According to Mckinsey, brands that get the flywheel spinning perform exceptionally well along the following metrics:
- The influencer engagement rate is greater than 2%
- More than 75% of brand content is user generated
- More than 4% of the online traffic is converted into sales
- Brand-related posts go viral twice a year
And there’s no better way to grow and align a company’s success with their customers, not only scale but also grow better, increase customer loyalty and delight your customers. To grow better, organisations must deliver a remarkable customer experience. That’s when the flywheel model gets into the picture.
What Is A Flywheel Model?
Known to put customers at the center of the business, the flywheel model is incredibly efficient in aligning the entire organisation to deliver an exceptional customer experience.
While other models think of customers as an outcome, the flywheel model uses the momentum of delighted customers to repeat sales and drive referrals. It just aims to keep your business spinning. Thinking of your business as a flywheel means adjusting to the strategy and making informed decisions by understanding how it works.
How Does A Flywheel Work?
The Momentum Of The Flywheel Depends On 3 Major Things:
1. The Speed Of The Flywheel:
The faster your flywheel rotates, the harder it is to stop it. Its speed depends on how much force you add to the areas to make an impact in the business. Forces are the strategies and programs you implement to speed up your flywheel. For instance, a customer referral program, investing in your customer service, frictionless selling, inbound marketing, freemium model and more.
2. The Amount Of Friction It Holds:
Friction can slow down the momentum and hinder growth. While applying force to your flywheel, make sure nothing opposes it. This means you must eliminate the friction from your business strategy because friction slows down your flywheel. For instance, lack of communication between teams, poor internal processes, misalignment with your customers, working in silos, etc. The more you increase the speed of the flywheel and decrease friction, the more promoters will be created for your business.
3. The Size Of The Flywheel:
How big your flywheel is a major factor that determines how it works. The larger the size of your flywheel, the longer it will take to accelerate it. However, it will have a strong momentum with a larger size.
Successful companies adjust their business strategies based on the 3 pointers given above. What you can do is:
- Increase the rotation speed by adding force to the promising areas
- Eliminate the friction to allow the flywheel to rotate freely
- The larger the size of your flywheel, the more difficult it is to stop it
The more you increase the speed, eliminate friction, the more you’ll be able to promote your business.
What Is The Purpose Of Flywheel?
The main purpose of the flywheel model is to drive a company’s growth by accommodating to the dynamic behaviour of the customers, by engaging with them and delighting them at every step. It’s a major advantage over the typical funnel because with this you mean you aren’t alone in helping your business grow, you have your loyal customers with you too.
The HubSpot flywheel model proves that there are better ways to grow your business. The objective of the flywheel is to stop interrupting people, instead focus on an engaged audience.
Get Spinning With The Flywheel Model
Ready to boost your business growth with the flywheel model?
TransFunnel, a HubSpot Elite Solutions Partner can help you with the execution and implementation of the platform and its features. We can integrate and implement the platform in a way that guarantees the ROI you are targeting to achieve.
