Marketing funnels have been used by many businesses for decades to generate sales and convert leads into customers. Sadly, funnels are now dead because it no longer does its job. It has lost its energy and has reached the bottom. This called for a new model that will bring back the ardour of marketing. This new model has restored the energy that funnels have lost because of their inefficiency.

Essentially, this new growth model focuses on the concept of A flywheel and is called ‘flywheel marketing’. If you’ll think about flywheel, you’ll envision a disk or a wheel used in cars and power plants. A flywheel is particularly designed to store rotational energy inefficiently and this mirrors the ideal marketing method to boost sales and drive customers. Nonetheless, there is more to flywheel marketing than a simple marketing tool inspired by a disk.

The Flywheel Effect

The concept of flywheel marketing is comprehensible. Basically, the flywheel effect developed by Jim Collins can explain how the flywheel is related to marketing. A flywheel is 5000 pounds heavy and it can’t be moved by a single push. With each push, however, it starts to pick up speed. This is the same with marketing; everything can’t be done and achieved with a single effort. Simply put it, the more force you exert, the faster it spins.

The success of every business can be achieved through different marketing efforts and various channels. If you have a good marketing campaign, the flywheel will keep spinning once it gets going. This concept may seem simple but it works wonders for everyone who wants to grow their businesses.

Advantages of Flywheel Marketing

It is Focused on a Single Direction

What’s great about the flywheel marketing is it is focused on only one direction and that is the place where you’ll get consistent sales growth and clients. To maintain momentum and combined returns, the flywheel needs sustained effort and should be directed into a single direction. The application of the flywheel effect should be done carefully as misplaced effort can lead to negative outcomes. They will also waste your money, time and effort so you have to focus on only one place where you envision your business to be.

image source: Hubspot

It Helps Improve Customer Experience

The common problem with sales funnels is that they use customers as output where customers, especially nowadays, should be used as input to grow a business. The buying process has also changed as well as customers’ buying behaviour. People are driven to buy something through word of mouth so old marketing techniques are not likely to work anymore.

Significantly, flywheel marketing can improve the customers experience where the sale funnels cannot. Unlike sales funnel, flywheel marketing does not only explain and satisfy the needs of the customers but it also guides the business throughout the customers’ journey.

Moreover, flywheel marketing helps improve customer experience through customer interaction. Your customers are handled by your employees and as real humans; they don’t create friction, making the customer experience light and stress-free. Most customers want to be served as they have many questions that need to be answered by real humans. This is why a great customer service is very important in every business. Once your customers’ experience increased, it will be easier for you to retain them and attract more customers.

It Uses Fewer but More Skilled Employees

Because increased customer experience relies on the employees, flywheel marketing makes sure to use fewer but skilled employees. Some businesses have a lot of employees that handle customers; there are pre-sales employees, sales representatives and other employees in different positions to handle customers. The problem with this is that the customers are being passed from one employee to another, and they actually hate that.

With flywheel marketing, you can pick one employee that will focus on customer experience and satisfaction. Most customers are busy and they don’t have the patience to talk to many different employees to get the answers they want. For sure, you can find an employee with excellent customer service skills and have other expertise. This will help you avoid friction from customers and also save money on employee salaries.

Companies that Use Flywheel Marketing

Uber

Uber is one of the most successful companies today and from their increasing growth, it is plausible that they are getting the flywheel effect through their marketing campaigns. The Positive Feedback Loops of Uber shared by Andrew Chan shows how the company is benefiting from their business efforts. When they started hiring more drivers, they also began feeling the flywheel effect. More drivers led to shorter pick-up times which made customers think they are reliable. The growth of Uber also increased utilization which enabled them to lower their prices. The lower the prices of their services are, the happier the customers will be.

Amazon

Amazon’s success is another great exemplar of the flywheel effect. This company is known to have a keen focus on selection, price and convenience as well as long-term business perspectives. Like Uber, Amazon’s growth also led to many positive changes as increased web traffic, better customer experience, more sellers, low-cost structure and lower prices of prices. These all lead to more satisfied customers and probably recurring customers.

Airbnb

Airbnb is another popular online platform that is taking advantage of the flywheel marketing. The flywheel effect started from using more hosts. The more hosts they have, the greater selection for their customers. If their customers have a wide variety of options, this can be a better experience for them. Better experience from current customers will help attract more travellers. The more customers they have, the greater the reviews they will get and with many reviews, the users are more likely to trust them.

Applying Flywheel Marketing on your Business

Now that you have a better understanding of how flywheel marketing works, it will be easier for you to apply it on your business. Though this new business growth model is new to some businesses, it is still worth trying considering how efficient it is for growing organisations.

