The flywheel may not ring a bell, but have you heard of the sales funnel? Flywheel marketing aims to replace the usual sales funnel with a wheel (circle) that keeps on turning. Let's explain how it works!
what is flywheel marketing?
Flywheel marketing is a new concept that has landed very strongly in the inbound marketing sector. But, to understand it, we must first know how the sales funnel or marketing funnel works. Let's review it.
The marketing funnel or sales funnel is a concept that is used especially in marketing when we launch an online website and can also be applied to blogs or forums that have a commercial intention, that is, to achieve a final sale after having gone through a series of phases that convert users into our customers.
A sales funnel is, therefore,the process that a brand will follow from the moment users come to it in search of information until this user becomes a customer, and therefore, a sale for our online website of one of our products or services.
We could say then that the marketing funnel is the way to create a sales process whose main objective is the funnel. If we imagine it visually, it is shaped like a funnel in which all actions are directed to the ultimate goal: the customer. The marketing and sales funnel is based on attracting a large number of users (lead acquisition) to the first stages of contact with the brand. A somewhat smaller number go to the following stages of deepening and finally, even fewer users become final customers. As in each phase there are fewer people than in the previous one, the resulting scheme is shaped like a funnel.
The main stages through which a sales funnel is built are:
However, to innovate a little in this concept, Hubspot launched an initiative, decided to turn it around and design it in a different way: instead of a funnel, it would be a circle in which customers would be in the centre. In this way, our entire marketing strategy would revolve around our customers, putting them in the focus, as intended by inbound marketing.
James Watt created this model in the shape of a wheel to represent energy efficiency. Like the wheels of a train or a car, the amount of energy it stores depends on the speed at which it spins, the friction or interference it encounters and the size. What does this mean? With flywheel marketing we focus all our marketing energy, harnessing the momentum of a satisfied customer to get referrals and repeat sales. Basically, your business spins and spins (like a wheel).
What this process aims to do is to optimise the sales cycle a little more, instead of developing a funnel in which, when you reach the end, you have to start all over again, you create a circle that optimises the process because it never closes and you have to start all over again.
This means that we also work more assiduously on the customer loyalty process because everything is focused on that. Hubspot goes so far as to say that the new inbound methodology is a circle: it is flywheel marketing .
Therefore, once we have the customer at the centre of the focus, three phases are developed around him that are related and feed back on each other. Each of them are related to the three previously mentioned (TOFU, MOFU and BOFU):
what do you think about flywheel marketing? Are you ready to implement flywheel marketing in your company? We know that it will be a long process, since it involves adapting our entire business strategy, but we can assure you that the results will be worth it. If you have any doubts, at Occam Agencia Digital we are ready to help you. Contact us!