DECEMBER - 2020retailtechinsights.com9That's why companies need to prioritize their customers and do more than just grow -- they need to grow betterMore than just a positive spin on an old modelLet's start with how fast it spins. The speed of the flywheel is increased by applying more force in the areas where it can have the biggest impact. In a funnel model, all force is applied to attract and acquire customers. In a flywheel model, force is also applied to delight those customers and make them successful. When your customers are happy and successful, they recommend your business to their coworkers, friends, and family.In most companies, different forces are being applied all around the flywheel by different teams, and leaders must ensure that no investments or projects oppose each other. A lack of alignment between sales and customer success, for instance, can create friction in the customer experience. Classic sales and marketing misalignment is another area where friction is common.Friction can be reduced by identifying the things that cause frustration within your customer experience and making them better. Improving conversion rates, delighting customers at scale, and addressing issues that cause customers to leave are all things that increase the speed of the flywheel.Building momentum to drive growthEverything a business does should be done with the goal of creating customers who will add positive energy to the flywheel and accelerate growth. This is especially true now, as business operate in the face of waning consumer trust. HubSpot Research has found that when a business says it 'solves for the customer' or 'puts the customer first', only 14 percent of consumers in Asia believe it.Similarly, 53 percent agree that businesses stop caring about them after they buy something from them. This represents a massive lost opportunity. Delighted customers turn into advocates for brands. Word of mouth is just as important as marketing, if not more so. Losing the momentum generated in creating a new customer is a drag on growth.That's why companies need to prioritize their customers and do more than just grow -- they need to grow better. Growing better means remembering that your customers are people first, not numbers on a spreadsheet -- so interact with them how and when they want. It's placing customers at the centre of your business and valuing relationships, not just deals. It's applying force to the strongest areas of your business and eliminating any friction that gets in the way -- especially if it has a negative impact on your customers.If your company views customers merely as the end product of a funnel, don't be surprised when they start walking out of the door. But if you take the time to rethink your model to one that truly puts your customers at the center of your business (like the flywheel) you just might find yourself at the top.
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