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Goodbye to the marketing and sales funnel. The flywheel is here

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Goodbye to the marketing and sales funnel. The flywheel is here

From the hand of HubSpot , one of the reference software in marketing automation, a new and disruptive concept is introduced in the marketing and sales sector: the flywheel . I’ll tell you everything you need to know about him!list_altIndex of contents
What is the flywheel?
Why should you rethink the sales funnel?
Changes in the traditional concept of the marketing and sales funnel
The new marketing and sales funnel: Flywheel, the wheel that feeds itselfHow do we think about our wheel? 2 tips to grow
Conclusion: the funnel does not disappear, but it does transform
What is the flywheel?
The flywheel is a new way of approaching marketing and sales that gives much more importance than until now to aspects such as user loyalty and the possibility that they continue to buy complementary products or services ( cross selling ) or higher versions or updates ( up selling ).The flywheel was created with the aim of providing brands and denmark cell phone number with total visibility of customer-company interaction from the first contact until after the purchase . The idea is that companies can use this information to improve the user experience and retain them as much as possible.The flywheelIt involves major changes in one of the fundamental foundations of both online and offline marketing : the marketing and sales funnel . But not because it is no longer valid, but because it undergoes a transformation , going from being considered an end point (the moment when the customer reaches the end of the funnel when making the purchase) to a continuous cycle , where the important thing is that that customer buy again and again.

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Why should you rethink the sales funnel?
Because everything evolves and in recent years there have been two important events or “cracks” in relation to high-impact marketing and sales :The progressive loss of customer trust in the usual salespeople or marketers.
Related to the previous point, word of mouth is increasingly influencing Betting Email List ‘ purchasing decisions .
The following graph from a 2018 HubSpot study clearly reflects this trend: the decision to purchase business software is determined first by word of mouth (55%), followed by the opinions of other users (46%). ), while articles in the media lag behind, with 38%.
APP1 (1)Changes in the traditional concept of the marketing and sales funnel
Until now, online marketing and sales followed a process configured by a few steps that did not admit excessive variations. In the first place, online marketing was concerned with attracting users through SEO techniques, blog content marketing, social media strategies, lead nurturing techniques, etc. The second step was to detect and prepare sales opportunities and get customers.A possible scheme based on the traditional concept of the sales funnel would be the following:visits obtained – leads – opportunities and sales APP2 (1)
The new marketing and sales funnel: Flywheel, the wheel that feeds itself
The funnel of always has evolved for the reasons mentioned, that is, the increasing weight of the recommendations of the users themselves and word of mouth. This has drawn a new concept , whose graphic representation could be this:APP3 (1)Source: HubSpotThe sales funnel goes from being a vertical concept to becoming a wheel in which each element depends on the previous one. The key to growth is that each of the elements is strong and fosters the previous one .How do we think about our wheel? 2 tips to grow
Tip 1. Apply force to make the wheel turn
APP4 (1) -1Currently, the first thing we need is force to make our flywheel turn and turn and, in this way, the customer buys from us again and again .Related to force, a new concept emerges: we must invest this force where we have a greater return on investment (ROI) for our business, since the important thing is to achieve maximum profitability.A little history of marketing investment1990-2006 . At this time more was invested in engagement , that is, in trying to establish relationships of trust with our clients. In these years, the sales rep, that is, the commercials, had a lot of strength because they handled information that consumers did not know and to which they did not have access. For this reason, many vendors were hired.
2006-2018 . The investment is transferred to the phase of attracting customers . Marketing is given more importance than sales because the consumer has many information channels, and what is important is to nourish them with a lot of quality content.
2018-present . The current trend is to invest in improving the customer experience (delight) . To get the best ROI we must focus on the customer experience. It is no longer enough to have the best product, we have to ensure that the user experience, both in the sales process and in the after-sales process, is excellent.
APP5-1
Tip 2. Reduce friction with our user
APP6-1The goal of reducing customer friction is that once the flywheel starts , it continues to rotate without stopping . That is, that our client is very loyal and continues to buy our products and / or hire our services.Examples of friction to avoid
“Full service” services : force the user to buy the complete pack.
Limited and standardized customer service hours , for example, from 9 a.m. to 5 p.m. and limited availability.
“Buy first” system : force to buy first to get an offer or a discount.
Examples of models with less friction for the customer
Self-service : the user personalizes their product or service and defines it according to their needs.
24×7 customer service: total availability to solve user doubts and needs.
Try first: possibility of trying the product / service before buying it.
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Ideas to reduce friction
In addition to the previous models, there are other actions that you can take to reduce friction between company and customer and, in this way, improve the operation of the flywheel:

Automate processes . The less interaction between people, the more friction is reduced. Today, customer interaction is too personal (around 80%), which multiplies the chances of friction and problems. The ideal would be to reach 80% automation, and today new technologies, such as chatbots , allow it.
Investment in efficiency . One possible strategy is to shift a portion of the technology resources that are used to increase employee productivity to trying to improve the user experience.
Interaction with employees . When a company grows, the tendency is to hire more and more specialized employees in their position. This means that we do not have transversal professionals, capable of solving a question, request or claim of the user by themselves, which causes the claim times to be extended and friction increases. What we will have to have in the future are specialized positions, but also positions with a transversal knowledge of the circuits. In the future, 80% of standard cases will be managed with technology and automation, we will only need humans for the other 20%.
Formula for growth
APP7 (1) -1
Our advice to grow as a company and in profitability would be to maintain the investment in marketing and sales already made and double the investment in improving the customer experience . In other words, try to focus on the “delight” part rather than the “attract” part. More experience and less attraction . We believe this is the best way to increase ROI today.

On the other hand, the denominator is friction : try to keep it to a minimum to grow as much as possible.

Conclusion: the funnel does not disappear, but it does transform
Internet has changed and users too , no longer behave in the same way. It no longer works with the best product, it no longer works to make them go through the funnel and buy our product, even if it is the best on the market. Now what matters is having the best user experience . And this will help us both to retain and retain customers we already have and to get new ones.

The flywheel is based on creating a wheel with the least possible friction (that is, without obstacles) to retain the user. Something, on the other hand, very profitable, since the cost of retaining a client is much lower than that of attracting a new one.

The improved user experience is today more importantin companies whose end user is the B2C customer than in companies that offer services to other B2B companies. But the trend is that it also begins to be important in relationships between organizations . Be among the first to achieve it and you will achieve a plus of innovation and competitive advantage.

And we will end with two sentences that summarize the paradigm shift that is taking place :

Until now the best business advice focused on: “Your product has to be 10 times better than the competition’s”
Today, it would be: “Your user experience has to be 10 times better than that of the competition”
What did you think of this article? Do you agree with this change in trend in the sales funnel? I’d love to hear your thoughts.

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