Sick of hearing about sales funnels and their related theories to help fuel your marketing approach?
The next big shift could be ‘The Marketing Flywheel’, which takes an alternate perspective on business growth strategy in order to simplify its core concepts.
As explained by Hubspot:
“With the flywheel, you use the momentum of your happy customers to drive referrals and repeat sales – basically, your business keeps spinning. When you think about your business as a flywheel instead of a funnel, you make different decisions and adjust your strategy.”
The concept, founded by James Watt, utilizes ‘energy’ from different core aspects to build business momentum. The amount of energy, or momentum, your flywheel contains depends on how fast you spin it, how much friction there is and how big your wheel gets.
“The more you increase speed and decrease friction, the more you will create promoters of your business. And all those promoters make for one big flywheel.”