Thinking of customer acquisition and retention is not enough when we’re living in the days of giving and receiving recommendations within a few clicks. As a business, everything has to revolve around the customers and the value we provide them.
Flywheel is an amazing model that allows you to prioritize your customers in a way so they refer others to your product or service delightfully!
What is the Flywheel?
A flywheel is like a cycle that takes a stranger through a journey where your touchpoints convert them into a spokesperson for your business!
You gain momentum by aligning your business strategy by keeping your customers at the focal point. To ensure the wheel is spinning smoothly, you reduce the friction by limiting components that slow down your pace of providing value.
How Does a Marketing Flywheel Work?
A flywheel is efficient because of the self-sustaining momentum it utilizes. From a business perspective, you are going to put our customers at the center of the wheel. As you start spinning the wheel, you’ll attract strangers. Through engagement, you’ll make sure they become a prospect and eventually, a customer.
Now, unlike a funnel, this does not end here. We make sure to go the extra mile to delight our customers so they become your promoters of you! This amazing bunch of promoters will work in tandem with your efforts to start the cycle from the beginning, where strangers get to know your brand and go through this whole journey!
Advantages of Using the Flywheel Model of Marketing
The biggest advantage of the model is how you turn your customer into your advertisement with value-driven activities. Word of mouth is magical, a factor that establishes trust like no other. This is exactly what enables the business to have a steady flow of prospects.
Another benefit of the model is, knowing how you get to design the best possible customer experience. Now that you want to go beyond converting a prospect into a customer, you have the opportunity to provide enhanced attention to what value you are providing at every touchpoint.
Let’s not forget how identifying frictions in this case helps you improve your strategic and operational activities. Friction can be anything from slow execution to lengthy customer service, hence you get to evaluate everything.
What is Content Inertia?
It’s common sense that inertia is not something you would want in a wheel you’d want to spin as fast as you can. When your prospect or customer faces any difficulty in understanding or engaging with your content, they don’t receive the value you intended to provide.
This friction created due to imperfect content is what you can call content inertia.
How to Convert Your Sales Funnel Into a Flywheel
If you think going from sales funnel to a flywheel will take a lot of hassle, let’s give you a simple strategy you can follow. Let’s not wait to get the party started!
- Create Your Flywheel
Go through your existing marketing & sales funnel. You need to identify the channels, the KPIs, and the possible points of friction. Think of what you want to convey to your customer in each stage and keep the elements relevant to those.
- With The Right Touchpoints, You Can Cultivate Delight
Delight can only be there when you give the customers something beyond what you promised. Examine the touchpoints, use the previous feedback, and design processes that will push the wheel forward to keep it going.
- Concentrate On Friction Points
Make sure that you are prepared to give the customer the exact information and support they need while transitioning from one touchpoint to another. Make sure all your activities are optimized to give your customers the feeling of being unique and important to you.
A flywheel might seem like a complex model to adapt, but it’s not. Any change is challenging and so will this. The good news is, conquering this will open a flow of rewards your business will thank you for. With customers truly at the heart of it, we’re rooting for your business to soar high!