There’s been a lot of chat explaining that the Marketing Flywheel is replacing the Marketing Funnel. For me, I think this is a crazy idea. They’re both really valuable in their own way and therefore both really important.
The Marketing Funnel is pretty simple. Your marketing efforts attract a whole bunch of website traffic, some of this converts to an enquiry and then some of these enquiries become closed deals, resulting in a new customer for your business (or a new patient for our dentists).
A Flywheel is in my opinion, is different to a funnel. A funnel is to gain new customers, a flywheel is to turn those existing customers into additional sales, or even advocates of your business to assist with your marketing efforts in your funnel.
The flywheel is customer concentric. This is the reason many marketers are saying it will replace the funnel, because the customer is always at the heart of the process, where as with the funnel, the customer is the end result, and then ‘forgotten about’ (which I feel in most cases is not true).
So which to use? Both! Use the Marketing Funnel to attract your customers, and then make them advocates of your service using the flywheel. I’m going to call this the Marketing ‘Watermill’. Why? Because a watermill needs water ‘falling’ onto it to turn, just like a flywheel needs customers ‘pushed’ onto it by the funnel to work. Diagram below.