Recently updated on August 28th, 2024 at 09:49 am
A centrifugal fan uses those forces of physics to push air in a specific direction. Usually out of the fan itself. When it comes to business and applying similar ideas of forces (utilizing technological and social advances) to a company’s lead generation and conversion process, the movement is directed inward rather than out.
The concept of the funnel has been used in marketing since the late 19th century when the second industrial revolution was taking place. Markets were becoming more sophisticated and so a more sophisticated model for understanding marketing was required.
The funnel recognised the importance of the decision-making process in consumer behaviour. Essentially it conceptualised the path a consumer may follow intellectually as they make the decision to purchase a product or service. Basically the funnel is meant to illustrate the idea that prospective customers begin the buying process by first becoming aware of the product or service (Top of the Funnel, ToFu), then moving into a stage of consideration whereby they gather more information (Middle of the Funnel, MoFu) and then finally deciding to make the purchase (Bottom of the Funnel, BoFu). A decision is made and so is a sale. That’s that.
This has been the model for lead generation for a century but further advents in the technological sphere have impacted the social fabric within which such decisions are made. The Flywheel model recognises the newer facets of human communication enabled through digital tools and how these can be used to grow a business by re-engaging customers that have already bought from a company previously.
This is a significant factor because in the digital world people can engage with the funnel at various points in the cycle. Clients typically do this by being informed firstly by an advocate of a company’s brand, who told them about how satisfied they were with the work the company executed. The goal within the Flywheel is to attract leads, engage them and then delight them. With that feeling of joy, inspired by the gratification of a job well done, a converted lead becomes a lead generator.
By combining the old method with the new, businesses can be empowered to control their brand and efficiently leverage it to grow. At the centre of this transformation being successfully implemented is an in-depth understanding of the digital tools available in the 21st century, thanks to the Third (Digital) Industrial Revolution and the Fourth Industrial Revolution (4IR, Industry 4.0).
The industry of digital marketing has evolved to the point where specific operational software gives companies the capability of gathering the data required to make informed marketing decisions and business development decisions as well. At the heart of the flywheel is Customer Relationship Management (CRM) software. Implementing such operational structures can be daunting and rightly so. Should these be installed incorrectly or incompletely – without a holistic view of the organisation in mind – many inefficiencies can be built into the system. Relying on a professional opinion of the matter may be vital to your company’s successful adaptation to the digital ecosystem.
This is where Digital Doorway comes in. With years of experience in an ever-changing digital environment and working within an ever changing physical environment, we have gained the expertise required to help businesses transition as painlessly as possible into the digital organisational forms required to operate successfully in the world of Industry 4.0. Get in touch today to find out more about our offerings.
