Successful businesses have carefully planned marketing strategies that respond to current consumer behavior and to the behavior of their target market(s). With access to websites, social media pages and online reviews at their fingertips, consumers are doing a lot of independent research before choosing a company from which to make a purchase.
Even after they make an initial purchase, consumers have been demanding more of businesses in order to earn their trust and loyalty in the long-term. Many business owners are now beginning to understand that they must work to create loyal, repeat customers in order to be really successful. This is where the marketing flywheel comes in to play. When used effectively, the marketing flywheel can attract more prospects, increase engagement and conversions, reduce churn rate and ultimately retain more customers which helps the business grow.
How does the digital marketing flywheel create long-term customers and growth?
Flywheels create a circular process where customers feed growth, causing businesses to invest more in customer support, customer centered marketing, and a fantastic onboarding experience. As businesses increase these investments, they grow sales by creating more loyal, repeat customers.
An organization’s marketing strategy and the tactics used to support that strategy must work together in order to be effective. The key is that the marketing strategy must be chosen first in order for the tactics to make any sense. The marketing flywheel works because it makes a business start by identifying a goal/strategy and then assign the tactics that will be used to meet that goal.
What is a flywheel?
A flywheel is a heavy wheel that requires a huge amount of energy to get moving. Once it gets rolling, though, it can keep building momentum with less and less effort. In addition, pressure can be applied at any point in the wheel. Eventually, the wheel starts to turn itself and create its own momentum. For marketing purposes, a flywheel can be seen as a self-reinforcing loop made up of a few key plans with your customer in the middle. Those plans feed and are then driven by each other, creating long-term momentum to generate leads and increase brand awareness.
How to use marketing flywheels
In order to achieve long-term goals, businesses should create several flywheels with one main flywheel that focuses the organization on a single purpose/goal and additional program flywheels for each new campaign. Commonly, the main flywheel will center around revenue growth while program flywheels focus on things like customer experience, brand awareness or tech strategy.
Great marketing campaigns come from blending marketing activities with different spokes (tactics) of each marketing flywheel. The spokes of marketing flywheels will vary from business to business based on target market(s), the stage of the company life cycle and other specific goals and budgets. What’s important is that initiatives assigned to each spoke play off of each other in order to build momentum and drive growth.
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