What You Will Learn:
- Why is flywheel strategy more effective than simple sales funnel.
- Why flywheels marketing is taking momentum with various business models.
- How Amazon got its wheels rolling with flywheel marketing.
- The importance of customer service for brand development.
- How to convert unhappy customers to brand ambassadors who will help your company grow with you.
You keep on hearing that the sales funnel is ancient history and you don’t get what they are talking about. You’ve spent so much time learning about the sales funnel, applying it to your business structure and generating great results from it.
You don’t care about this new term on the block. You are pretty happy and satisfied with the results of adopting the sales funnel to your business model.
But then there are so many people swearing by the flywheel marketing strategy too and you can’t bring yourself to ignore it. Well, in all fairness, the sales funnel is amazing, but the flywheel- it’s another level of awesomeness that your business could really use.
Why do you need a flywheel content strategy along with a Sales Funnel?
You still don’t get what all is wrong with the sales funnel. Your business has greatly benefited from applying the sales funnel strategy. In all fairness, there is nothing wrong with the sales funnel. It is a great marketing strategy for steady growth. But it has its limitations.
If you have been a marketer then you probably have the sales funnel process learnt by heart; Awareness, interest, evaluation, decision and then finally purchase.
Just like a real life funnel, once the product goes through the funnel, the process ends. Until you pour in more products from the top and let it ride through the end of the funnel, and then again, nothing. So once you ride your customers through till the end where they make a purchase, your job finishes until you begin again with the awareness.
But that’s not really how a successful marketing strategy works, because it is not focusing on customer retention, or branding. Hence, the sales funnel has its limitations.
How Does the Flywheel Marketing Strategy Work?
Now let’s see how the flywheel marketing strategy works. A flywheel is a heavy wheel that stores rotational energy. So it might be difficult to make it spin, but once it gains momentum, it keeps spinning without any external force. So in order to stop it, an external force needs to intervene.
Great story about the flywheel, but how does it help with my business. Now let’s apply the same analogy to your business structure. A flywheel marketing strategy has three main components; Marketing, Sales and Services. All these three components spin around the axle that are the customers.
It might be difficult to spin this heavy wheel at first, but once it gains momentum, the customers will keep it moving on their own energy (experience). So where the sales funnel focuses more on marketing the product, the flywheel focuses on customer service and experience.
So rather than dumping the customers through the funnel you lift them up so that they help you keep your business rolling. Sounds tempting, doesn’t it?
How Amazon Found It’s Success with the Flywheel Strategy
People down at Amazon are all about the ‘true customer experience’. They love their customers and in turn the customers love them and rave about them. And when they rave about them, their friends and family try the Amazon experience too and because Amazon shows just as much love they rave about them too and the wheel keeps spinning.
But that’s not all.
More customers bring in more sellers for Amazon which then leads to more competition and competitive prices which lowers costs for customers who rave all the more and the pinwheel keeps getting faster and faster. Getting an adrenaline rush? No reason why you shouldn’t. Flywheel marketing strategy can really take your brand development on the highest pedestal.
How Can You Apply the Flywheel Marketing Strategy for Brand Development
Now that you know how it works, you’d very likely want an upgrade from the sales funnel too. And you should. The primary goal of this strategy is to keep customer satisfaction at the center of your marketing goals. The customers feed the growth of your company with this process, so your main goal is to cater to customer satisfaction.
Following are a few tips and tricks to get your marketing flywheel rolling:
- Make sure you follow up with your clients even after they make a purchase. Offer them incentives and loyalty bonuses.
- Keep your social media platforms interactive and actively respond to their queries and concerns.
- Request them to leave positive reviews on your pages and in return offer them discounts or other incentives like free deliveries or coupon codes.
- Train your customer service providers to always be cordial and helpful with prospective customers and leads.
- Provide a number of ways for them to contact you on your website and through your social media contacts and be sure to respond in a timely manner.
- Also try to accommodate their needs even if it means a little more effort on your part.
- Avoid selling your products to the wrong customers. You might make a sale, but if that’s not what the customer was looking for then there’s a fair chance he wouldn’t be too happy with the purchase.
- It’s always better to undersell and over-deliver than the other way around.
What if My Customers Aren’t Happy With You?
Even when your customers are unhappy with your products or services, they leave you at friendly terms. Let’s say you are a food delivery service and the customer got its food delivered on time but her soda wasn’t chilled and the pasta wasn’t hot enough for her liking. But she says it’s okay and pays the bill.
Now you could respond with a little apology that she would accept with a pinch of salt and let it go. If it were a sales funnel strategy you’d call it a problem solved since the customer did pass through the sales funnel; your job is done.
However, the customer is likely not to return and other potential customers still in the decision making process will likely not be pleased with that review and keep hunting for a better food delivery service.
With the flywheel marketing strategy, the story doesn’t end there. Your company’s brand image is at stake. So you send the unhappy customer another free meal that is perfect for their liking along with a free meal coupon or a small present with a sorry note. Maybe a phone calls apologizing for the bad service.
What this would do is change the image of your business for that customer. He might take his review back or even write another one praising your customer service. May take you up on that free meal with a friend and rave even more about how amazing your customer service has been.
Do you feel that flywheel gaining momentum yet?