The Growth Flywheel Part 2: How to Build and Measure Your Growth Engine
Growth Flywheel 3: Make your startup more efficient
The Growth Flywheel model is used to explain how to align your entire organization to provide an excellent customer experience to drive product growth. Think of it as the wheel on a train or car. The Growth Flywheel is a very energy-efficient wheel that stores energy depending on how fast it spins, how much friction it encounters, and how big it is. The Growth sri lanka mobile database Flywheel model is particularly useful when thinking about how to help your business grow.
This article is designed to help founders and business leaders understand the fatal mistake of viewing their startup as a funnel and why it could kill their company.
We’ll break down the fundamental differences between funnels and flywheels so you can understand why funnels fail to accomplish the most important thing for startups— building momentum.
Companies used to base their business strategies on the funnel model, and it worked well. But not anymore. Customer acquisition costs CAC are increasing across the board across all industries as consumer behavior becomes more complex. There is now less friction in the buying process, more competition, and easier access to information, giving customers more power to interact with companies at different entry points in the buying journey.