An evolution from the traditional funnel, a flywheel explains the momentum you gain when you align your business around delivering an exceptional client experience. It empowers your clients to help grow your business.
Traditional funnels treat clients as an outcome. This outcome means you waste ALL this time (and energy) acquiring a client just to be left at square one after they purchase from you.
Flywheels use the energy of your new happy clients to encourage referrals & repeat sales.
A Wheel = business keeps spinning
A Funnel = business ends at the transaction
SPIN THE FLYWHEEL
To spin a wheel, you need force. When it comes to marketing, forces are programs or strategies that you use to spin your wheel.
Example of forces:
- Referral Program
- PPC Ads
- Customer Service
- Social Media
- and so on!
EASE FRICTION FOR THE FLYWHEEL
Friction is anything that slows down your flywheel.
Examples of Friction:
- Internal Miscommunication
- Poor Processes
- Outdated Branding or Messaging
- Misalignment with clients & employees
Consider auditing different elements of your business (especially your client journey) to see how you can reduce friction.
THE 3 PHASES OF A FLYWHEEL
Attract users to your business through different forms of marketing & ensure that your business is accessible online & off. [Forces: SEO, social media, social selling, PPC ads, etc.]
Engage users & make it easy to do business with you. Think about how to develop a relationship with your client. [Forces: website personalization, multichannel communication, lead nurturing, etc.]
Delight users by being of service. Offer to help, support, & empower customers to reach their goals. [Forces: chatbots, client surveys, loyalty programs, etc.]
“Companies that choose to use the flywheel model over other models have a huge advantage because they aren’t the only ones helping their business grow — their customers are helping them grow as well.”HubSpot
WHY WE LOVE A FLYWHEEL
The flywheel is a full look at where your business is growing fastest & your biggest areas of opportunity. It also creates a more symbiotic relationship between you & your client. Remember: without your client, you wouldn’t have a business so you need to put them first. The flywheel values relationships over transactions.