Jul 11, 20215:09 PM - edited Aug 12, 20219:55 AM
HubSpot Employee
What funnels exist in your flywheel?
The flywheel represents your company as a whole, but you’ll 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. What possible funnels exist within your flywheel?
I sell a modular software solution, so there are upsell opportunities built-in as my clients needs change and grow; the Sales team creates a lot of synergy with the Service dept to identify ways our solution can be adjusted to best fit the clients as our relationship evolves. Every opportunity to speak with an existing client is also an opportunity to ask for a referral 🙂
The funnel and flywheel element varies between the type of companies. In the context of the digital marketing agency, the same attract-engage-delight method could be utilized when dealing with incoming clients.
Jul 30, 20211:04 AM - edited Jul 30, 20211:05 AM
Member
What funnels exist in your flywheel?
Early in my sales career I remember being told that you need to be chasing 8x your goal in order to make your quota at the end of the year. This funnel has joined extinction with the dinosaurs. I believe the OpEx vs CapEx, or subscribe vs procure models born from cloud and SaaS offerings will accelerate the demise of legacy funnels. I also believe enterprise silos and lack of collaboration and sharing tools helped keep these funnels alive in their respective silos. Enterprise wide visibility helps make funnels shrink and make flywheels grow in size and spin faster.
If you have no customers yet and barely learning, I have zero funnels. I will prepare by buiding a customer service funnel, a sales funnel, and a marketing funnel to start out.
As the fuels, firms should attract happy customers as the customers attract possible customers also. But at the firm itself, employees has a good environment and it will reflect to the customers and then to the entities performance.
But we should keep in mind that attraction isn't only for marketing and engagement isn't only for sales and delight isn't only for services. any one of those three departments could involve in attraction, engagement or delight if the case needed
The funnel at my past company invested the most time, money, and effort into the top of our funnel - which was sales. While sales is a very important part of the funnel, we lost focus on the other departments and in turn, didn't give the best attention to what was coming out of the funnel. They continued the approach of "just getting more water for the funnel" instead of recycling what was coming out of the bottom by providing the best experience to promote retention and create a good reputation that could bring in more water. This created a flywheel that wasn't firing at all cylinders at our org and made it very difficult to attract, engage and delight new and reoccurring customers.
Jul 28, 20212:42 AM - edited Jul 28, 20212:44 AM
Participant
What funnels exist in your flywheel?
Your employees will care about their individuial/teams funnel metrics. That is given. They need to, in order to stay employed. It is the job of the person with the goals and purpose of the buisness to put such markers in the funnels for each step, team and individual that will determine the speed the of the flywheel. The biggest mistake people do is to put an engineer for management position even though he has no/less managerial skills. The biggest deccelerater in any flywheel is The Peter Principle.
User aquisition and User enrichment. Taking a 360 view of all the work you're putting into your business and how it's paying off with your sales at the end. focus on what youre currently doing and close any gaps that need to be filled.
Since a lot of the services we provide for our clients include digital media promotion and content creation, a funnel that may exist in this process would be the clickrate and engagement that our clients' social media pages have. There may be a certain rate of followers or replies or leads from certain posts or emails. These stats are tracked through more of a funnel system than flywheel.
Some funnels at my current employer would include: Conversion of people signing up for free trials into subscribers; converting long-time subscribers into promoters; converting free trial leads (ex. free for students, paid for graduates) into future subscribers, and likely promoters if a lengthy relationship has been established
Our funnel and flywheel interact with one another so that leads who are MQL are in the atract stage but moving toward engagement with SQL and then Deal Reached.
