When considering the pros and cons for funnel and flywheel marketing, it is important to first have an understanding of both individually.
To put it simply, the customer journey is depicted by a marketing funnel, which illustrates the various stages of purchasing that individuals undergo upon discovering a business, service, or product.
As the journey towards purchase progresses, the audience narrows down and takes a funnel shape. Although reducing dropouts is desirable, it is normal for some individuals to leave at every stage. The ones who make it to the end are your most valuable leads.
Although customer journeys can be diverse and intricate, marketers can utilize the marketing funnel as a simplified structure. This framework enables marketers to comprehend their audience and customize their approach accordingly, pinpoint and resolve issues in the customer journey, and put their marketing results into context. By doing so, they can develop a more powerful marketing strategy and ultimately increase sales.
The flywheel functions as a self-sufficient marketing strategy because the cyclical model of the flywheel generates a consistent flow of unqualified leads or strangers, as well as qualified leads or prospects, by sustaining its momentum. The consumption of your content can cause buyers to drop out of the process due to obstacles. By removing those barriers, your flywheel can operate smoothly.
The buying journey of consumers is often hindered by friction. Before discovering your messages, they must navigate through a plethora of other content. Therefore, your objective should be to simplify this process for them. Your content should be easily accessible and effortless to consume, as any obstacle could cause an annoyed buyer to backtrack on their journey.
Funnel Vs Flywheel
A significant contrast can be observed between the funnel and flywheel models. The funnel model aims to convert leads into paying customers, whereas the flywheel concentrates on both converting and retaining them. Essentially, the flywheel approach prioritizes customer-centric marketing strategies. The ultimate goal of a flywheel is to enhance customer retention and transform loyal customers into promoters. In the past, traditional sales funnels were the norm for customer journeys. However, modern businesses have found greater profitability in adopting a flywheel business model because it is self-sustaining.
Instead of focusing solely on generating revenue, the flywheel model offers a chance to establish your brand and expertise in your industry. This approach enables you to work more intelligently and effectively towards your long-term objectives. The funnel structure, on the other hand, prioritizes the concentration of all resources on revenue generation.
In conclusion, we’re finding that the traditional marketing funnel is losing its relevance in today’s world. Marketers now have a fresh outlook on the customer journey and the necessary resources to enhance the purchasing experience for both customers and marketers through the flywheel. It is no longer a question of why one should transition to the flywheel, but rather when.