But once you acquire enough initial customers and you ensure their success and happiness, they become a force for your flywheel. This is because either they buy from you again or they bring in new customers by promoting you to their network. This is the key to keeping your flywheel spinning without continuing to invest all your resources in acquiring new customers.
This model lets your customers show the value that they have experienced to your prospects. Rather than having your sales team explain your product/service, it provides a credible third party with actual user experience to explain the value. A flywheel allows you to reduce SG&A costs, focus on the customer experience, and find better good fit customers.
Understanding the concept of marketing funnels is crucial for success in business because it’s a useful model for visualizing the customer’s journey from initial awareness all the way through conversion. When you design your marketing funnel with the help of these tips in a careful manner, it will, in turn, provide you with a useful framework through which you can analyze your business and identify areas that require improvement.
Define your end goal. This is the end relationship you want to have with the information you gather, and it differs greatly for online businesses. In some cases, the contact details of a person is your Internet-based goal, because it may funnel leads into a service-based business that calls its customers by phone, and in other cases, it is developing repeat clientele.
The sales funnel metaphor is somewhat misleading; in real life, the process never goes as smoothly as liquid down a funnel. In the last decade, digital marketing, artificial intelligence (AI), and CRM have drastically changed the process of converting new leads into customers. Given this, it’s increasingly important that business-to-business (B2B) sales and marketing teams are aligned in their views on a sales funnel strategy and lead generation as a whole.
Steve Jobs was a pioneer of the funnel business model in the early days of the internet. His vision was that almost any person or company with an interest in information, interaction, or media was a potential participant in the Apple funnel. The top of the Apple funnel was very broad, with devices from desktop computers to iPods. Apple attracted people into the funnel with products that were so intuitive and elegant that they became status symbols. And inside the funnel, the compatible and interconnected nature of the devices, along with a sizable content library, created multiple opportunities for further transactions.
However, say the customer is evaluating marketing automation programs to help improve the sales funnel they created. Because these programs can require investments of $1,500 a month, they’re likely to undergo a much more careful and thorough evaluation process. They might request free trials of the different systems they’re considering, have online demonstrations with each company’s representatives or view training videos to get a feel for how each system will perform.
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One of the main reasons for giving out this free content is to get prospect to give you their email address in exchange of an opt-in offer. This could be mini-course, download, cheatsheet or report. At this stage your email marketing provider must provide you automations, meaning emails are sent without your involvement and as per your defined actions.
For example, let’s say your business has a blog and social media accounts it uses to get on a potential customer’s radar. From there, you encourage people to download an eBook in exchange for their email and drop them into an email drip that promotes an upcoming webinar. At the webinar, you sell people on your product or service, which convinces them to submit a lead form, work with your sales team and ultimately make a purchase.
We’ve written a bit about defining your target audience, but suffice to say that if you still haven’t done this, then don’t bother moving on to the next steps in the sales funnel. You must have some idea of what people are interested in your topic, where they are hanging out online and what motivates them in order to begin creating awareness of your course at the top of the funnel. If you just start sending out emails and tweets willy nilly with no real plan, your efforts (and you will read later on that it is a lot of effort) will be wasted. You need to know that you are creating the right content for the right people.
If you're wondering what a sales funnel is, simply imagine a real-world funnel. At the top of that funnel, some substance is poured in, which filters down towards one finite destination. In sales, something similar occurs. At the top, lots of visitors arrive who may enter your funnel. However, unlike the real-world funnel, not all who enter the sales funnel will reemerge out from the other end.