For years companies have structured their business strategies around the funnel, and it worked. But, all good things must come to an end, right? Today, customer referrals and word-of-mouth have become the largest influence in the purchase process.
ENTER THE FLYWHEEL METHOD
The funnel's major flaw was that it viewed customers as an afterthought, not the driving force behind the growth of a business. Whereas, the flywheel helps you to use the momentum of your happy customers to drive referrals and repeat sales. With this method, your business keeps spinning.
Amazon Flywheel
One of the most famous flywheels responsible for Amazon's continued success is the Bezos' Virtuous Cycle. The customer base lies at the centre of this particular Flywheel technique with the belief that happy customers are the energy that fuels your company's growth hence, Amazon's core initiatives are embedded firmly around continuous improvement of its customers' experience. The cycle goes, strong customer experience which will lead to an increase in shoppers, and the influx of potential buyers will cause lower costs and prices through competition while increasing selection for customers simultaneously. Lower prices and an increase in selection will bring in more customers as the cycle repeats itself.The Flywheel Effect
This technique centres on generating momentum as it aids marketing teams in producing a surround-sound effect within your marketing messages or a combination thereof working synergistically using different media formats, creating momentum to generate leads and raise awareness for your brand, as a result.
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