At NoFrames, we’ve switched up our approach to customer acquisition in 2021. Take on this quick read to find out why!
Growth! It’s what every business strives for. Growing sales, growing a customer base or growing a community—it’s at the core of our objectives as business owners and entrepreneurs. Over the years there’s been an array of models and methods that you can apply to your marketing (and inbound marketing) to get results.
Here at NoFrames, we’re big fans of HubSpot and have been taking advantage of their great content for years. In that time, the traditional Funnel method has dominated marketing and sales. Now, especially for our B2B clients, we believe there’s a better way. It’s called the Flywheel, and this is how it works!
What’s wrong with the Sales Funnel?
Technically, nothing! Everything the traditional sales funnel does is beneficial to your growth and to your business. Unfortunately, in today’s day and age there are a few things that the sales funnel simply cannot do—this is the problem for our B2B clients.
The sales funnel has a tendency to allow you to view your customers as secondary assets once they’ve been acquired—as opposed to viewing them as the main drive to your business. Once a customer is acquired they become one of the most valuable assets your company has and it’s crucial to understand how the customers you already have can help you grow. The largest influence for B2B purchases today is word of mouth and customer referrals. What’s being said about your services on 3rd party reviewing sites is as important as the effort you put into your social media presence and inbound marketing efforts. Unfortunately, the traditional funnel just doesn’t account for these additional forces.
So, what does the Flywheel have that the Funnel doesn’t?
The Flywheel Model
You can think of the Flywheel model as a more comprehensive approach to understanding the external factors affecting your company’s growth.
You’ve probably seen a flywheel in action before; certain engines and fireworks use it too. It was invented by James Watt around 200 years ago for use in his steam engine and it’s essentially an incredibly energy efficient wheel that stores the energy it gains from spinning. The amount of energy it stores can vary depending on how fast it’s spinning, or how much friction (our external factors) is pushing onto the wheel.
It’s purpose in marketing is to both visualise and capitalise on the momentum gained from centralising your company around delivering the best customer service. Where the Funnel considers customers an outcome, the Flywheel model uses customers and customer experience as it’s driving force. When you prioritise your customers, the word spreads fast—communication has never been easier than it is today and you need to be leading the conversations surrounding your brand and services.
You can consider the strategies and campaigns you design to further your brand and reach your businesses goals as the forces affecting your Flywheel. These can include your inbound marketing tactics, paid advertising and customer referrals. As you apply more pressure, action different campaigns and strategies your Flywheel starts to spin—which is why any points of friction for your clients have to be identified and reduced. Enough friction, of course, will stop any flywheel spinning, just as failing to highlight and champion your customer testimonials might stop incoming business in its tracks.
The Noframes Way
Today, people make decisions based on their network recommendations and social media mentions. 81% of buyers trust advice from their families and friends more than the advice from the company they’re buying from. To do anything but keep customer experience at the centre of your company’s departments, is to actively lose potential business and money. Imagine the impact on an investment’s return when the leads generated by paid advertising are lost to a poor review or from a customer unable to find any concrete humanopinion on your services.
At NoFrames, we’ll be using this Flywheel model going forward. We’ve always believed that the key to great B2B marketing is by having an approach that champions the people and the customers behind the brand. We can’t wait to see where this new model will take us and our clients in 2021 and beyond!
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