Community Building Is Essential To Generating Revenue

Online Communities Help You Achieve Your Goals

In a digital-first world the way we communicate has fundamentally changed. We seek community, we seek content, we seek connection. Building community is more important than ever. A driven community fosters relationships and meaningful conversation.  Beyond educating consumers on a brand's products or services, an online community can drive demand. 

Building an online community will allow your brand to:

1. Increase revenue

1. Establish thought leadership

1. Drive product innovation

1. Encourage user generated content and social validation

1. Reduce support costs

1. Create brand ambassadors

1. Boost engagement

1. Get real-time customer feedback

Key Stats

• According to a Google study, on average, it takes a minimum of 20 customer touchpoints to make a sale. (source: ThinkWithGoogle)

• 55% of communities five years or older generate or influence more than $1 M (Leader Network)

• Online communities increase customer spend by 19% (source: Univ of Mich).

• Investing in customer engagement can increases revenue by 70% (Twilio)

• 74% of large companies have an online community, while 40% of small businesses have an online community (Demand Metric)

You Create Community With Valuable Content

It’s human nature to connect with likeminded people. We’re hardwired to form communities around similar interests. In order for communities to get off the ground, they need content for people to form a community around. Remember, communities form around content that brings value to the consumer. The content can’t just talk about you, your product, and service. 

Types of content your brand could create to build a community include:

• Social media posts and ads

• Articles and website content

• Video

• Webinars & live video

• Email

• Podcasts

• Lead magnets

As you’re creating community-driven content, encourage your users to communicate with each other on a social media or branded platform. 

Communities Create The Customer Touchpoints Necessary To Drive Revenue

The average customer journey takes at least 20 touchpoints before a purchasing decision is made. In post-COVID world customers also expect a level of personalization. It’s a tall order for your brand to create 20+ unique content items for individual users and will be difficult for even the largest brands. Instead, consider building tentpole content that can be discussed, shared, remixed, and encourage user participation. 

Your brand can greatly benefit from an online community, as audience engagement generates touchpoints for your brand, including:

• User generated content leads to customer discovery;

• Candid conversations about your products or service create real social proof;

• Prospective buyers have the ability to self-education and make informed purchasing decisions;

• Current customers will help the community with customer service and onboarding queries;

• Customers will recommend your product or service and grow loyal to your brand.

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Engagement Is Key To Community Longevity

Engagement is an important metric for any brand. Over the last two years, companies that invested in digital engagement grew top-line revenue by an average of 70%. 

As customer concerns over privacy shift us into a ‘cookieless’ world, engagement driven through content and community is more important than ever. Digital engagement leads to:

• higher customer satisfaction;

• Increased customer advocacy;

• greater revenue;

• higher profit.

Building a community delivers real customer engagement benefits. The community is a dedicated place for a customer to learn, grow, problem-solve, and interact.