FunneL vs Flywheel marketing
Funnel vs Flywheel Marketing
In 1898, Elias Elmo Lewis (not the Muppet) created a theoretical framework for the marketing process of turning a curious person into a buying customer. This concept was called the AIDA model, later referred to as the purchase funnel or funnel marketing.
The AIDA model is how someone curious about a product goes from being curious to purchasing the product. This model has four steps, which are-
- Awareness-When a seller has a product, service, or solution that a customer needs and the customer learns of it, this is what is called awareness. A customer can become aware of the product through a variety of channels-marketing, word-of-mouth communication, prospect research, or several other methods.
- Interest-Once a customer becomes aware of a product or service, they start to look into the product to find more information. This is the interest phase of the AIDA marketing process, where a seller must provide compelling reasons for a customer to be interested in the product.
- Desire-Once awareness and interest have been satisfied, the next goal of a seller is to kindle desire in a customer. This is done by helping to deal with the customer’s fears, providing the customer with information and arguments to purchase the product and convince them that buying the product will bring them satisfaction.
- Action-The last step on the model, action is when the customer has finished being aware of a product, taking interest in the product, and developing a desire for a product. The customer has now become a consumer of the product, where their consumption can serve to provide awareness of the product to new consumers.
And, this model has worked well for a long time. It helps marketing professionals to think about how to provide customers with information at every stage of the funnel’s cycle. From making the most of awareness to providing information to relieve fears during the desire portion of the cycle. This model still works now, in an era of online marketing and social media.
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But, in 2018, Hubspot came up with a new model for handling marketing, and this was the Flywheel model. The flywheel model is based on the idea that the customer is the driver of marketing decisions, not the product. This sounds odd, but it does explain the cycle as bringing more people into the marketing cycle as a part of the cycle itself.
The Flywheel model works like this-
- Strangers are attracted by the product, which starts the flywheel spinning.
- The strangers become prospects, as they engage with the product, becoming customers.
- The customers’ delight with the product makes them into promoters, who share their opinions of the product with new strangers.
- The whole process drives the growth of the flywheel, increasing the presence of the product in the eyes of strangers.
This is the structure that Amazon uses to attract customers. And, it is becoming more of a presence in online and social media-driven campaigns.
Which marketing plan should you use? That is a good question and it often depends upon what your product is and your marketing channels. And, there is nothing that says you can’t use both plans for your product, such as using the flywheel to find customers for a more conventional marketing funnel.
With the help of the Boyan Point Agency, we can help you to figure out what marketing plan is the best for your business or product. And, as a full-service agency, we can handle everything from creating your branding to developing and hosting your website.
Bring your marketing to the next level and to the Boylan Point today.