Study your Sales Model Well

Before you start using flywheel marketing for your business, you have to first have a sales model where all your ideas will be. Basically, your sales model is the strategy that you are going to use to get your products to your customers. Your sales model will be based on your products or services, business processes and metrics. Without a sales model, it will be difficult to find the direction that your business is going to take. Know where you want your flywheel to head so you won’t get lost in the process of applying this marketing strategy.

Find What Works for your Business

When running a business, you have to keep testing the water. The world of business is evolving and depending on your industry or niche, things may keep moving fast. This is why you have to know what is working and what isn’t working for your business. You must keep upgrading and evolving your products as we are in a fast paced consumer age. Nonetheless, knowing what works is not enough. You have to ramp up the speed of your flywheel and don’t lose your focus. By focusing on your goals, your flywheel will keep moving to the direction that you want to take.

Examine the Forces that Make your Flywheel Move

Because you are going to use different forces to make your flywheel move, you have to know which ones among there are really working. It will be a little difficult for you to do these so you have to assess each force and the specific outcomes of your business. Once you find out which forces are actually pushing your flywheel, you can eliminate the other forces because they may even lead to more frictions from your customers.

Eliminating Friction

While you exert more force into your flywheel, you need to avoid creating friction or resistance. If you want your business to grow, implement marketing strategies that will engage your customers and drive them to buy your products instead of resisting or thinking twice. To take all the friction out of your flywheel, make sure that your products are ten times better than your competitors’. If you have high-quality products, you don’t need too much marketing to sell them since your customers will buy them on their own even without your encouragement.

Automate Repetitive, Mechanical Tasks

There are some mechanical tasks that your employees do over and over again every day. This will not only make your employees exhausted but it may also create frictions from your target customers. Fortunately, there are some mechanical tasks that you can fix with automation. Most customers nowadays want convenience when buying products and relying on automation can help you improve customer satisfaction. For example, HubSpot’s target customers want to try their products before they pay for it. What HubSpot did to fix this was they offered a free product for their customers. This is why you always have to consider your customers’ feedback to fix problems easily.

Reset your Goals and Re-Orient your Team

As you apply flywheel marketing, you will realize that it is not easy to achieve your goals due to frictions that come along the way. There are factors that keeping your flywheel from moving and this sometimes happens because your team is not moving into the same direction.

If you are getting a lot of frictions from your customers, maybe it’s time to rethink your goals or reset them. Resetting your goals doesn’t mean you have given up on the old ones but to create more feasible and achievable ones. It will also help to re-orient and restore your team. Let them all know what your goals are and you can achieve that by heading to the same direction. Re-organize your team and re-assess their skills so you’ll know how they can help you with the business.

Make your Progress Visible

You make progress while using forces that work and you don’t have to keep it to yourself. When you are selling your products, it means people love them and they are willing to buy from you again. Whatever progress you are making, you have to show it to everyone especially to your target customers. You will attract more customers if they know that your products are hot and trending.  Know that people love being a part of a successful team and if you are winning, people will chase you because they want to be winners, too.

When you try to push your flywheel, you create a momentum and as you keep pushing it, you will accumulate visible and tangible results. This is when people will line up to buy your products because they are energized by your results. As long as you are providing great results, people will recognize your business and try to fit in your success.

Measure your Success

To know the status of your flywheel, you also need to measure your success.  Identify important metrics for the specific efforts you use for your flywheel. Determine how many qualified leads you have and how many customers you had in a certain period of time. Know your winning products and measure customer engagement. By doing this, you will know where you are heading and how well your business is doing. It will also help you identify your team’s advantages and how you can use them to even grow your business.

Push your Flywheel Further and Harder

Your current success cannot determine where your business is leading so it is important to always look after your flywheel. Just because you are making progress and better results doesn’t mean you have to stop making efforts to move your flywheel even further. Exert more force and get rid of frictions completely to speed up the movement of your flywheel. Study all the aspects of your business well and don’t stop making improvements. All these knowledge and tips will help you in the long run so you have to make good use of them.

If you need help with creating a Flywheel Marketing Strategy get in touch with us for a FREE strategy session call.

 

 

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Ensuring the growth of your business and improving market awareness about your brand means keeping up with the 2019 digital marketing trends. Business operation is dynamic; the marketing efforts even more so.

While digital marketing follows the mission of marketing in general ‘to send powerful messages to catch and retain the attention of your target customers’, the method or channel used to deliver those messages vary. These days, you have to consider social media, search engine marketing, content marketing, and more.

If you move fast, you can increase the chances of holding your ideal customers’ attention and increasing your bottom line as a result. For 2019, you should carefully choose what digital marketing trends could be at your disposal and which among these you will use for your business.

