Business models have changed a lot in the past few years, where customers have become more knowledgeable and often challenge what they are presented with. You cannot treat customers the way they were being treated twenty years ago! Today’s customers have higher expectations that need to be met by any business that hopes to thrive in the current business world.
Many businesses and organisations realise the importance of having an inbound marketing strategy that takes the needs of the customers seriously. Your strategy should align the organisation around delivering first-class customer experience. You can achieve this by adopting the Flywheel model. Watch this video to get more in-depth information about the Flywheel model and how it can transform your business.
About the Flywheel Model And How It Works
The main goal of this model is to let you know the gains you get when you align your business decisions with the needs of your customers. There are four components in this model which are: strangers, prospects, customers and promoters. These four options are indicators of how you can turn strangers into long term customers by following the right strategies.
The momentum of the model is determined by three factors:
- The size of the wheel
- The amount of friction
- The speed of the wheel
Companies that are achieving success in the modern business world are adjusting their strategies to consider these three factors. Addressing these factors has become an integral part of any inbound marketing strategy in 2021 because of their effectiveness. Some of the forces applicable in the model include frictionless selling, paid advertising, and inbound marketing.
It is also paramount to put in place measures to ensure that nothing is opposing the Flywheel. Some of the friction you need to remove from your business strategy include: misalignment between customers and employees, ineffective communication between teams, and poor internal processes. Reducing the amount of friction has a direct result of improving the speed at which your flywheel, i.e, business, can work effectively..
Application Of Inbound Methodology And The Flywheel Model
The inbound methodology adjusts the Flywheel to make it have three phases, which are: attract, engage, and delight.
The attract phase involves attracting visitors by providing them with creative content and reducing barriers that may hinder them from learning about your business. You should work to attract people’s attention politely without using any force.
The other important phase is engagement, and it requires giving customers the freedom to engage with you through their preferred channels and timelines. Besides closing deals, you should also create relationships that can result in even more sales in the future. Some tools you can use to foster good engagement forums include marketing automation, email personalisation, and multichannel communication, among others.
The delight phase is the third step, and it primarily involves supporting and empowering your customers. You need to facilitate the success of your customers because if they succeed, you shall also succeed. The main channels you can use to facilitate success among your customers include loyalty programs, self-service, and proactive customer service.
The Superiority Of Flywheel Over Other Models
Most businesses have, for a long time, been using the Funnel model mainly because it has been producing the desired results. But the model is proving to be outdated in the current business environment primarily because customers are now more enlightened. The Flywheel model considers the customers’ needs more than any other model, consequently making it superior.
Flywheel model also understands the influence of word-of-mouth and referrals in marketing. These two components have become the most effective marketing tools in the current world because people are able to communicate more. As a result of this, the Flywheel model has ensured that the customers are optimally satisfied so that they can spread the word to other people.
You also have the advantage of passing information faster by applying the Flywheel model. This is because most of the models that have been in place for many years rely on marketing materials and the use of salespeople to pass information. These are outdated methods since modern models rely on people passing information to other people. A perfect example of this is the increased use of social media, where millions of people can know about a product without accessing any marketing materials or coming into contact with any salesperson.
The flywheel model has also been developed after years of careful consideration of the market’s changing dynamics. The model has considered the factors that are becoming time-barred and are no longer applicable in the current world. It has also considered the factors influencing marketing campaigns currently and will remain influential even in the future.
You can learn more about the Marketing Flywheel Model here.
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