Get to know Flywheel Marketing and its Benefits for Business : Flywheel marketing is a term that is familiar in the business world, especially when it comes to marketing. This is because this type of marketing has begun to be widely used in various business sectors.
Get to know Flywheel Marketing and its Benefits for Business
However, what exactly is flywheel marketing and its benefits? So, for those of you who are curious, see the full explanation in this article.
What is Flywheel Marketing?
MR JIM : Flywheel marketing is a term that actually only appeared in 2018. Even so, the application of this type of marketing in the business world has been going on for a long time.
So, flywheel marketing is a model of marketing strategy that focuses on customer or consumer experience. A business that implements this strategy will generally find it easier to grow their company.
This can happen because the business always focuses on prioritizing customer satisfaction. This means that the company does not only focus on sales targets, but also on the customer side.
Flywheel Marketing Stages
The three stages in flywheel marketing are as follows:
1. Attract
Attract is a stage that requires you as a businessman to visit as many customers as possible. Usually, companies will create a pleasant shopping experience. That way, later customers will be interested in coming back and buying your product.
Many companies have implemented this method to attract customers. Not only that, at this stage the company will also provide promos, discounts, and flash sales to customers.
2. Engage
Engage is the stage of building interactions with customers. Currently, the engage stage is mostly implemented through social media platforms . At this stage, you must provide more information about your product and business.
By building good interactions and relationships with customers, this will automatically have a good impact and affect the company's image. So, don't be surprised if now you find many companies that are aggressively implementing this engagement stage .
3. Delight
The last stage in this flywheel marketing strategy is delight , where customers who have bought your product will feel happy and have their own satisfaction. So, later they will be comfortable and happy to come back to buy your product.
Not infrequently, satisfied customers will also recommend the products they use to others. Of course this is an effective way of promotion and has a very positive impact on your business.
Benefits of Flywheel Marketing
The following are various benefits of flywheel marketing that are interesting for you to know.
1. Can Attract More Customers
The first benefit of flywheel marketing is that it can attract and get more customers. However, it should be understood that attracting new customers is not easy. Because, you need the right strategy in order to attract more customers.
One way that you can try is to make the most of content on social media. The content that you pack in an attractive way can later make customers feel curious and then find out about the products you sell.
After that, it's not impossible for customers to be interested in trying and buying your product.
2. Increase Interaction
Customer interaction in the flywheel marketing strategy is a very important and common part. By implementing this one marketing strategy, the business is not just selling products.
Therefore, the interaction between sellers and customers is an important and inseparable part. Especially on matters that are related to customer needs.
3. Increase Sales
It is certain that the benefits of implementing this marketing strategy are to increase product sales. Of course all things will be done by business people to increase sales of their products.
Because, increased sales will be directly proportional to business income. Meanwhile, increased income indicates that business profits have increased.
4. Increase Repeat Purchases or Repeat Orders
Increased sales and accompanied by customer satisfaction will certainly increase the likelihood of customers making repeat purchases .
In this one marketing strategy, you will often get these repeat orders from customers. This is due to the factors of good communication and interaction between business people and customers.
So, it's no wonder that it will be easier for you to get loyal customers who continue to make repeat orders by implementing this marketing strategy.
The difference between Flywheel Marketing and Funnel Marketing
Even though the term flywheel marketing has begun to be widely applied, some people are still often mistaken and think that this type of marketing is the same as funnel marketing .
When in fact the two types of marketing have quite a difference. Here is a brief explanation of the difference between a flywheel and a marketing funnel .
1. Flywheel Marketing
Flywheel marketing is an effort or way to get as many customers as possible. The more customers, of course, the level of product sales will increase. That way, customer service will also be affected.
This one marketing strategy is indeed focused on customer satisfaction so that they can come back and promote products to new potential customers. This one technique will continue to occur repeatedly.
Hence, flywheel marketing is described as a source of market wheel energy that keeps turning. Well, the position of the customer here has a very important role to help drive the wheels of business growth.
2. Funnel Marketing
The marketing funnel is generally described as a funnel that has an arrangement from the most general to the specific. As for the marketing funnel , the general arrangement is marketing - sales - strategies to get customers.
In contrast to flywheel marketing , in funnel marketing the priority of consumers is only as output . So, consumers who have already made business transactions no longer have an important role because they have left that part of the funnel .
Flywheel or Funnel Marketing?
After listening to the explanation above, you must be curious about which strategy is better and optimal, is it a flywheel or funnel marketing ?
In fact, both types of marketing strategies have their own advantages and characteristics. Therefore, you can try to apply both at different times.
That way, later you will know which marketing strategy is the most effective to apply to your business. Apart from that, you also need to adapt it to your business needs and goals.
If you want to focus on selling as many products as possible, then you can choose funnel marketing . Meanwhile, if you want to focus on customer satisfaction and service, you can choose flywheel marketing . Make no mistake, customer satisfaction can also bring big profits.
Already Understand about Flywheel Marketing for Business?
So, that's a brief explanation of flywheel marketing and its benefits for business. If you are interested in implementing this marketing strategy, don't forget to do in-depth research and surveys.
So, later the process of implementing and formulating the marketing strategy can take place more optimally.
