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?
In the SaaS (Software-as-a-Service) business model, the concept of the flywheel has gained popularity as an alternative to the traditional sales funnel. The flywheel emphasizes the importance of customer satisfaction and advocacy, aiming to create a self-sustaining loop of customer-driven growth. Instead of just focusing on acquiring new customers, the flywheel seeks to delight and retain existing customers, turning them into promoters who attract new business. The main components of the flywheel are:
Attract: This is the initial stage where you attract potential customers to your SaaS product. Strategies may include content marketing, SEO, social media marketing, advertising, and other lead generation efforts.
Engage: Once you've attracted potential customers, the next step is to engage them effectively with your product. Provide an intuitive user experience, excellent onboarding, and customer support to ensure they have a positive experience from the start.
Delight: This stage involves going above and beyond customer expectations to delight them with your service. This could include providing exceptional customer support, regular updates with new features, personalized experiences, and addressing their pain points effectively.
Convert to Advocate: When customers are delighted with your SaaS product, they are more likely to become advocates for your brand. Word-of-mouth referrals and positive reviews play a significant role here, as satisfied customers recommend your service to others.
Expand: Happy customers are more likely to expand their usage of your SaaS product, either by upgrading their subscription or adding additional features/modules. This leads to increased revenue and deeper customer loyalty.
Retention: Retaining existing customers is crucial in the flywheel model. A strong emphasis on customer success, ongoing support, and continuous improvement is necessary to keep customers engaged and prevent churn.
Feedback Loop: Throughout the flywheel process, feedback from customers is essential. It helps in identifying areas of improvement, understanding customer needs, and iterating on your product to better serve the market.
By continuously focusing on delighting customers and turning them into advocates, the flywheel model aims to drive sustainable growth and create a positive feedback loop that propels the business forward. Unlike the traditional sales funnel, the flywheel doesn't end with the acquisition of a customer; instead, it places equal, if not more, importance on customer retention and satisfaction.
Hello RuelBairoy, I have to say you nailed it; I use nothing less than what you stated. Thank you for sharing your insight, it is absolutely fantastic. I look forward to networking in the near future.
We are a video production agency. We produce animation videos for products and services. We are targeting B2B companies. Flywheel is a better represention as we are a service based company. Our entire business depends on the experience of the customer.
Hello AKrishnan1, the entire business depends on the customer's experience. I could not agree more. Thank you for sharing your insight, we look forward to networking soon.
We are in the process of launching a whole new sister company so our only funnel on this side is a marketing one. We have been doing a lot (A LOT) of in person networking events and have added all the people we met to Hubspot. Now we need to create a lead nurturing strategy and process as well as out reach campaigns to build a following on social media.
Our funnels are pretty typical and feed one another. We have a Marketing funnel that we use to identify, nurture, and lightly qualify prospects before handing Marketing Qualified Leads to the Sales team. This kicks off our Sales funnel, where Sales works with our qualified leads to identify their pain points and the solutions we offer to solve them. Deal closure in turn kicks off our third funnel, which is led by our Customer Experience team. This starts with the on-boarding process during which our Customer Success Managers strive to get customers off on the right foot and continues on through the life of the customer, monitoring their usage, reaching out to provide contextual help, and addressing issues if/when they arise.
When this goes well, we've essentially developed in-house evangelists that help promote our solutions to their peers within their own brokerage as well as throughout their personal networks, driving new engagement with our top of funnel content, thus restarting the process.
I'm in sales with a property managment company. My flywheel would consist of Targets which is wide spread view of the target market. The target would turn into a pursuit, which fit our profile or criteria. Then they would become an opportunity for win loss status. This is where the operations and service teams pick up to go into their funnels on onboarding, NPS, and servicing accounts.
Funil de Marketing: Representa o processo de atração e conversão de leads em potenciais clientes por meio de estratégias de marketing, como campanhas de publicidade, marketing de conteúdo, mídias sociais, entre outros.
Funil de Vendas: Refere-se ao processo de acompanhamento e conversão de leads qualificados em clientes pagantes. Inclui atividades como prospecção, qualificação de leads, apresentação de propostas, negociação e fechamento de vendas.
Funil de Atendimento ao Cliente: Envolve o processo de oferecer suporte e atendimento aos clientes após a compra. Inclui atividades como atendimento ao cliente, resolução de problemas, suporte técnico, pós-venda e fidelização do cliente
Funil de Recursos Humanos: Representa o processo de recrutamento, seleção e contratação de novos colaboradores para a empresa. Inclui etapas como divulgação de vagas, triagem de currículos, entrevistas, testes e integração dos novos funcionários.
Funil de Desenvolvimento de Produtos: Refere-se ao processo de pesquisa, desenvolvimento e lançamento de novos produtos ou aprimoramento de produtos existentes. Inclui atividades como pesquisa de mercado, análise de viabilidade, prototipagem, testes e lançamento.
