Amazon CEO and founder, Jeff Bezos has taken hold of a popular growth strategy and fine-tuned it to perfection. This strategy is called the “flywheel.”
Amazon has been very intentional with feeding the specific areas of its business that it believes is essential to the flywheel strategy. Here is a picture that displays Amazon’s idea of the flywheel business model
Everything that Amazon does seems to be focused on the customer experience. Whether it’s tons of Prime perks, friendly refund and return policies, or incredibly fast deliveries — Amazon continues to produce things we want before we even know we want them.
Bezos makes it clear that even though Amazon is a trillion-dollar company, he doesn’t plan to slack off on customer obsession.
In order to set up a successful flywheel, you must assure that each aspect of the wheel feeds another. The flywheel strategy creates a cyclical business pattern of success:
Low prices > Prime membership > customer service > more sales > extra subscriptions.
Just check where you stuck up in order to rotate your business flywheel.