The New And Improved Sales Funnel: The Flywheel By HubSpot
The sales funnel has been a commonly used analogy for marketing professionals for a long time. Therefore, when HubSpot explained how it would now be replaced by a flywheel, many were left confused as it has been such a vital part of success. However, not to worry. HubSpot wrote a blog outlining all of the key benefits of using the flywheel to achieve foolproof success when used correctly.
They explained that the sales funnel had a linear approach to measuring growth, meaning this was a great weakness for anyone using it. Yes, the funnel allows you to obtain, develop and produce customers but its focus is not on business growth. Word of mouth has become one of the strongest parts of marketing, therefore with the funnel losing word of mouth momentum, it can halt your growth and not allow you to progress any further.
However, unlike the funnel, a flywheel will utilise the momentum it has procured to spin even further and faster. In other words, you can use the energy to nurture customers throughout their entire lifecycle. The funnel focuses on those being acquired, showing that once they have converted to a customer that is the end of their use to the business- wrong. As society has changed so has the way we market, we must now focus on getting new customers as well as nurturing current ones so that they become repeat purchasers.
HubSpot explains that “three factors dictate how much momentum your flywheel contains:
- - How fast you spin it
- - How much friction there is
- - How it’s composed -- how big it is and how much it weighs
The best teams will have strategies for all three.”
They explain the three main parts of a customer lifecycle in relation to the flywheel.
“Attract: This is where prospects enter your flywheel and interact with your company for the first time. Our commitment is to provide value before we extract value from those prospects.
Engage: At this stage, engage prospects that are interested in becoming customers. Our commitment is to make that decision making and purchasing process as easy as possible.
Delight: Finally, new customers have the potential to become promoters of your company. Remember that customer success is your success. Our commitment is to ensure our customers see success with HubSpot.”
Now you know what it is, you can now start to implement the flywheel in to your marketing strategy and plan. HubSpot’s blog gives a great step-by-step guide on what you can do as a business, you can find that information here.
We cannot wait to implement this new ideal into our own strategy and see how the marketing industry grows as a result. If you would like to know more about HubSpot or the Flywheel, please do not hesitate to contact us- Give us a call on 01702 410663 or email us at email@example.com today