 

  1. Omnichannel marketing

Modern consumers are savvier with information, so much so that they look at multiple channels to search for details about the products or services that they are interested in. At first, multichannel marketing took care of this particular need, allowing customers to communicate with businesses using their preferred avenues. They could communicate with businesses through social media such as Facebook, Twitter, Instagram, or by email. They could also connect through comments or chat messaging on websites. Or they could simply stop by a local brick and mortar store.

However, there were still issues on the part of the prospective consumers. Such problems were addressed by using omnichannel marketing. This strategy provides a consistent and seamless connection between your business and your prospects through all channels. You may have first connected with a customer on Facebook, then continued your communication through your website, before eventually moving to email communiqués. You may then get to talk to your customer on the phone and finally make a sale.

Omnichannel marketing is all about enabling you to monitor all your interactions with the customers even though both parties have used different channels to communicate throughout the process. From the customers’ end, they’d appreciate that you’re paying attention to every detail that they have provided to you over various channels, convincing them that you do care for their best interests. This kind of impression is likely enough to turn your prospects into solid leads.

A good way to start implementing omnichannel marketing is to implement a customer relationship management (CRM) program first in order to monitor your interaction with your prospects and customers on different channels. Soon enough, your business might show a repeat of the success story of Net-a-Porter in using omnichannel marketing.  In this case, it allowed them to enjoy a 16.9% year-over-year growth and more than $ 3 billion in earnings in 2017.

For the success of your omnichannel marketing strategy, you should create buyer personas first to provide them a premium customer experience because you want to give the impression that you understand their buyer’s journey. Organize and define your audience using CRM and marketing automation platforms so you’ll know who you’re talking to, then align the content with consideration to each buyer’s journey, making them feel like they are receiving your full attention. Identify what channels and devices your customers are using through proper social monitoring and marketing automation analytics. Don’t forget to measure the quality of your efforts and integrate your findings to create a seamless experience for your customers.

 

2. Digital experience innovation

More than developing a mobile responsive web design, successful businesses need to ensure that they have a fast loading site and user friendly interface. Google has always highlighted how important it is to have a fast website download speed, something that can be improved with the use of Progressive Web Apps (PWA) and Accelerated Mobile Pages (AMPs).

Consider this fact: mobile devices account for 60% of the Google search traffic. As your site’s load time increases, your bounce rate also increases, bringing down your site’s Google ranking. Google made the move to improve load time and developed the AMP project. Sites optimized via AMP load in less than 0.5 seconds, reducing its bounce rate and protecting it from being brought down in the Google search rankings.

PWA is a web application with modern web features that seek to deliver an app-like experience to its users. When implemented, PWA can enhance your website through faster loading time, doing away with user download, better web experience, eliminating app development costs, and ease for users in creating a shortcut on their phone.

 

3. Google search marketing changes

Google intends to introduce several changes, many of which will be implemented in 2019. Among the ones worth noting is Google’s Speed Update, which will affect the slowest sites first before moving on to penalize the slower sites that do not improve their load time after this change gets implemented.

Voice search is also one of the 2019 digital marketing trends that you can apply to your business’s marketing strategy. Its rise is credited to the developments in voice recognition and smart speakers, which customers speak to when they want to control smart devices at home, order items online, and do search engine searches. Voice search technology generates profits for businesses because it is easier for people on the move to use and works faster than typing. You would want to get into this trend because of the rising popularity of smart speakers, such as the Apple home pod and Google Assistant, and the increased use of these on mobile devices. Moreover, users often resort to voice search for a local search. Some experts noted that voice search may rise up to 50% of all searches in 2019. In 2017 alone, voice commerce reportedly accounted for $1.8 billion in retail in the US and $200 million in the UK, according to the OC&C Strategy Consultants.

Visual search is another trend to watch out for. It requires users to upload images to initiate a search. Google Lens was introduced as a visual search engine that recognizes landmarks, objects, and other things using a camera app on Pixel phones for now. You can get ahead of your competitors by incorporating visual search to your marketing strategy, drawing in new and curious customers in this 2019.

 

4. Rise of Instagram and chatbots in social media marketing

According to the Communications Market Review, which compiles data on social media and internet usage, the number of Instagram users has increased in recent years and has done so in all age groups, with the most number of users coming in from the 25-34 age groups. On the other hand, Facebook has remained stable or even declined in users in most age groups, except for its over 55 age group, which also accounts for its biggest number of users. Snapchat has also grown in its number of users, with the biggest increase seen in the 25-34 age groups. I

Instagram is definitely the king of ad spending among the social media platforms as it has seen an increase of 177% to its year-over-year growth in the second quarter of 2018, compared to the 40% seen on Facebook.

