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Medicare Café - Sales Funnel vs Flywheel

For years, salespeople of all trades have been taught the sales funnel. The focus of the sales funnel is to keep the funnel full of prospects and work them through the funnel until they become clients.

This method illustrates a one-way path when it comes to working with clients and prospects. Prospects move down the funnel and land at the bottom where they are clients. While some focus may be on your current and new clients, all eyes usually look at the prospects and just keeping a steady flow of them. 

WHAT’S CHANGED

Many companies, especially with COVID-19, have realized they need to focus more on their clients and get them to help start attracting clients, or the Amazon Proof Approach.

What is the Amazon Proof Approach? When was the last time you purchased something on Amazon? More than likely, within a week or so. When most people buy a product off Amazon, the first area they will turn to is the customer reviews. This is where the actual product information for most comes to light. Sure, the seller or manufacturer will express to you how great the product is, but reading how others who have used the product is what most people want to know. 

COVID-19 has turned more people to buying products and services online. And just like on Amazon, they are reading more reviews on those products and services than they are reading descriptions of the company trying to sell them the services.

THE FLYWHEEL

This has shifted the traditional sales funnel to the flywheel. The flywheel keeps buyers in focus by engaging them after the sale to attract other prospects to follow in their footsteps. This can be through reviews, social media follows, testimonials, etc. 

We, insurance agents, have been focusing on this for years but refer to this as retention. However, many agents just assume retention will occur since they are listed as the client’s agent. If you are not currently keeping your clients top of mind, they certainly will not do the same to you. Having them write a testimonial, follow you on social media, keep them in the loop with a newsletter, and other engagement methods after the sale (or appointment if there was no sale) is vital to keeping them on the books.

WHAT TO DO FROM HERE

Keep an up-to-date website. This is your virtual office. If it looks out of date or is hard to navigate, people will leave it and never return.

Make social media a priority. One of the challenges of social media is the fact it is extremely transparent. You can see on most platforms when your last post occurred. If it is older than a few months, people will see that, which can cause them to think you could be too busy to post or more likely too lazy to post. 

Ask for testimonials. Email some of your top clients and ask if you can showcase them on your website and marketing without using their name (unless requested).  If people are reading how great you are from others, it just may prompt them to act and contact you.

Treat your clients like they could leave you at any momentbecause they can! While they may not be able to change plans, depending on their health or enrollment periods, they can invite other agents to a conversation or appointment. If that other agent is showing your clients more attention, who do you think they will call during the next AEP? You may hope it is you, but the other agent is hoping the same, and the one who is more attentive will likely get that call.

If you need help keeping your book of business active and working for you (like a flywheel), give Senior Marketing Specialists a call at (800) 689-2800!

Join the conversation every Tuesday at 10 am CST.

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