Marketing Models – Why it Might be Time to Switch From Funnel to Flywheel

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 Many corporate ventures rely on efficient business frameworks to get through a fiscal year. Most of these frameworks aim at improving their business prospects. What do you think is their core agenda? Why do the corporate giants implement professionally structured marketing/ sales models for their businesses? To understand these concepts fully, let us start from scratch. 

Increasing customer influx, steadily or exponentially, is the key to a corporate’s business growth. In that context, any person or organization interested in your products or services is generally called a lead. Professional marketing and sales tactics can convert these leads into loyal customers. This conversion is often supervised by globally standardized marketing models.

In this blog, we shall compare and contrast two popular marketing/ sales models – Funnel and Flywheel. Besides, you can learn and analyze why Flywheels are the perfect choice for your business planning. 

What Are Marketing Funnels? What is Their Mode of Operation?

A marketing funnel thoroughly displays the step-by-step processes involved in transforming a prospect into a client. This model tracks every moment from a potential customer’s initial interest to their first purchase. The pictorial representation of a standard marketing funnel is shown below. Let us analyze it for further insights.

   marketing funnels

 

You can utilize the collaborative output of the abovementioned stages for implementing effective marketing plans. 

Why are Marketing Funnels Not Ideal Anymore?

A Flywheel’s organized approach provides structure to the workflow, making it easier for the various departments to follow through. However, with the advent of more handy and efficient methods of marketing, the funnel model has become outdated. 

Let us look at some of the reasons why marketing funnels are no longer in style.

All these factors put the flywheel marketing model at a disadvantage, making it unfit for incorporation into modern business ventures. This de-merit demands a much more practical model, marketing flywheel, to take over. 

Influence Your Corporate Impact with Marketing Flywheels:

Many of you might not be familiar with the physics behind flywheels. A flywheel is a heavy-duty mechanical device that stores its rotational energy to increase the spin momentum. When applied to a business context, the collaborative input of the marketing, sales, and customer relationship management builds momentum for the flywheel’s spin. 

While the funnel model focuses on attracting prospective clients, the flywheel scheme invests in improving customers’ shopping experiences. The existing clients are provided with quality service and business offers, leading them to amplify sales via referrals.

marketing flywheel

A precise overview of the flywheel strategy is given above. As you can see, customers occupy the center of the model. In other words, the business growth plan of a company adopting this framework would be customer-centric. Moreover, the self-sustainable momentum of a flywheel model determines your firm’s success. 

The two main principles of marketing flywheel are:

So, what makes marketing flywheel incredibly appealing to modern business setups? Why are the age-old funnel frameworks being replaced by marketing flywheels? Let us find out. 

Funnel v/s Flywheel – Understand the Hype Around Marketing Flywheel:

Some of the key takeaways from the duel between the funnel and flywheel marketing models are listed below:

To sum it all up, the varying demands of the corporate world require a well-structured operation model. To this effect, marketing flywheels assign a clear-cut sense of direction for your strategies. Customer feedback is critical here, which eventually contributes to business planning. Hence, switching to flywheels would be a sustainable action for your business in the long run.

FAQ:

  1. How to create a powerful marketing funnel?

The next step in designing a successful marketing funnel is determining each stage required for your business growth. You can define the stages of awareness, interest, consideration, and action with reference to the nature of your venture. 

Lastly, incorporate tried-and-tested marketing strategies into all the stages mentioned above. This approach would help to maintain the pulse of audience engagement.

  1. How do marketing funnels work?

The awareness stage is where suitable marketing tools are used to invite the prospect’s attention. This attention is converted to active engagement in the interest stage and further into Marketing Qualified Leads (MQL) in the consideration phase. Finally, these leads can be closed via the sales department in the action phase. 

  1. What are some ways to use the Flywheel Marketing model to deliver a better customer experience?
  1. Why should you replace marketing funnels with flywheels?

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