of years. The problem is, that once customers invest, they leave, never to be seen again. Then the process starts over with a brand new potential customer.
Starting over from a cold lead is much more difficult than keeping an existing customer. The chance of converting an existing customer is around 60 percent while converting a new customer is around 5 percent.
So, the best way to keep more existing customers, rather than starting over, is to adopt this new marketing model- the Flywheel.
What is the Flywheel
The Flywheel is a modern marketing model that focuses your marketing efforts on your customers and growing your company.
Instead of linear stages like the buyer’s funnel, it’s a circular model with three stages and the customer at the center.
Let’s talk about the three stages.
The attract stage focuses on getting the attention of new potential customers and drawing them in.
This is a large part of the inbound marketing strategy- creating content that appeals to qualified visitors by answering common questions and pain points. This method is effective because you are already appealing to an audience that might be interested in your product or service, rather than the general audience.
To attract new potential customers:
- Know who you want to target (your dream customers) by creating a Buyer’s Persona– What questions do they have? What problems do they need to solve?
- Create content that answers those questions and solves those problems
- Promote your content on social media and your website
Your goal is to attract your perfect type of customer to your site by giving them valuable information through your content.
After your dream customers have fallen in love with your content, it’s time for you to engage them by personalizing their experience.
Engage potential customers by making connections with the visitors of your website and turning them into leads. You can do this by offering content that goes more in-depth into their pain points or connecting through social media or email marketing.
Engaging with new and existing customers builds relationships and loyalty, they are more likely to come to you with future purchases.
By now, your potential customer has decided to convert into an existing customer. Now it’s time to delight them by continuing to engage with them.
You can do this by having incredible customer service and offering content through email marketing that will help them use your product.
By delighting your customers, you turn them into loyal customers who will tell their friends and family about your amazing products.
How the Flywheel is Different
The 3 stages- attract, engage, and delight might sound similar to the funnel but what really makes the Flywheel unique, is the customer.
Instead of the customer making their way through from top to bottom, they are at the center of it all with no beginning or end.
The Flywheel puts the customers in the middle of the model because they are the most important piece to the puzzle.
It’s different because instead of trying to get as many people as possible to buy your product, this marketing method focuses on providing value to the customer.
If you ask any business owner what has changed the most over the years, I bet their answer would be, “the customers”. Customers today need large amounts of information and social proof to buy a product.
They are more skeptical and have higher expectations than ever. And one of those exceptions is being cared for rather than sold to.
When companies focus on profits and sacrifice their morals or mislead you to get a sale, they make sure the world knows about it. Customers have the power to make or break you as a business.
So, why not take that influence and run with it, by meeting even the highest customer expectations.
Does the Flywheel Work for Every Business?
Whether you are online or a brick-and-mortar business, this model will benefit you. When your marketing efforts attract, engage, and delight your customers, your Flywheel begins to spin, gaining traction.
The more people that are loyal to your company and share their experiences with people around them, the more you build momentum.
If you need help implementing the Flywheel as your marketing model and have questions on how to do that, goodteam.agency is here to help! Reach out and schedule a 7-minute call to figure out the kind of support you need- we’re happy to talk about anything from strategy to growth marketing!