July 8, 2021
In the advertising industry, the so-called Flywheel Marketing on everyone's lips. It is intended to support the Sales Detach funnel.
The sales funnel describes a process in which customers are to be won over as buyers through various marketing actions. This funnel ends when the purchase is completed.
And it is here that the Flywheel really gets going. The flywheel is designed to constantly strengthen the company's success through targeted marketing strategies and to further develop customer loyalty. A satisfied customer is considered the most effective marketing tool here.
Sounds interesting, but how exactly does the Flywheel work?
Once flywheels are running, they can store energy efficiently and continue to run on their own. Each new supply of energy then additionally increases the speed. An entrepreneur can then transfer this mechanical process to his company, which gains energy through certain measures and would run successfully faster and faster.
The fact that Flywheel is a symbol of business and marketing processes can be traced back to Stanford professor Jim Collins and Jeff Bezos. A sketch allegedly originally scribbled on a napkin was then to make history with Amazon.
But as an entrepreneur, how do I get my flywheel working in the first place? There are three steps here: Generating new customers through enthusiasm, retaining customers through service, and recommending and acquiring new customers.
Through advertising measures, I can therefore build up new customers, who then first get my Flywheel up and running. It is then important to bind these new customers to my product and my service in the long term through suitable measures. If this succeeds, these customers are then the best promoters to be able to build up new customers. Enthusiastic customers keep the wheel turning, whereas dissatisfied customers can stop this process and even turn it into the opposite. Good old "word-of-mouth" in modern design remains unbeatable here and has been rediscovered in the marketing world. The satisfied customer is placed at the center of the corporate strategy and becomes part of the process and not the result (as in the sales funnel).
While the sales funnel focused on the search for the best product, this has been replaced by the priority of customer satisfaction. The wheel turns around the customer and their needs. The goal is to generate repeat customers and brand ambassadors. A convinced customer writes positive reviews, recommends me to others and shares my posts on their networks. Potential customers today are more likely to trust the reviews of existing customers than grandiose advertising slogans.
The sales, marketing and service departments have therefore been expanded on a large scale in companies in recent years.
Advantages of Flywheel Marketing
Customers trust customers: Potential customers are more likely to trust recommendations and the experiences of existing customers. Advertising slogans have a hard time here. You are more likely to choose a product that has received mostly positive reviews.
Faster growth: Satisfied customers who recommend your product or service help your business grow.
Customer Satisfaction: Companies in the flywheel sector have aligned their structure with the customer. Marketing, sales and customer service work strongly interconnected with each other to optimally respond to customer needs and provide better customer interaction. You don't have to keep regaining the lost customers, but you have to take care of the existing ones in the best possible way.
How can we support you so your business can take advantage of Flywheel Marketing?
We want to make you aware of how a change in mindset can pay dividends for the growth of your business.
Interest: It is essential that potential customers become aware of you. We support you in the selection and creation of suitable tools. Possibilities include ads, social media posts, blog posts, newsletters or flyers. For each product/service there are different possibilities to be found by potential customers. You have to be a kind of information platform for your target group with relevant content.
Interact/Respond: This is where we can support you in the area of inbound marketing. In order for potential customers to communicate with you at all, they first have to find your offer. The goal must be that your target group can familiarize themselves with your brand and your product. Channels here can be website, landing pages, blogs, social media, search engines. In this way, the prospect becomes a customer step by step.
Convince: Even after the purchase, the customer must continue to be inspired and supported. Key words here are feedback, analyses and possible solutions to problems. Automation programs are recommended here, as they make work easier.
Service: You must not forget your service area. The speed of internal processes must be optimized. Additional capacities may also need to be created here, such as sufficient customer service staff.
Optimize: To ensure that your wheel doesn't come to a standstill, it's important to uncover and eliminate possible sources of error. Where can your company optimize itself? Are your website texts up-to-date and comprehensible? Does your customer communication work? Do you use automation software? Does the content attribution fit? Are you satisfied with the results? Do you want to expand your offer? Is your customer experience optimized?
Going new ways
Use the possibilities of flywheel marketing! Customer care must be placed at the center of your marketing efforts. We need to move away from the outdated mindset of the funnel model. The weakness in it was that the process was completed after the prospect made a purchase. This is where a great opportunity is wasted. Instead of spending tedious energy again to build a new customer, we need to leverage the concept of how a convinced customer can win a new customer. We support you to develop a cost-efficient and convincing marketing!