Nowadays, flywheel marketing is being discussed by marketers. Many websites write that flywheel marketing is a substitute to the sales funnel, which marketers in the world have often adopted to generate sales.
We will discuss Flywheel marketing in this article.
Definition of Flywheel Marketing
Based on several sources, Flywheel marketing appeared in 2018. But the application in business started long before that.
If you search about “Jeff Bezos Flywheel” on the internet, the picture below it’ll appear:
It was Jeff Bezos’ handwriting which was beautified.
Before the term of Flywheel was introduced by Brian Halligan, the CEO of Hubspot, the concept of the Flywheel had been introduced by Jeff Bezos, possibly under a different name.
So, based on what Jeff Bezos did, we can conclude that Flywheel Marketing is a marketing strategy or method that prioritizes a pleasant shopping experience (read: customer satisfaction) to attract more other customers without having incurred additional acquisition costs.
The Difference between Flywheel Marketing and Sales Funnel
There is a picture that might explain the difference between flywheel marketing and a sales funnel. The picture is as follows:
From the picture above, the sales funnel sequence is started from marketing, then converting to sales, and from sales producing customers or buyers.
In the sales funnel, the process stops when the prospect has turned into a buyer.
However, in Flywheel marketing, the process can be started from anywhere. To produce customers or buyers, the process can be from marketing first, it will increase sales.
Implementation of Flywheel Marketing in Business
If you want to implement flywheel marketing in your business, you have to follow these three steps first, include:
The first step, when you want to implement a flywheel in your business, you need to build an attraction. For the example Amazon, they do attract by a pleasant shopping experience.
This is also done by marketplaces in Southeast Asia such as Tokopedia, Lazada, and Shopee. They intensively provide discount promos, flash sales, and free shipping promos for their users. It makes users interested in shopping through the marketplace.
If you don’t have the resources to provide generous discounts, you can still use a content marketing strategy or whatever the goal to attract new customers.
After you have done the first step, implement flywheel marketing in business to engage or build interaction with buyers or users.
The point is to build a good relationship with your buyers. You can send coupons for second purchases, send email newsletters, and so on.
And the third step in flywheel marketing is a delight. Make your customers more comfortable shopping with you. Besides that, make them invite other people to shop at you more and more. You can give rewards to those who are loyal and in bringing new buyers. Repeat the process until your acquisition costs go down while improving your products and services.
That’s our explanation of flywheel marketing, examples, and how to implement it in business.
Hopefully, it can provide a different point of view and provide you with new insights about flywheel marketing.