A Different Kind of Flywheel Effect
WizeFi is a very interesting company.
When a first met founder Sean Allen, he made a very powerful pitch which centered on three key points:
Millennials need help creating wealth. The level of student debt, etc. is unheard of—but with proper management – financial freedom is still possible.
The WizeFi platform is the only product designed for individuals to use that is prospective – projecting when a person will reach financial freedom in real time as it monitors current expenditures.
WizeFi’s unique affiliate program will function as a low cost, “guerilla marketing” campaign to fuel growth.
Sounds good, right?
Except in my experience, having the best product is rarely the key to initial success. In fact, WizeFi has numerous existing, well-funded competitors – including even some freemium offerings. So while having the best solution is certainly important over the long haul, it certainly does not guarantee a successful launch.
If the platform by itself is not the key driver, what about this affiliate program?
Again, call me a skeptic! There are zillions of affiliate programs. How is this particular one going to produce rapid growth?
The answer is not to be found in the basic pitch – but in a nuance of the WizeFi launch plan.
WizeFi is building a community of new financial coaches to drive a very powerful Flywheel Effect. Here is how it works:
Given the demand for services highlighted above, financial coaching is a rapidly growing profession. And it turns out, learning about finance and how to coach is the relatively easy part. Learning the secrets to building a successful services business is hard.
This is where WizeFi’s hidden driver lurks. Sean and the WizeFi team have created a community for new coaches wherein WizeFi offers training on how to launch a financial coach business and a supportive community of peers. The feedback has been fantastic – and these new coaches are entering the world as WizeFi evangelists. The first turn of the wheel.
Of course, there are lots of established coaches and influencers as well. And once WizeFi has the wheel turning a bit, they can be invited in to further drive the affiliate program.
Finally, as the product and community mature, additional drivers can be introduced. Such as referral partners from financial advisory, insurance, banking, and related finance sectors. All these growth drivers should eventually really get that flywheel humming.
In sum, it is hard to launch a business. It is really hard to get momentum behind a new product or service – no matter how good it is. But if we can generate a flywheel effect like WizeFi, then small, incremental steps can lead to more and more moment
To learn more about WizeFi, their great platform, and how you can get involved - contact Sean at sean@wizefi.com.
Building mo’ with you,
Joel