Social media stories on Facebook, Instagram, and Snapchat will continue to be effective in 2019, mainly because of their non-disruptive feature. Even YouTube has joined this trend with its own “Story format” called “Reels”. You can take advantage of your prospects’ fear of missing out due to the “Stories”’ features coded to disappear after a certain period of time. You can use these Stories as a way to feature behind-the-scene photos or videos, recognized employees, or sneak peeks of new products.

Chatbots will also continue to flourish in 2019. It can chat with your customers at any time of the day in real-time. A 2017 Grand View Research report showed that the global chatbot market is projected to have a compound annual growth rate of 24.3% and is estimated to grow up to $1.25 billion by 2025. Their popularity is likely because customers prefer that they can easily remember your buying history, are responsive, answers quickly, and never show signs of impatience. On your end, chatbots are helpful because they assist in providing effective customer service, meeting customers’ expectations, and automating repetitive tasks.

 

5. Customer feedback and analytics systems

Monitoring results in any project a business undertakes is important, which is why digital marketing analytics will rise even more in 2019. It measures business metrics like website traffic, leads, and sales, helping you determine which particular events can turn your prospects into sales. Digital marketing analytics use data from your site, social media, email, and organic searches. You can then use the results to help shape your marketing strategy for future development.

 

6. Content marketing

Quality content is still the king among the other digital marketing techniques. But more people have developed an interest into knowing who the target audiences are of certain content. Knowing who your target customers are and effectively getting their attention and turning them into leads is racking up popularity among business owners looking for the best 2019 digital marketing trends.

You may reach a broader audience with more general content, but it pays to develop a very specific audience. Some practices that you might want to use for your business next year include a more strategic approach to writing content to achieve your target leads and sales without losing sight of audience engagement, producing content after developing buyer personas, increasing staff to support expanding content marketing activities, and improving ways to measure content marketing effectiveness.

User-generated content has also proven to be quite a hit and will continue to be so in 2019. It is comparable to a word-of-mouth campaign, which gives your brand credibility. It is very effective, according to Bazaarvoice, as its research showed that it influenced the buying decision of 84% of Millennials and 70% of the Baby Boomers’ generations.          It is also technically free, which is its biggest draw to businesses. This type of content appeals to prospects because they are provided by customers who know their needs and how your product can provide for those needs. A good example would be Coca-Cola’s ‘Share a Coke’ campaign, prompting a lot of people to share photos of Coke bottles and cans with different names that they felt made a personal connection to them. It’s a simple strategy, but it works!

As to what type of content you should produce in preparation for 2019, don’t ignore long-form content. According to Content Marketing Institute’s survey in 2018 in North America, 74% of their B2B content marketer respondents said that they have developed or used long-form content in the last 12 months.

 

7. Video marketing

Another of the interesting 2019 digital marketing trends that you should pay attention to is video marketing. Its popularity is likely due to the availability of streaming apps, such as YouTube, Netflix, Facebook Live, and Amazon Prime Video. Another reason would be the consumers’ increasing time spent on using their smartphones, scrolling through their social media and watching videos. Even Facebook CEO Mark Zuckerberg described video in 2017 as a “megatrend”; hence, the presence of more videos on Facebook now.

Don’t forget to incorporate live video to your digital marketing strategy. These days, live videos are posted to provide interviews, behind-the-scene looks during events, product demos, product development, snippets like “a day in the office”, and more. It gets results because it is authentic, cheaper, and can trigger the fear of missing out.

Video SEO is becoming more valuable as video marketing cements its status among the digital marketing trends you can pursue in 2019. It is all about using closed captions, text overlays, titles, descriptions, and file names.

In 2019, more 360-degree video content can be expected. It can give your prospects a feeling of a more interactive experience. To illustrate, Google’s advertising campaign found that a 360 virtual reality video effectively motivates viewers to stay glued watching the video and interacting with it.

 

8. Personalized email marketing

If you want to convince your customers to spend their money on you, a good option is to personalize your emails. Craft them in a way that will make your prospects believe that you are directly talking to them and get them to do something specific for you using a call to action. It could be to visit your online store. Then, send them another personalized email about a certain product and sending one more email showing a promo about that same product. The last email should aim to trigger your customer to finally make a purchase.

These are the 2019 digital marketing trends that you can use to fully make the transformation that your marketing campaign needs. Attract more customers, satisfy them, and keep them for years to come. Brace yourself for a busy 2019 as you set everything up, from opening a social media account and adapting to Google’s algorithm changes, to using AMP and PWA to improve user experience and preparing quality content for your target audience. It is time to decide which digital marketing trends you’re going to use for your business now and get it started!

For help with any of the above, book in a FREE STRATEGY SESSION with us today.

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