Sales or marketing funnel has been in the practice over the decades. A lot of business organizations have taken the help of this sales funnel. But now expert marketers are saying that creating a strategy for the sales funnel is an old school task. In order to get the best business benefits, now companies should focus on the flywheel. Apart from this, according to research, now the sales funnel is not offering the best value rather it is failing in many organizations. And that’s why now they are suggesting focusing on the marketing flywheel. So, today we are going to discuss each and everything about sales funnel and flywheel and how to easily switch from funnel to flywheel.
What is Funnel? Why It is Out-dated?
We all know that sales funnel was a common model for lots of businesses over the decades. Sales funnel is the journey of a random visitor to become a customer. There are many stages in a sales funnel and marketing experts used to create effective strategies to fasten each stage. But with the increase in competition and different business strategies, this business model is losing its importance. Or we can say that now it is not that much effective. Why businesses are tending towards other models instead of this one that we can understand from the below discussion –
Sales Funnel is Too Linear — here we can see very little communication or direct engagement with the customer. Now we have a lot of ways to reach our potential customers. And people simply do not have that much time or patience to wait for a particular company to buy something. I mean if the company offers a newsletter once in a year according to its sales funnel, almost every user will forget about this company. Today we have a lot of ways to remind a user about the existence of a company.
The sales funnel is completely sales focused. It does not care about engagement. Now staying in the head of your users is a true business need. But the typical sales funnel does not care about it rather makes the business model or style old school. The sales funnel does not try to make a customer purchase again. When a business has a specific target audience, a one-time customer goal is not appreciated at all. But at the same place and same situation marketing flywheel performs much better.
What is Flywheel and How It Works?
A sales flywheel concentrates on three important factors such as sales, marketing, and services. Without any doubt, these are the core areas of any business regardless of the industry type. The flywheel was invented by James Watt. You know that a flywheel is a simple disc or wheel on the axis and it is amazing energy-efficient. We have seen the use of flywheel in many power plants, cars, and trains. Basically a flywheel can maintain the momentum and smooth the engine operation. But how is this going to be used in a normal business setting! To know in detail, visit Flywheel vs. Funnel
