Building a community around your business is a powerful way to increase engagement, loyalty, and advocacy for your brand. A strong community can provide support, feedback, and new ideas, all of which can help your business grow and thrive. In this article, we will explore some of the key steps to building a community around your business.
WHAT IS A BUSINESS COMMUNITY?
A business community is a group of individuals or organisations with a shared interest in a particular industry, product, or service. The community can be local, national, or global and may include customers, suppliers, partners, employees, and other stakeholders.
In a business community, members may share knowledge, resources, and best practices, as well as collaborate on projects and initiatives. The community can provide support, networking opportunities, and a sense of belonging for its members.
Business communities can be formal or informal and may exist online or offline. For example, a trade association or chamber of commerce is a formal business community that provides resources and support to members in a particular industry or geographic region. An online forum or social media group can be an informal business community where members share information, ask for advice, and connect with like-minded individuals.
WHY A BUSINESS COMMUNITY?
Business communities can be highly effective in achieving various business objectives, including increasing customer loyalty, driving sales, fostering innovation, and improving brand reputation. Here are some examples and proof of their effectiveness:
- Increased customer loyalty: According to a survey conducted by Salesforce, 86% of customers believe that loyalty is primarily driven by trust and 73% are more likely to recommend a brand they trust. By building a community that fosters trust, businesses can increase customer loyalty and advocacy, leading to higher retention rates and customer lifetime value.
- Driving sales: A study by the Wharton School of Business found that customers who are part of a brand’s community spend 19% more than non-community members. Additionally, a report by Demand Metric showed that businesses with online communities generate 2x more revenue than those without. By building a strong community, businesses can drive sales and revenue growth.
- Fostering innovation: Business communities can also be effective in fostering innovation by providing a platform for collaboration and knowledge-sharing. For example, the Linux operating system was developed by a community of developers who shared a common goal of creating a free, open-source operating system. By working together, they were able to create a product that has become a cornerstone of the technology industry.
- Improving brand reputation: According to a report by Edelman, 84% of consumers expect brands to take a stand on social issues. By building a community that aligns with a brand’s values and purpose, businesses can improve their reputation and differentiate themselves from competitors. For example, Patagonia’s community of environmentally conscious customers has helped to position the brand as a leader in sustainability and social responsibility.
HOW DO YOU BUILD A BUSINESS COMMUNITY
Step 1: Define Your Values and Purpose
The first step in building a community around your business is to define your values and purpose. What do you stand for as a brand? What is your mission and vision? Having a clear understanding of your values and purpose will help you attract like-minded people who share your beliefs and are passionate about what you do.
- Conduct a brand audit to determine your current values and purpose.
- Define your mission statement and brand purpose.
- Identify your brand values.
- Create a brand story that communicates your values and purpose.
- Align your values and purpose with your target audience.
Step 2: Identify Your Target Audience
Once you have defined your values and purpose, you need to identify your target audience. Who are the people that are most likely to be interested in your products or services? What are their needs, interests, and pain points? Knowing your target audience will help you tailor your messaging and content to their specific needs and interests.
- Conduct market research to identify your target audience.
- Develop customer personas to understand your audience’s needs, wants, and pain points.
- Determine where your target audience spends their time online.
- Identify the social media platforms and online forums where your target audience is most active.
Step 3: Choose the Right Platform
The next step is to choose the right platform to build your community. There are many social media platforms, online forums, and other digital channels where you can engage with your audience. It’s important to choose the platform that is most popular among your target audience and aligns with your brand values and purpose.
- Research and evaluate different social media platforms and online forums.
- Determine which platforms align with your brand values and purpose.
- Choose the platform(s) where your target audience is most active.
- Create a strategy for each platform, including content types, posting frequency, and engagement tactics.
Step 4: Create Engaging Content
Once you have chosen the right platform, you need to create engaging content that resonates with your audience. Your content should be informative, entertaining, and relevant to your audience’s interests. You can share your own content or curate content from other sources that your audience might find interesting.
- Develop a content strategy that aligns with your brand values and purpose.
- Research and curate relevant content from other sources.
- Create original content that educates, entertains, or inspires your audience.
- Use a mix of content formats, such as text, images, videos, and infographics.
- Optimize your content for search engines and social media platforms.
- Test and measure the effectiveness of your content to improve engagement.
Step 5: Encourage Interaction
To build a strong community, you need to encourage interaction among your audience. You can do this by asking questions, starting discussions, and responding to comments and messages. You can also create polls and surveys to get feedback and insights from your audience.
- Develop a plan for engaging with your audience, such as responding to comments, messages, and reviews.
- Use polls, surveys, and quizzes to encourage interaction and gather feedback.
- Create challenges or contests that encourage user-generated content.
- Develop a system for handling negative feedback or criticism.
Step 6: Recognize and Reward Your Community
To show your appreciation for your community, it’s important to recognize and reward their contributions. You can do this by featuring their posts or comments, giving them shoutouts, or offering exclusive discounts or rewards. By recognizing and rewarding your community, you will foster a sense of belonging and loyalty.
- Identify ways to recognize and reward your most active community members.
- Create a system for tracking and rewarding engagement, such as badges, discounts, or exclusive content.
- Use social media shoutouts or feature community members in your content.
- Develop a loyalty program or referral program to incentivize repeat business and word-of-mouth marketing.
Step 7: Continuously Improve and Evolve
Building a community around your business is an ongoing process. You need to continuously improve and evolve your strategy based on your audience’s feedback and changing needs. By listening to your audience and adapting to their needs, you can build a stronger and more engaged community.
- Monitor and analyse your community’s engagement and feedback.
- Use data to adjust your content strategy and engagement tactics.
- Experiment with new content formats, engagement tactics, and social media platforms.
- Collaborate with other brands or influencers to expand your reach and attract new community members.
- Regularly review and update your brand values and purpose to ensure they align with your audience’s needs and interests.
Building a community around your business is a powerful way to increase engagement, loyalty, and advocacy for your brand. By defining your values and purpose, identifying your target audience, choosing the right platform, creating engaging content, encouraging interaction, recognizing and rewarding your community, and continuously improving and evolving, you can build a strong and engaged community that will support your business for years to come.
To doing the next thing and mastering it!
Mike Johnston
Co Founder & Architect of Evolve
