10/01/2022
The Marketing Flywheel
Unlike the traditional marketing funnel, flywheel marketing enhances the sales process but is never truly complete. The wheel will slow down to reflect a disconnect between sales and customer success and speed up to reflect improvements in CX (customer experience) & conversion rate.
When the flywheel is in motion, so to speak, clients are retained and will recommend a product or service to others via word-of-mouth marketing. Since the focus is on customer retention, flywheel marketing is relevant to any business regardless of industry, size, or type.
1 – Activation
In the first stage of flywheel marketing, the business endeavours to attract new customers in several ways.
Typically, this encompasses a high-converting website showcasing the relevant expertise and case studies. Some businesses will also choose to entice leads with coupons, discounts, or free trials and track the results of their efforts.
2 – Adoption
Once a customer has been acquired, the business must determine how to keep them coming back. In the second stage, newly acquired customers start using the product or service and are constantly searching for more value.
3 – Adoration
The adoration stage focuses on creating users who love products and services and look forward to using them regularly. For the business, the best possible outcome is a cohort of customers who act as brand ambassadors and set the stage for brand advocacy.
Customer adoration can be facilitated by:
Sharing resources via social media or a newsletter, such as a free webinar.
Conducting surveys to determine which product features fans would love to see incorporated.
Compelling customers to upgrade to premium plans and reap the hidden benefits.
While many brand advocates will need no motivation to speak well of a product or service, affiliate programs and other rewards can help incentivize some users to help keep the flywheel spinning.
During the advocacy stage, happy and satisfied customers become brand advocates via user testimonials, reviews, referrals, and user-generated content. Each is a potential source of new leads, with brand advocates essentially acting as a marketing team for the business itself.
4 - Advocacy
During the advocacy stage, happy and satisfied customers become brand advocates via user testimonials, reviews, referrals, and user-generated content. Each is a potential source of new leads, with brand advocates essentially acting as a marketing team for the business itself.
While many brand advocates will need no motivation to speak well of a product or service, affiliate programs and other rewards can help incentivize some users to help keep the flywheel spinning.