In English, it’s not difficult for us to understand what the meaning of the word flywheel is, but how the value of this word’s application in life is shown is not sure we already know, So to clarify To reveal more about the interesting things hidden inside this word, let’s Bich Phuong explore more deeply what the concept of flywheel is.
Watching: What is Flywheel
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1. What is Flywheel?
With a few basic operations with google translate, it is very easy for us to find the meaning of this English word. Flywheel means flywheel, simple as that and it makes us think of devices found in many items and utensils of life such as cars.
What is Flywheel?
However, if you were just looking for that simple meaning, perhaps Phuong would not have created such an in-depth content to send to you. Because, more than what flywheel shows at the surface of words and semantics, it also contains extremely interesting values related to big activities in our own daily lives, our daily lives. We are still in contact without knowing it.
So, Bich Phuong hopes that you can read to the last word of this article to discover that interesting thing that I am about to share below about flywheel.
2. Flywheel – Prospect model in business story?
If you are a business person, no one will not know the magic funnel of marketing activities to help marketers “hunt” for customers effectively, but it seems that in the current era, when we only rely on and use Using that funnel, won’t any more interesting breakouts happen? Naturally, gradually the marketing funnel no longer plays its full potential and instead, in fact, we recognize the great value that the flywheel model brings.
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The flywheel model, also known as the flywheel model, was invented by the inventor of the steam engine in the 20th century – James Watt. With a realistic representation, the flywheel is a mechanical device, used for the purpose of storing energy and operating by rotating mechanism when there is an impact force. The operating speed of the flywheel is influenced by two forces, friction and thrust.
Applying that mechanism to business operations, the flywheel is a valuable image illustrating customer growth. If customers are served and they feel satisfied, they will return or not, worse things will happen to your business when that customer becomes a deterrent for other customers to find your business. .
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This flywheel model can be applied to both marketing and sales activities. So what is the effective application of flywheel?
For the marketing field, you have 3 steps to apply the flywheel model as follows:
– Attract customers: businesses should focus on providing content that is especially important, excellent, meaningful to customers who really need it and located in the area that identifies potential customers of the business in the future. future.
– Connecting customers: because customers are individuals, businesses should increase interaction to create better and closer relationships through modern means of connection. Plus, create content that’s direct to them, building trust from the start through connection.
– Satisfying customers: memorable content that makes readers extremely interested and loved will stimulate customers to come to the business more. At the same time, always promptly responding to customers will help them satisfy their problems.
Here are three ways for you to build an effective flywheel model. Marketing activities in this way are indeed shortened compared to funnel marketing and obtained more satisfactory results.
In the field of sales, the flywheel model also clearly shows its ideal role. The flywheel model has been identified, in sales activities, customer care is the most influential part, and the task of customer satisfaction is the biggest driving force. Based on this, bosses can identify good ways to increase customer thrust and reduce friction in the purchase journey. Specifically, the ways are expressed as follows:
Reduce direct interaction between staff and guests. Because, if face-to-face communication takes place too much, it will increase friction, slow down the effective service process, so businesses should prioritize helping customers to serve themselves, handle their own problems. problem encountered by the options or suggestions available.
– Investing in technology for customers (instead of investing in employees)
– Train human resources capable of handling all functions and issues. When a customer has a problem, instead of having to go through a lot of parts to solve it, leading to increased friction for the flywheel, slowing down the business process, an employee staff who can handle all customer problems with multi-skills have been trained that friction won’t take place, the flywheel will still operate smoothly.
It can be seen that, nowadays, if business people do not know how to apply the flywheel model, it will be a big omission and then don’t ask why, your business is always sluggish in the problem of finding potential customers. Flywheel represents a flexible circle that requires the head to master the operating mechanism and operating speed of that circle to make the most appropriate adjustments.
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3. Typical examples of businesses applying the flywheel model
At a time more than two decades ago, when the Amazon e-commerce site only focused on pushing for only one product line, books, many people would not have imagined it had become a powerful empire. of business more than two decades later. Recognizing very clearly the operating principle of the flywheel as a rotating mechanical device that stores energy for the machine to operate smoothly, Jeff Bezos went in the direction of focusing on the customer, creating create a place where everyone can find it, that is the form of online shopping, which can be applied to all products, not just books. And surprisingly, that big idea was only encapsulated in… a napkin, at a flash of a great mind.
The three factors that Amazon particularly values are competitive prices, wide selection, and ready-to-use products presented in a great idea circle right on that napkin. The correlation, mutual promotion creates great efficiency that has been verified by Amazon in current practice with the flywheel model.
Not only Amazon, all businesses can apply flywheel to their business activities. How to operate that circle depends on the reality of operation in your business.
That’s it, a few interesting things about flywheel that will probably be an inspiration to many current and future traders. But does the flywheel in life show any other value that you do not know? Bich Phuong would like to give you one more understanding about flywheel that sometimes you just need to work hard to think of it and you will have the same thought with Phuong.
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4. Flywheel – Representation of the beauty of the soul
Don’t be surprised when Phuong leads you from business value to beauty value of soul. Because there is a correlation, in the end the flywheel can also be a symbol of a beautiful lifestyle – the spirit of volunteering. Maybe by this association, we have greater motivation to overcome a certain challenge in life?
Going from the meaning translated into Vietnamese is the wheel of momentum – a rather small wheel, used in pushing and creating momentum for the larger, heavier wheel to move faster, you will see It is conceivable that thanks to the action of this flywheel, the whole large carriage will run fast, thereby creating stable running inertia. So now, how do you think about the image of a small wheel and a very self-conscious effort in creating momentum, pushing the big heavy wheel to gain operating power?
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Isn’t that a very beautiful symbol for the spirit of volunteerism, the initiative that every human being should have? If in study, in any job, we can be like that momentum wheel, perhaps “nothing is difficult” will come true, the absence of any stagnation. take place. Everyone is proactive for their work, in a state of being always ready to pioneer spirit when doing any task, right?
With this value, the flywheel will represent a beautiful lifestyle that not everyone can practice. But just think, why can a small wheel do miracles to help the whole vehicle operate quickly and stably, but we, with knowledge and thinking, cannot take the initiative and volunteer? in the activities of daily living.
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Thus, through this article, Bich Phuong not only wants you to understand what a flywheel is, but also hopes that you can accumulate valuable life experiences to apply in your own life and work. their work to make life more meaningful.
