Unfortunately there’s rarely a singular thing that transforms a business from good to great. Rather, as with most things it’s a process that resembles an ever-evolving wheel, or as businessman Jim Collins described it – a flywheel.
First – what is a flywheel? It’s a revolving wheel that increases a machine’s momentum by storing and releasing energy in its perpetual loop. It’s a spinning wheel that ideally never stops. It’s a much different concept than a sales funnel – which is designed as a vertical tunnel that ends at the sale, when a customer reaches the bottom.
But wouldn’t it be better if you kept your customers engaged, making referrals and buying again? That’s why a flywheel is designed in three sections: attract, engage and delight.
Attract: Awareness with advertising, SEO, video campaigns, collaborations, etc.
Engage: Build meaningful relationships with customers through communities, different outreach channels, etc.
Delight: This is crucial – you can’t just sell and deliver quickly. You need to create a customer experience they will want to share. Satisfaction surveys, good email follow up, unexpected value added perks, quick response to customer inquiries (should you add chatbots for 24/7 response), affiliation with causes they support, etc.
The flywheel also serves as a guide for you to take a closer look at your business and the customer experience. It also gives you a goal for everyone associated with the business – keep customers happy enough to recommend your brand to others.
How fast do potential customers move though the sales process, how successful is the sales process in closing, how delighted are customers once they purchase from you? This involves marketing, sales and product and customer service teams. A whopping 81% of buyers trust their friends and family more than what they see from companies – so the “delight” stage is critical.
You’ll also be examining your flywheel for friction points. Does it take too long to respond to customer questions? Is the return policy confusing? Are the product listings always up to date? Potential customers will exit the flywheel if they hit friction.
What do potential customers want from your content and how easy is it for them to get it? Eliminate obstacles and keep it spinning freely.
Let Spot help you design your own flywheel, identify potential friction points, make suggestions about how to eliminate friction, and watch sales grow.