Flywheel places great emphasis on word of mouth and customer recommendations, which have become the most influential factors in the buying process.
So, what exactly is Flywheel and how can it benefit your company?
Let’s take a closer look at this topic.
What is Flywheel?
Flywheel is a new approach to marketing and sales. This innovative model was developed with the objective of providing companies with complete visibility of the interaction with their customers, from the first contact until long after the purchase. Instead of viewing the sales process as a linear funnel, Flywheel sees it as a continuous cycle. The goal is to make the customer buy again and again, and information from each interaction is used to enhance the user experience and maximize loyalty.
The pillars of Flywheel
Flywheel is based on three fundamental pillars: attraction, interaction and delight. Each of these pillars plays a crucial role in maintaining the sales cycle.
Attraction:
The first pillar of the Flywheel is the attraction. This is where the magic begins, capturing the attention of your potential customers. But attracting your customers is not just a matter of making noise; it’s about generating and nurturing leads through valuable and relevant content that responds to their needs and provides value.
Attraction strategies can range from informative blogging, social media management, search engine optimization (SEO), to online advertising. The goal is to attract your target audience and get them interested in what you have to offer, thus establishing an initial connection with your brand.
Interaction:
The second pillar of Flywheel is interaction. Once you have attracted your leads, the next step is to interact with them in a way that provides value and builds strong relationships.
Interaction can take many forms, from personalized emails that respond to your customers’ individual needs, to chatbots that provide immediate answers to their questions. You can also use sales calls to offer customized solutions to your customers’ problems.
The goal of the interaction is to convert your leads into customers, making them an integral part of your brand community and establishing a relationship of trust that will be maintained in the long term.
Delight:
The third and final pillar of the Flywheel is delight. This is where Flywheel really shines, as satisfied customers become promoters of your brand, generating more leads and keeping the cycle moving.
Delight can involve providing excellent customer service that exceeds expectations, offering discounts and rewards that make your customers feel valued, and soliciting reviews and testimonials that can help you build a solid reputation in your industry.
The energy stored in the Flywheel is released in the form of sales and referrals, driving business growth.
Why change the sales funnel for the Flywheel?
The traditional sales funnel has several limitations that Flywheel addresses.
First, customers’ trust in salespeople and marketers has declined over the years. Consumers are increasingly skeptical of traditional sales tactics and rely more on recommendations from friends, family and other customers.
Second, word of mouth has become increasingly influential in consumers’ purchasing decisions. Studies show that consumers are more likely to buy a product or service if they have heard positive things about it from people they trust.
The traditional sales funnel does not take these factors into account. It does not reveal the expectations that a good product creates (momentum), nor the obstacles you face when your internal processes begin to slow down growth (frictions).
The Flywheel model, on the other hand, is customer-centric. By eliminating internal friction, you can spin the wheel faster and grow faster. The Flywheel highlights the fastest growing areas of your company and reveals the areas where there are the best opportunities for improvement.
Conclusion
In short, the Flywheel is a customer-centric marketing and sales model that replaces the old sales funnel. This model transforms the way companies interact with their customers, putting satisfied customers at the center of their growth strategies. If you haven’t yet adopted Flywheel, it’s time to do so. Your company will benefit from increased customer loyalty, a steady flow of referrals and faster growth.
The era of the sales funnel is over. Welcome to the Flywheel era.
