Flywheel Model
Talk to any business owner or manager, ask them how their business has changed over the past several years, and they have opportunities to refer to their clients. Today, customers are skeptical, knowledgeable, and have higher expectations than ever before. One of those expectations is that businesses should be more concerned with transactions. To grow better, your company wants to offer an important customer experience – that’s where the flywheel model comes into play.
As companies grow better, they meet the expectations of customers the most, resulting in a better business, better relationships, and a better growth path.
What is a flywheel?
The flywheel is a HubSpot embracing model to illustrate the speed you get when you tweak your entire company to deliver a remarkable customer experience. This is significant in storing and releasing energy – and it is very important when thinking about your business strategy.
James Watt invented the flywheel, which is simply the wheel with incredible energy potential. The amount of energy it stores depends on how fast it spins, the amount of friction it faces, and its magnitude.
Why is it useful?
Initial protection: The momentum of the flywheel is very brittle at the beginning of the process. There may be incorrect arrangements with the main system that acts as a brake on the flywheel. It is easy to get tired and drop the flywheel, which allows it to die at any small speed.
Communicating strategy: In the early days, only the CEO could see the speed of the flywheel. A few people are overcome by a clear vision, however, the machine room of most companies is full of pragmatists who will line up behind proven results.
Restructuring of the company: Creating speed on the flywheel requires great focusing power, all pulled in the same direction. Improper connections not only waste energy but also actively act as brakes on the flywheel.
How it works
As we mentioned above, the amount or speed of energy in your flywheel depends on three things:
- How fast you rotate it
- What size it is
- How much friction there is
The most profitable companies will compromise their business strategies to address all three. The speed of your flywheel increases when you add power to the areas that have the greatest impact. It forces aims and techniques you implement to speed up your flywheel. For example, incoming marketing, premium model, friction-free sales, customer referral plan, fee advertising, and investing in your customer service team are all forces.
By focusing on how you can make your customers successful, they have the opportunity to report their success to potential customers.
As you apply power to your flywheel, you also need to make sure that nothing is resisting it – that is, removing friction from your business strategy. Friction will slow down your flywheel. For example, poor internal processes, lack of team communication, or misalignment between your customers and your staff. You can reduce friction by looking at how your teams are structured, why customers are flocking, and where opportunities are stuck in the buyer’s journey.
Funnel vs. Flywheel
I know what you think: What about the funnel? Over the years, companies have built their business strategies around the funnel – and it worked. But the funnel failed just like marketers, salespeople, and business leaders. Today, it has become a huge influence on customer referrals and the verbal purchasing process, which means the funnel has one major drawback: it sees customers as a backbone, not a driving force. Funnels make customers, but don’t consider how those customers can help you grow. For that reason, the flywheel is very essential.
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