As a demand marketer I was shocked when trusted industry authority, HubSpot declared the sales funnel is dead. For decades companies of all sizes have used the funnel model as the foundation for their sales and marketing strategies. Focused on nurturing the lead and ultimately converting them into a customer, the end goal was closing the deal.
The nurturing stage gradually moved online several years ago, so Sales stepped back their point of engagement allowing buyers to self-educate and build a relationship through digital content offerings. This is true for both B2B and B2C companies across all industries.
So, what’s wrong with the funnel? The problem is that they lose momentum because of their downward pull. Once customers travel through they fall out leaving Sales and Marketing to start from scratch. In contrast, flywheels build momentum which keeps them spinning.
A flywheel is simple a wheel or disc on an axis, that’s incredibly energy-efficient. The amount of energy it stores depends on how fast you spin it, how much friction there is and the composition of the wheel. For businesses, this means emphasis should be placed on tactics that will keep your wheel spinning and lessen friction.
With consumer trust at an all-time low, word of mouth is the most powerful tool in your Marketing strategy. Creating outstanding customer experiences will ‘delight’ your customers and turn them into your greatest ambassadors. Prospects want to engage with Sales less and less, so make your customers advocates who will do the work for you.
How can you ‘delight’ your customers? Well, that’s different for every company. Quite simply, creating an exceptional customer experience will set you apart from your competitors. I can work with you to create your own flywheel model to determine exactly where you can add extra value for your customers that will help you gain more client referrals.
Photo courtesy of HubSpot