In my field Right now which is a software development company, there are several funnels that exist within the flywheel. These funnels represent different processes and stages that contribute to the overall effectiveness and success of the company. Here are some possible funnels that can be found within the flywheel of a software development company:
Lead Generation Funnel: This funnel focuses on attracting potential clients and generating leads for the company. It typically includes activities such as content marketing, search engine optimization (SEO), social media marketing, and advertising to drive awareness and capture the interest of prospective clients.
Sales Funnel: Once leads are generated, they enter the sales funnel. This funnel involves the process of nurturing and converting leads into paying customers. It typically includes steps such as lead qualification, product demos, proposal creation, negotiation, and closing the deal.
Onboarding Funnel: Once a customer is acquired, the onboarding funnel comes into play. It involves the process of successfully integrating new customers into the company's products or services. This may include activities such as user training, account setup, and providing initial support to ensure a smooth transition for the customer.
Development Funnel: In a software development company, the development funnel represents the process of building and delivering software solutions or products. It includes steps such as requirement gathering, architecture design, coding, testing, quality assurance, and deployment. This funnel ensures that the development process follows a structured approach and produces high-quality software.
By optimizing and streamlining these funnels, a software development company can ensure a continuous flow of leads, conversions, successful implementations, customer satisfaction, and referrals. This, in turn, fuels the overall growth and success of the company's flywheel.
In my company we make products from logs to finished furniture products. So the funnel is while personnel are making their crafts at the same time I do my marketing routine. Talking to customers , taking orders and delivery.
Very large potential for customers in our total addressable market, and then we have less when it comes to our specified market, and our target market is people interested in/and or companies involved with large trucks
Within the flywheel framework, there are various funnels that represent different processes within a company. These funnels contribute to fueling the overall flywheel by attracting, engaging, and retaining customers.
Here are some possible funnels that exist within the flywheel:
1. Marketing Funnel: This funnel represents the process of attracting potential customers and converting them into leads. It typically includes stages such as awareness, consideration, and decision. Marketing activities such as content creation, SEO, social media marketing, and advertising contribute to driving traffic and generating leads.
2. Sales Funnel: The sales funnel focuses on converting leads into paying customers. It includes stages such as lead qualification, nurturing, proposal, and closing the sale. Sales activities, such as lead management, personalized communication, product demonstrations, and negotiations, help move leads through the sales funnel.
3. Customer Onboarding Funnel: This funnel represents the process of onboarding new customers and ensuring a smooth transition into becoming active users or consumers of the product or service. It includes stages such as account setup, product training, and initial engagement. Effective onboarding strategies and resources help customers understand and derive value from the offering.
4. Customer Support Funnel: The customer support funnel represents the process of addressing customer inquiries, issues and providing assistance. It includes stages such as ticket creation, triage, resolution, and customer feedback. Prompt and effective customer support ensures customer satisfaction, retention, and potentially even upselling or cross-selling opportunities.
5. Customer Advocacy Funnel: This funnel focuses on turning satisfied customers into advocates who promote the brand, refer new customers, and provide positive reviews or testimonials. Delighting customers with exceptional experiences and encouraging them to share their positive experiences contribute to building a strong customer advocacy funnel.
It's important to note that these funnels are interconnected and interdependent within the flywheel framework. The goal is to ensure that each funnel feeds into the next, creating a continuous cycle of attracting, engaging, and delighting customers to drive sustainable growth.
Having different funnels for Marketing, Sales, Customer Onboarding, Customer Support, and Customer Advocacy are important to the flywheel model. This model uses stages of attract, engage, and delight to increase consumer confidence, believability, and business progress.
Marketing Funnels bring customers to businesses by appealing to their paint points, needs, or desires. Colorful pictures, witty writing, and engaging videos attract consumers to products or services as leads.
Sales Funnels turns leads into paying customers with engagement. Steps including lead qualifications, nurturing, personalized communication, product demonstrations, and gentle persuasion helps to increase customer participation in deals.
Customer Onboarding Funnels shows ways to increase consumer engagement. Guaranteeing even changeovers to active users will increase their attraction to products or services.
Customer Support Funnels delights buyers by answering questions about products or services, handling problems, and assisting consumers with merchandise. Good customer service not only keeps active customers but also increases the consumer inflow.
Consumer Advocacy Funnels delight buyers as well. Happy customers help to promote businesses by referring new customers, writing positive reviews, and offering encouraging testimonials.
Balancing Marketing Funnels, Sale Funnels, Customer Onboarding Funnels, Customer Support Funnels, and Customer Advocacy Funnels with the flywheel phases of attract, engage, and delight help businesses grow and prosper. Buyers who are pleased and experience good customer service stay as active customers. They will help to spread businesses by word of mouth advertising.
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