The reality is that buyers have nearly endless options in today’s market, and companies can’t rely strictly on features and pricing to win. A vibrant community not only serves as a defensive hedge against the competition but can also drive learning, innovation, and value. That’s why we’ve seen many IPOs in 2021 lead with their communities and show them as essential to their success.
What do you mean by “community”?
A support group, a networking forum, an open-source project, and even a tribe of rugby fans could all be considered a community
- Classification communities on the basis of member motivation
- Understanding motivations for why people gather informs both how a company engages and its overall objectives for its community
If you build it, will they come?
The first step in embracing the opportunity is to build a strategy that specifies how an organization will provide value to its members and then also derive value for itself
- Only then can you create a plan around conversing with, listening to, and engaging with current customers, potential customers, and those exploring something new
- Questions to add more nuance and rigor to your company’s community strategy
- Who is in our community, and why are they here? Who is not in the community? What value will we create for the community, whether or not they are paying customers?
Community is not the same as marketing
Unlike traditional marketing, community building is about creating an environment so compelling that it naturally attracts people toward its center
- Products and services are no longer sold but adopted – more companies are embracing the prospects, contributors, and fans they had previously overlooked solely because they weren’t a viable lead for the sales team
A new playbook to build community
Early case studies show that when done well, a thriving community can be a means to boost a company’s growth efforts and its value in the public markets
- Roblox and Duolingo are two examples of community-driven companies that exemplify how creating value for members alongside capturing value for the business can lead to better outcomes
