In this blog post, I am going to teach you why the conversion funnel is dead. It’s not a completely new idea. It should be noted, that the traditional way of teaching marketing and sales has been stale for a while. But it has become more and more obsolete as time goes on. The traditional ‘marketing funnel’, ‘sales funnel’, conversion funnel’, or commonly known ‘customer funnel’ is DEAD. The traditional marketing principle, that is based on the AIDA model is outdated. Universities across the country are still teaching these principles.
The Conversion Funnel is Dead
First came the customer journey, then in 2018 there was a new idea to replace the boring funnel, The Flywheel
Say Hello To The Flywheel
What is a flywheel? A flywheel is a wheel that is energy efficient. It works on momentum. You get the wheel spinning and generate a momentum of customers. James Watt, the inventor of the lightbulb introduced this idea some 200 years ago.
In a marketing and sales sense, the flywheel makes customers the centre of everything which is in contrast to the funnel. Through optimizing a flywheel in marketing and sales you aim to serve and please the customer. This will gain you momentum and generate sales and referrals. By focusing on providing value at every stage the customer helps grow the business by becoming an advocate!
Omnichannel Marketing and Sales
Much like a pinball machine the flywheel allows for a customer to enter at any stage. The customer could be dropped in one click away from a purchase while another could enter early in their journey through discovery on social media. This is where omnichannel marketing and sales are crucial. Running cross-channel campaigns and activations is extremely important.
The funnel is dead, so make room for your new best friend. The flywheel and customer journey.
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