Flywheel for video marketing!
Tags: Video Marketing, Flywheel, Marketing Strategies

Undoubtedly the sales funnel has been considered the formal asset for marketing for centuries. However, in the modern era, it doesn’t fit to fulfill specific needs. The sales funnel, invented in 1989, has successfully turned the tables while prioritizing sales and customer services. Nonetheless, it has always showcased customers as a by-product rather than projecting them centrally.

When it comes to the funnel, it is based on more people working at the top level and then a small chunk of people involved at the mid-level. Notably, keeping barely anyone at the base causes several repercussions at the bottom, due to which one needs to add more workforce at the top. Frankly, no proper process has ever been followed in the funnel, whether brand awareness or purchase. Furthermore, it compels the prospects to search for alternative channels and better deals.

With funnel-like procedures, there has always been a question about how some businesses act with their customers. Such methods are more into creating customers and then forgetting about the same, without any provision to keep them satisfied and engaged with video marketing and other such strategies, as in the flywheel case.

Why flywheel?

Flywheel is meant to expand, stabilize, store and propagate energy. It can be compared to a heavy-weight wheel, which can be pretty complicated to push and start running. However, after putting in a constant and specific amount of effort, it gains momentum and keeps rotating while building momentum on its own.

This sustainable barrel of energy keeps spinning unless there is any friction or obstacle.

How does the flywheel work?

The main idea behind flywheel is that the customers help your business expand when you keep them at the center of your marketing strategy. According to Hubspot, if you have happy customers, it will help you get more referrals and drive sales, seamlessly. When this happens, your business keeps spinning or growing, unlike a funnel, where the momentum is lost eventually.

Well, flywheel takes customers as a key aspect to maintain the velocity. But in the case of the funnel, customers are seen as the output process for marketing.

When it comes to the flywheel, a salesperson will secure the customer and prioritize them by getting the job done in time. A flywheel keeps spinning due to constant improvements towards better customer service, opting for better marketing techniques like video marketing, feedback, and referral to ensure success.

Flywheel for Growth

Mentioned below are some factors that explain how much spinning capability your flywheel has to reap the anticipated benefits:

Spinning speed

The more the force is applied, the better the chances of your flywheel to keep spinning for a stronger impact. In a funnel, the force is applied for acquiring customers. However, in a flywheel, the force is applied to satisfy customers.

Friction

There should be a balance between customer success and sales to keep your customers delighted. Therefore, one must figure out the factors, such as churn rate, conversion rate, etc., that cause the loss of momentum.

Size

The size of the flywheel matters. This means, the happier the customers, the heavier the flywheel and more energy it produces to spin continuously.

Conclusion

A flywheel is a prudent approach to boost your business by making customers your priority. Applying flywheel-related strategies will help compete well in the market while acquiring the desired benefits over the long term.