Sales Funnel vs Flywheel

Sales funnels are a standard way of how we look at customer journeys. But what are flywheels? How are they different? And should I be using that approach in my business instead? We answer all these questions in the video!
Sales Funnel vs Flywheel:

0: 00 Intro
1: 05 Summary of Funnels & Flywheels
1: 12 Sales Funnel Explained
1: 45 Top of the Funnel (TOFU)
2: 17 Middle of the Funnel (MOFU)
2: 54 Bottom of the Funnel (BOFU)
3: 23 Flywheels Explained
5: 15 Outro
5: 40 Outro (Continued)
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Every business has a funnel. Whether you’re aware of it, or not, there is a mechanism behind how somebody who’s never heard of you becomes a customer.

Funnels and flywheels are just a way to help you understand and visualize customer journeys. They’re there even without you intentionally constructing them.

Understanding these two approaches and their advantages will help you construct a scalable sales process that works for you.

What’s a sales funnel?
A sales funnel is a system to help you visualize the journey each customer takes towards a purchase. Each individual journey is going to be different, of course, but there are basic steps everyone has to take in order to complete a purchase.

These steps are usually put into three parts of your funnel: the top, the middle and the bottom. The further down your funnel, the closer to the purchase they are.

Top of the funnel (TOFU)
People in the top of the funnel are new to your business. They might have heard about you, engaged with some of your social media posts or visited your website.

The type of conversions your should optimize the top of your funnel are:
1. Registrations
2. Newsletter subscriptions
3. Call booking
4. PDF or ebook downloads

Middle of the funnel (MOFU)
The middle of your funnel is full of leads that are either subscribed to your newsletter or have signed up on your website. You have their basic contact information, in order to get them to the bottom of your funnel, you need to learn more about them.

The type of conversions you should aim for in the middle of your funnel include:
1. Engagement: email opens, ad clicks, content viewed
2. Activation: creating a responsive relationship between you and your leads
3. Segmentation: putting leads in separate buckets based on their behavior

Bottom of the funnel (BOFU)
This is the smallest and most valuable pool of your prospects. Most leads won’t make it here, and that’s ok. It’s not about forcing everyone further into your funnel, but rather about meeting people where they are.

BOFU leads need a little extra push to make a purchase. Common incentives include:
1. A time restricted special offer
2. A small discount
3. Reassurance in form of a call with your team or positive reviews

What’s a flywheel?
A defining feature of a flywheel is that it keeps spinning. While customers will pour in and out of your funnel, a flywheel will keep them circling around.

The flywheel is a new approach to sales that’s undeniably effective, because it puts the customer in the center of everything.

A flywheel is FUN = focused on user needs. It provides relevant actions and content for different steps of the journey, much like a funnel does. The stages are different however. Instead of funnel “attract, engage, convert”, a flywheel goes “attract, engage, delight”.

Delighting customers is the key difference and biggest benefit of the flywheel approach. While funnels focus on getting conversions, flywheels focus on delighting customers.

The cool thing about happy customers is that they multiply. Happy shoppers will leave raving reviews that will convince more people to buy from you.

The funnel simply no longer meets the needs of the present-day customer. People are more likely to ask friends for recommendations, check online reviews or look on social media. The flywheel accommodates this changing behavior.
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