Funnels, flywheels and more, oh yeah!
Remember those times in school when you literally didn’t pay attention for 47 minutes, and then out of the blue, the teacher said, “If you don’t hear anything else today, make sure you listen to this. This is the really important part.”?
Well, this is something similar.
If you’ve been struggling to understand the meaning and function of RevOps, pay attention now. Why? Because if you’re not doing the following, then you’re not doing RevOps .
Traditional marketing funnels and flywheels are inadequate
Understanding the customer journey through visual representation is a great idea, but the problem is that many of these visualizations are lacking in some way.
The traditional sales funnel that many companies use narrows down the pool of potential customers from Prospects, Leads, Marketing Qualified Leads (MQLs), and finally Sales Qualified Leads (SQLs). Then the funnel stops.
Instead of a funnel, HubSpot uses a flywheel that displays the stages of Strangers, Prospects, Customers, and Promoters in that order. The flywheel represents Attract, Engage, and Delight (attracting customers, engaging customers, and delighting customers, which drives revenue growth).
Some have tried to update the funnel into a nurse database vertical bowtie shape, where the top part remains the same as the original funnel, but the bottom part, where it starts to expand again, now includes customer retention and then Upsell/Cross-sell/Expand.
The problem with both funnels, and even flywheel, is that they are methodologies. Translating these funnels into a data model in CRM is much more science than art.
Why is this so? Because you need to start thinking fanto data about metrics in a way that is useful, that drives your business, that you can see if your GTM (Go-To-Market) movement is working, and that you can make adjustments. The solution for mapping the customer journey is a scientific model in the shape of a horizontal bowtie funnel (BowTie Funnel).
BowTie Funnel
Basic characteristics
- Maps the entire customer journey from AZ
- Impact must be achieved at every creating a website: Where to start and what are the biggest pitfalls? point in the funnel.
- You spend more time on the customer success side (CS=Customer Service) funnel) than as a prospect (marketing and sales funnel).
- Use customer-focused words, not salesperson-focused words (i.e. eliminate: closed/dealt with, signed contract, negotiate).