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A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.
The marketing flywheel is a model that was developed by HubSpot and proposed as an alternative to the marketing funnel. The three stages of the buyer’s journey that are identified in the flywheel are - attract, engage and delight while the customer case is at the center of the wheel. The flywheel focuses on using the momentum of satisfied customers to drive sales and referrals.
Differences between the Flywheel and the Funnel
With the funnel customers are the output, whereas with the flywheel customers are the input.
The funnel has a definite beginning and end - it is more focused on getting one-time buyers, whereas the flywheel is based on the concept of continuity - the customer's journey doesn't simply end after they've made a purchase.
The flywheel allows for all the teams to be brought together, whereas with funnel marketing, sales, customer service teams will all have their own set of responsibilities.
Phases of the Flywheel
Attract - This involves drawing in visitors to your website through things like SEO, social media marketing, content marketing, and CRO.
Engage - Once people have been drawn to your site, build customer relationships by engaging with the customers to understand their needs and motivations. This will help you to offer more value to them. Some tactics that can be implemented to engage are - providing interactive content, providing resources like eBooks, and offering customer care services.
Delight - This involves ensuring that your customers are satisfied at all times and have only positive experiences with your brand. This will determine whether or not you can benefit from the word-of-mouth from your customers and whether or not they will advocate for your brand amongst friends and family. Some ways to ensure delight are - establish a return policy, free shipping, customer service, and offering reward points.