Marketers have historically used the old reliable \u2018funnel\u2019 as the analogy of choice when it comes to describing a customer\u2019s buying journey. And why not? The funnel has served us well. But, when the global market evolves and people adopt a more digital-centric focus, changing the way they interact with brands, the need for a more relevant mechanism has risen.<\/p>\n
And here, the Marketing Flywheel is born.<\/p>\n
Before we unpack the new marketing model, let\u2019s look at our old funnel friend to provide a fair comparison.<\/p>\n
When we refer to the marketing funnel as an \u2018old friend\u2019, it\u2019s because the concept dates all the way back to 1898 where E. St. Elmo Lewis first coined the idea to map out a customer\u2019s theoretical journey from the point they become aware of your brand and product, right through to the action of making a purchase and all the steps in between.<\/p>\n
Adapted by marketers to change with the times and trends, there are dozens of modern versions, but all with the same linear principal and broken down into the following steps:<\/p>\n
Awareness \u2013 <\/strong>Sits at the top and widest point of the funnel, casting a large net over a target audience<\/p>\n Consideration \u2013 <\/strong>Sits in a narrower position below awareness and describes the point a customer considers a purchase<\/p>\n Conversion \u2013 <\/strong>Lies in the narrowest part of the funnel, representing the point of a sales conversion<\/p>\n The funnel\u2019s structure represents these stages, but also the quantity of people who reach each stage; the top representing the larger audience with the numbers dropping down as the funnel becomes narrower through the different stages.<\/p>\n The flywheel is a device with a rotational mechanism designed to efficiently store energy that can be converted into gaining more momentum. If you\u2019re not into physics, the flywheel uses its momentum to continue spinning. The more energy it gathers, the more momentum can be gained and added to its overall function.<\/p>\n How does it fit in with marketing?<\/p>\n It\u2019s circular, not linear <\/strong><\/p>\n The marketing funnel is a top-to-bottom linear structure. A lot of effort is put into filling the top with as many people as possible in hopes that a small portion of them will funnel down into a sales conversion. The buck stops there, and you start all over again at the top.<\/p>\n The marketing flywheel is circular, representing the ongoing customer relationships and brand loyalty that feed into growth and momentum for your business. The more energy you invest in your customer\u2019s experience throughout their journey with you, the more it comes full circle and feeds back into the spinning wheel.<\/p>\n HubSpot describe the three stages of the flywheel as:<\/p>\n Attract \u2013 <\/strong>attracting the right audience through meaningful interactions, conversation, and engaging content<\/p>\nThe Marketing Flywheel <\/strong><\/h3>\n
The three stages of the Marketing Flywheel <\/strong><\/h3>\n