What is an Inbound Flywheel?
A flywheel is a machine that stores rotational energy. It spins when energy is added and spins faster if you add more energy. Unlike a funnel that needs to be maintained with constant energy , a flywheel will keep on spinning until something comes to slow it down.
The inbound flywheel is basically composed of three stages: attract, engage and delight. Inbound businesses use the flywheel model to build trust, credibility, and momentum. It’s about adding value at every stage in your customer’s journey.
From a business perspective, the rotation of the flywheel represents the growth of your business, and happy customers provide the energy that fuels that growth, either because they buy from you again or because they bring new customers to you by promoting your product to other people in their network.
But if you produce unhappy customers, either by selling to people who are a bad fit for your offering or by overpromising and under-delivering, they’ll work against your flywheel and slow your company’s growth.
Let’s talk about how funnels and flywheel fit together. Because funnels aren’t going away. The flywheel represents your company as a whole, but you still have funnel-shaped charts and graphs representing the effectiveness of different processes within your company, and it’s important to make sure those funnels are fueling your flywheel.
The most important part of these funnels is your sales process. Your sales process defines the steps your sales team helps a qualified lead complete on their way to becoming a customer.
When you look at a chart of your historical sales data, you’ll probably find that a lot of people make it to the first step of your sales process, a slightly lower number of people make It to the second step, and so on until the final step, which the least number of people make it to.
If you can keep your flywheel continuously fueled by your funnel, you can create a more sustainable business that brings you consistent and predictable growth and ultimately, revenue.