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Friday, February 3, 2023

How can you apply flywheel thinking to your company’s budget?

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  • By investing as much money into things that drive customer happiness—such as support teams and product improvements—as you do into acquiring new customers through marketing and sales.
  • By making sure funds are evenly distributed to each section of the flywheel. Marketing, sales, and customer support should each have equal proportions of the overall budget.
  • If your flywheel is truly successful, you won’t need to allocate resources to marketing at all because customer word of mouth will provide all of your new prospects.
  • If your flywheel ever slows down, you can speed it back up by funding more customer discounts.

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