For many decades, we’ve seen how the sales funnel has helped many businesses to become successful. However, with today’s challenging market landscape, it is worth mentioning that consumer trends have also shifted dramatically, but the way we approach our customers has remained the same.
The traditional funnel is becoming less relevant today; your sales and marketing teams need to embrace a new model for growth that meets the needs of today’s consumers—the flywheel.
Here are 7 reasons that will make you switch from the funnel to flywheel right away to grow your business:
1. Simplified Data and Streamlined Business Processes
Streamlining is the act of simplifying or removing unnecessary work-related tasks to increase the efficiency of processes in businesses or organisations.
Inefficiencies are caused by outdated procedures and business processes that accumulate over time without anybody realising it. This causes organisations to fail.
However, by adopting the flywheel in your business, every team can check and analyse the same data of your sales process. You can also cut down your organisation’s everyday workflow, which means you can accomplish goals with less effort and time.
A study by Grand View Research shows that a focus on streamlining business processes is driving up demand for workflow automation systems, with the market expected to grow from $4.8 billion in 2018 to more than $26 billion by 2025.
Another benefit of the flywheel is that it will be easier for your team to examine customer concerns and provide real-time feedback and data analysis using the appropriate tools.
More importantly, management systems that have been streamlined, enhance communication across departments, allowing them to monitor their accomplished activities better.
You can also read our top 3 reasons you need to adopt revenue operations to discover more about the advantages of having a streamlined process and workflow.
2. Unified Teamwork
When various points of view come together in a team, there’s a lot of room for conflict.
According to a Salesforce survey, 86% of respondents indicated their projects had failed due to a lack of communication.
One of the Flywheel Model benefits is the promotion of unified teamwork where every department can evaluate the customer journey, identify friction points, and solve customer concerns simultaneously.
Furthermore, if you adopt the Flywheel Model to your business, it allows everyone to interact in real-time and in a more systematic manner, reducing friction and delays. As a consequence, the sales process leads to higher quality results.
Gallup shows a 21% increase in profitability with a highly engaged team. Teams that work together are more productive and more aware of the organisation’s operations. These teams are determined to achieve goals aligned with your sales process and sales objectives while utilising the flywheel.
3. Frictionless Customer Experience
The issue with the sales funnel is that it is nothing more than a set of processes for converting leads into clients.
Unlike the funnel, which treats customers as an afterthought in a marketing and sales plan, the Flywheel Model places them at the centre of the equation.
This keeps customers satisfied, converts them to promoters and creates referrals that assist the company in making sales, leading to incremental growth.
With the Flywheel Model, a frictionless customer experience can be achieved. It creates a seamless customer journey which is extremely important in the digital age of business.
But how can you create a frictionless customer experience?
Here are some steps to assist you in creating a great customer experience aligned with the flywheel:
1. Pinpoint your customer touchpoints
2. Dive into details to identify the problems
3. Analyse the data and then plan for solutions
4. Implement the plan
5. Evaluate and review the plan to provide a better customer experience
You can also check our blog: No Sales Process = Chaos to understand the importance of a sales process in your organisation.
4. Aligned Revenue Operations
We’ve altered the way we conduct business. Customers are now more informed and engaged due to technological advancements, unlike the past few years.
That’s the reason why you should embrace the sales flywheel now and ditch the funnel.
The funnel focuses on the output alone and doesn’t reveal the momentum you have built, while the flywheel enables you to make different decisions so that you can modify your sales approach.
The Flywheel Model is just like Revenue Operations. It ensures that the consumer is at the centre of the sales process by aligning all departments.
Your company could excel in your market if you invest in open and transparent systems like the flywheel to benefit your consumers.
5. Increased Revenue Growth
Customers today don’t only look at your marketing initiatives but also peer reviews and referrals to explore whether your services can help them or not.
According to Hubspot, 81% of buyers are more likely to rely on recommendations from their relatives and friends than on business advice from corporations.
That’s why the sales funnel has a huge flaw. Customers aren’t viewed as the company’s driving force, which means that the funnel can generate a lot of customers for your company but doesn’t consider how those customers can make your company grow.
This is where the sales flywheel comes into play. It gives you a more in-depth view of where your company is growing the quickest and where you have the most potential, leading to an increase in revenue growth.
The more you understand your customers, the more you can generate sales, and the more you can nurture them to promote your brand.
Check our recent blog about the 3 strategies to grow revenue in your organisation to scale your business correctly.
6. Enhanced Customer Engagement
One of the most significant benefits of implementing the Flywheel Model is that it lets you focus on nurturing your customers until they become promoters or ambassadors of your brand.
This can be achieved with the help of consistent messaging of your brand proposition and nurturing campaigns.
When a consumer sends you an enquiry, you must respond in real-time or as soon as possible to keep positive engagement. You should also offer brief guides and explainer videos to help your customers quickly discover the answers they need, therefore boosting their confidence in your product or service.
With the Flywheel Model, you can accelerate customer engagement for a better customer experience.
7. Amplified brand advocates
Every organisation should proactively reach out to unhappy consumers and resolve their issues since it can prevent churn by changing how customers view the company. More importantly, organisations need to identify the triggers that highlight a customer’s dissatisfaction.
When their issues are solved, you’ve got advocates right there.
With the flywheel’s ‘Delight’ stage, you can make sure that the voice of your brand advocates can be emphasised to take your sales, marketing, and customer success teams to the next level.
If your sales process is aligned with your business goals, when you use a customer-first approach, your customers will genuinely be delighted, leading to the promotion or endorsement of your business to others.
In today’s ever-changing customer preferences, it’s not enough to just have a competent marketing strategy in place. You need to have an advocacy program as well to expand your business, and the Flywheel Model will help you with that.
You can also read our blog about the 5 best practices to level up your customer success team to elevate your customer experience.
Ready to switch to the Flywheel Model now?
It’s time to switch to the sales flywheel as it has a lot of advantages for your sales processes.
Get out there and start putting the flywheel in action.
If you need some help and want to discuss how to take your business to the next level, schedule a FREE 30-minute appointment with me. I’ll be more than happy to help you achieve your goals.