In the playground business, it’s called a platform whirl, but you may remember it as the merry-go-round that you push to spin. It was a lot of fun back in the day, and it still is for children all over the world. You could spin it yourself while seated on the whirl, with just one leg pushing, or you could hold onto a railing on the whirl, start running, and jump on while hanging on for dear life as the whirl spun around from the momentum that you created!
The more you pushed, the faster it went. And the more you pushed, the less effort it took to get the whirl moving faster and faster. Once you get the whirl moving, momentum takes over and less effort is required. That’s the power of momentum for a whirl, and for your business too.
That’s the flywheel principle and you can apply it to your business for amazing results.
According to Wikipedia, “A flywheel is a mechanical device specifically designed to efficiently store rotational energy. Flywheels resist changes in rotational speed by their moment of inertia. The amount of energy stored in a flywheel is proportional to the square of its rotational speed. The way to change a flywheel’s stored energy is by increasing or decreasing its rotational speed applying a torque aligned with its axis of symmetry,”
A flywheel is a heavy disc that takes some effort to start, but spins easily once it reaches full speed. Jim “Good to Great” Collins is credited with applying the idea of a flywheel to businesses. Collins says,
“Once you fully grasp how to create flywheel momentum in your particular circumstance, and apply that understanding with creative intensity and relentless discipline, you get the power of strategic compounding. Never underestimate the power of momentum, especially when it compounds over a very long time. Once you get your flywheel right, you want to stay with it for years to decades—decision upon decision, action upon action, turn by turn—each loop adding to the cumulative effect. But to best accomplish this, you need to understand how your specific flywheel turns.”
Let’s identify the flywheel for your business.
What’s Your Business Flywheel?
What is it that creates momentum for your business? Is it your blog? Your email list? Once you get your flywheel moving, everything in your business should benefit from the momentum that your flywheel is providing.
What is the flywheel in your business that creates movement? Let’s start with your blog.
Your blog, as I’ve said before, is your showroom. It’s the place where you display your expertise and serve others by offering them great content that will help them with their lives or businesses. Hubspot reports that companies with blogs get 55% more visitors than those without blogs. Your blog can be an important part of your lead generation.
To generate leads from your blog, it’s essential that you have an opt-in form on the various pages of your blog. Give people the opportunity to connect with you by offering them a lead magnet that inspires them to connect. Once they’re on your email list, you have the opportunity to start a conversation with them that can grow into a business relationship. The following chart will help you offer what is of most interest to your target audience to induce them to join your list.
To power up your blog, you need great content about topics that are relevant to your target audience. Great SEO, including keyword planning, will help people find your great content, and utilizing other means, like social media, to communicate with the masses is another means to help them find you. SEO, social media, emails to your list, and other marketing strategies can all contribute to building, the readership of your blog.
The following graphic can help you produce content with the highest customer conversion rate.
Your email list gives you an interested audience for your blog, and hopefully, for your products and services. Those who have signed up for your email list did so because something you said or did was of value to them. It might have been your lead magnet, they may have seen something on your blog that interested them, or maybe someone they trust pointed them to you. In any case, your email list is your best investment for your business.
According to Campaign Monitor, email marketing is the best channel for delivering the best return on investment of any of the channels available to you. Depending on what study you look at, the ROI for email marketing is 3800% or 4400%. Either way, that’s fantastic. If you’re not getting $38 or $44 for every marketing dollar you spend, why is that?
Marketing studies have shown that it can take nine or more “touches” to turn a lead into a customer. Do you have an automated email marketing campaign that introduces new leads to your business? Is that campaign getting good opens and click throughs?
It could be that your list isn’t opening your emails, or not clicking through from your emails, or not responding positively to your landing pages. The first two are easy to track – your autoresponder should give you that information. The third is a question of how many people are viewing your landing pages and how many conversions you’re getting from those views.
It is estimated that there will be 5.2 billion email accounts this year – how will you influence more of the persons behind those accounts to sign up to your email list?
Here’s one more possible business flywheel that makes your email marketing work and many other elements of your internet business: business automation. With a blog and email list, you can make money 24/7. That’s the power of internet marketing automation. You can automate your email list, social media, and other aspects of your marketing. Marketing automation can help you build market share by keeping you front of mind with customers and potential customers. Automate every aspect of your customer relationship management to get the full benefit of internet marketing.
Next week I’ll be posting a full blog post on CRM, so look forward to that. Unitl then, beef up your blog, enhance your email marketing, and build your internet business 24/7. Find your business flywheel and get your business moving!
I invite your comments and questions, and your likes and shares!