It is 2020, Are You Utilizing the Proper Advertising Technique?
The business landscape is changing rapidly. Companies tirelessly develop technologies that become a disruptive force in their respective industries. They are also looking for different ways to stay ahead of the competition. Therefore, marketing now plays a more important role for the success of a company.
Marketing teams used the funnel model to guide their strategies when converting leads to customers. Companies that have implemented appropriate strategies under the guidance of the funnel have had good success for a long time. However, in recent years, many marketers believe that it is time to put the funnel out of operation and switch to another – the flywheel. Hubspot puts it this way: "Customer recommendations and word of mouth have the greatest impact on the buying process today, which means that the funnel has one big mistake: customers are seen as an afterthought and not as a driving force."
This has prompted many companies to look closely at their strategies and decide whether to make changes.
What is the flywheel?
With a flywheel model, the focus is on the customer. This means that everything, including business processes, is about customers and their experience. The customers are the fuel that drives the flywheel. They help the business grow. Adding power to the areas that have the greatest positive impact on the customer experience increases the flywheel speed. Likewise, any inconvenience, also known as friction, that negatively affects the customer experience will hinder the smooth operation of the flywheel.
No one can say without a doubt that the funnel has no purpose today. In fact, it can still serve a company well if its leader knows the difference between the funnel and the flywheel and knows when and how to do it. However, it is important for companies to recognize that “expanding the funnel” may no longer be sufficient. The proliferation of online review sites, the ubiquity of the Internet, and the impact of social media have changed the way buyers learn and view a product and ultimately make a purchase.
According to the flywheel model, there are three important things to consider in order to achieve an excellent customer experience: attract, engage and inspire. This means that companies have to offer great advertising, high-quality content and marketing, and excellent service every time.
To take steps
There is no surefire way to know if you have the right marketing strategy. Companies have different needs for different reasons, such as: B. the nature of their business, size, goals and other important factors. Fortunately, however, there are practical steps to ensure a premium customer experience and use it as a competitive advantage.
So how do you do that? First, identify the goals of your company. For example, if you are a new ecommerce website, your goal might be to sell 200 pairs of shoes and have 300 likes on Facebook within x months. In this way, you can set the metrics for each goal and identify possible points of friction that hinder the achievement of the goal. Second, plan ways to reach your goal with your customers in mind. It is important that you design this process collaboratively. Ask your colleagues, employees and even your potential customers what they prefer. Third, track your performance and analyze what works and what doesn't. This way you can rethink your strategy and revise your plans for success. Finally, make the necessary adjustments to avoid friction and reach your goal quickly. If this doesn't work, don't fret. You can go back and make further adjustments. You can also re-evaluate your goals. It's great to get the best out of it, but make sure you don't shoot for the impossible.
Although these steps seem simple, many teams are unwilling to experiment and make mistakes multiple times. Marketing is hard work and it takes time and effort to make customer relationships strong and lasting.
How it works
We can take a close look at the three phases of the flywheel to find out how to implement the right marketing strategy. As mentioned earlier, customer focus is key. If your marketing strategy doesn't really prioritize customers, you won't have much success today. Here are some ways you can get good results on all aspects of the flywheel and apply them to the strategy you plan and design.
Here you need appealing and helpful content to attract people to your brand. This usually includes:
- Comprehensive and positive records on reputable review sites. For example, if you are a platform for security solutions, a four-star rating in Top Cybersecurity magazine can make both companies and small businesses consider your service.
- Customer recommendation. If you are a content marketing company, a commendation – even a short praise from a top manager of a reputable company – can help establish your reputation and attract successful and difficult companies to attract you to their digital marketing.
- Inbound marketing. If you are a phishing training platform, you can publish a blog article on how human error is one of the most overlooked cybersecurity issues and how training platforms how you can help companies address their employees' skill gaps in detecting phishing scams close.
Here you have to build and maintain meaningful relationships with your customers. This can be a big challenge because customers have different preferences and needs. You need to be able to make them feel understood by the brands they currently support. This usually requires the following:
- Share relevant articles. Customer loyalty doesn't necessarily mean that you have to create all of your content from scratch. For example, if you're a vegan restaurant, you can exchange articles from third-party publications about the benefits of a vegan diet. You can add an engaging caption that ends with a compelling question or insightful quote from the shared article to encourage readers to comment on your social media channels. You can also reply to certain comments that require your reply.
- Create various content of great value. For example, if you are a startup that is meant to help students survive their college life, you can create content for Instagram stories and posts related to college student struggles. You can also use fun subtitles and memes to invite discussions and possibly go viral.
- Good customer relationships through different channels. Make sure that your employees handle incoming calls and emails well. Create templates as needed, but ensure a personalized experience. This gives you the feeling that your customers are listening to their inquiries and complaints.
This may be one of the most important phases that determine the success of your marketing efforts. The enthusiasm of the customers ensures that the customers are satisfied and satisfied. This means that you can still get your full service and support even after a long time after purchase. Success in the joy phase will most likely result in your customers promoting your brand, helping you expand your reach. To be successful, you can consider the following:
- Ensure a strong web presence and offer customer support around the clock. It is important that you have web channels that customers can easily access if they have questions or complaints. Customers need to be able to reach you through different channels such as a website chat box, social media or email. Web channels can also help you inform your customers about new products, discounts, and special offers that they can use to fix their problems. This ensures that customers have the opportunity to communicate with you while continuously impressing and satisfying them.
- Maintain a user-friendly and accessible website. Laws such as the Disabled Americans Act (ADA) have been enacted to ensure that services and amenities are equally accessible to everyone. Unfortunately, many companies still lack accessible websites. Make sure your website is accessible to people with disabilities. Not only is this ethical and it helps you avoid litigation related to internet accessibility, it also shows that you care about your users. It also doesn't hurt that an accessible website means a user-friendly interface. Hence an overall great user experience.
- Use chatbots and surveys for feedback. You can use a chatbot or a popup survey to request feedback from customers. These should be initiated at certain points in the customer journey. For example, if the user has just completed a purchase from your online store, a pop-up may appear on your website asking you to rate the experience on a 1 to 5 scale. You can also send an email months after purchase to ensure this The product met customer satisfaction.
Keep in mind
These are some of the ways you can implement your marketing strategy. Of course, these are not exhaustive. Some of them may not even be suitable for your company's needs. Therefore, it is important that you understand your company's needs and identify the friction that is affecting your flywheel's performance. In this way, you can stay competitive in your industry and ensure that your marketing strategy gives you the highest possible ROI. There is no one-size-fits-all solution to your company's marketing needs. Technologies and trends are constantly evolving and it is a mistake to remain static and complacent. The best thing you can do is keep in mind that your customers are the star and you need to put them at the center of all your decisions.