Unlocking Growth: The Power of Flywheels
What if there's a third option beyond just product or distribution? Flywheels, the secret sauce for sustainable growth. Flywheels bake distribution into your business, creating a self-sustaining referral engine.
Apple began with a groundbreaking product, growing from zero to a global giant. Focusing on product excellence can be a path to success.
On the flip side, think of Mr. Beast, who built a massive audience before introducing products. He's now winning big with chocolate because he built a distribution channel through his audience.
But most of us aren't Apple or Mr. Beast. So, what's our way to grow with limited resources? The third way – flywheels.
💡 Flywheel Examples 💡
- Ecosia: A search engine that plants trees with every search. By using it, users are inadvertently contributing to the environment.
- Notion, Miro, Figma: These tools encourage users to create and share templates, fostering a community. This network effect benefits everyone involved.
- Audible Clips: Audible enables users to share their favorite moments from audiobooks on social media. Sharing becomes natural, creating a powerful word-of-mouth effect.
- Medal's "+1" Button: Making it easy for users to invite others is key to building a strong community and network effect.
🌐 Lessons for Your Business 🌐
- Distribution by Demonstration: Make your product visible while people use it. Encourage word-of-mouth marketing.
- Your Product as a Network: Each new user should add value to existing users. Harness network effects.
- Community-Led Product: Involve your community in decision-making, allowing them to steer the product's development.
Flywheels can transform your business's growth trajectory. How can you make your product or service market itself, foster network effects, and empower your community?
P.S. Are you juggling too many tasks at once?
This 8-minute assessment will help you identify the ONE thing that moves the needle most for you: https://assessment.strategysprints.com/questions
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