Week 3 - Flywheel vs Funnel

A flywheel is described to be a machine that can store rotational energy for a business; the more energy added, the faster it will spin. A funnel is a visualization of how a business runs, as you add to the funnel from the top, the result from the bottom has less of an impact. The main issue with funnels is that they don't always account for the impact of happy or unhappy customers on the overall growth of a business, it's a one-way idea, but in the real world, unhappy customers refuse to go back thru the funnel, while happy ones may refer others to join them. 

The idea of the flywheel was created for businesses that require constant input from new customers in order to continue spinning until something new comes along to slow it down. This can represent the growth of the business; happy consumers are able to provide the energy needed to fuel growth in a business, but unhappy customers may still prevent company growth. 

There are many ways you can implement a flywheel model into your business. These include focusing on customer success, encouraging customer advocacy, retaining and re-engaging current customers, continuously improving a product or service, and fostering positive company culture.

Using these implementations we know that the flywheel model is a highly effective way to go about growing a business. Unlike the funnel method, we focus on creating happy customers to fuel the growth of a business and skyrocket your success.