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?
Being new to the recruiting industry, I see the funnel to be a multi-funnel from a variety of sources, not the least of which is word of mouth. Marketing is important but more importantly is the connection made with clients and candidates. It is entirely built on relationship building.
The flow from Marketing creating inbound leads to sales converting those leads as well as prospecting leads and closing them and ensuring they are delighted with the service solutions.
Funnels are essential as they help collect info needed for sustainable growth. Combine it simplify the method of marketing granting solutions while processing information. A flywheel is actually more efficient if it benefits from every oportunity given.
In the context of a start-up company. We provide training courses in a B2B model. In the graphs that represent how effective the company is, we can see how many companies are taking the courses and how many are registering for future events. Therefore, the graphs could be adapted to the flywheel concept in order to identify the areas a marketer can tackle to improve their marketing campaigns and keep speaning the wheel with the feedback of happy customers. Interesting to think about the different funnel that can be addapted to the flywheel! 🤔
There are funnels across the total business and there will remain incredibly important as the provide data that can be redily analysed. All of this knowledge can be used to help feed energy to the flywheel but it is the Delight stage that we must improve to ensure strong business growth.
I never thought of this way before, but the onboarding process for a new client is a funnel - it is a defined journey downstream and has clearly defined stages/steps within. There's definitely transitions between those stages that can be improved.
Of course, if your customers have had a positive or negative experience with your company they will act accordingly. However, B2B interactions also matter, if your suppliers have a good relationship with you they will stay loyal to you and may give you a heads up when they get new inventory. Retaining quality employees and ensuring a healthy work environment will attract the right kind of people into the company. This loyalty will show customers that the company is something worth investing in as the employees clearly believe in their mission. Similarly, non-profits, where the board of directors donate a percentage of their salary, are more likely to receive donations since patrons see that the employees find it something worth investing in. If this were not the case people may start wondering what the motive of the non-profit was.
I think as a digital marketing agency our most notable funnel within the flywheel would be the stages between rendering our services and placing our clients on a retainer plan. Surely, not all first time clients would go on to patronise our campaigns, while some are just in it for the current campaign and not for the long haul. Ultimately, the key to optimising this funnel is in the delight phase. i.e. make sure they're impressed with the quality of service we offer them and surpass their expectations in terms of results.
I'm just thinking about my business at this point! I am interested in sales process coaching for entrepreneurs and solopreneurs. So thinking about the flywheel from the marketing side is helpful - what problems do I want to solve? What is the purpose of my business? I def want to start with content once I get some of the basic ideas ironed out.
I am not sure in that I am just starting. Our flywheel is fueled by word of mouth. The funnels that exist would probably be the new people who learn about the company through marketing materials or the website.
At my job, there are different stages that we go through to get a prospect into setting an appointment with someone on our sales team. So even in appointment setting, there is a process and a funnel that we go through leading up to a good lead for our salesteam to give a call back, and then they go through their own sales process and have their own steps. The funnel I use for appointment setting, is the specific stages within our conversations with customers. We have the introduction stage, to the questioning stage to see if we can assist this customer with our services, to the information stage where we are giving them the important details of our service, to asking qualifying questions to make sure this lead is what we are looking for, to asking for the appointment, to closing the call. Each stage of this conversation template, is a funnel and fewer and fewer people will make it to each column, and by tracking where the drop offs are we are able to get insights to what part of the script or conversation needs tweaking to ensure better conversation rates. We are also able to ensure that our flywheel is fueled, by looking at our sales funnels and making sure the customer is having the best experience possible through our sales process, and their buyers journey. When looking at drop offs and ways to increase conversion rates, we will take into consideration the flywheel and how the positive energy of our customers is going to lead to overall growth the entire company, so changes are made around our customers and we are aware of what areas we need to improve for the most impact on our flywheel!
