If you haven’t put “Build a Thriving Community” at the top of your business goals, then it’s time for a serious shake-up.
A strong community is like a super-power for your business. When done well, your community will help you move people all the way through your Customer Value Journey from awareness to promotion.
Now Artificial Intelligence (AI) is quickly transforming the business landscape making information alone less valuable. It’s easy to think the machines have it all covered. But no matter how smart robots get, nothing can replace the human connection we are wired to crave.
Not convinced yet? Let me break the 5 undeniable benefits of a thriving community. If you don’t pay close attention to the fifth one, your business will struggle to survive.
#1 Get More Customers
A thriving community is like a magnet for new customers. It has the power to attract right-fit leads, build trust quickly, and convert them to buyers.
Ever heard of FOMO? It’s the “Fear of Missing Out,” and let me tell you, it’s a real thing. People see a buzzing community, and they just can’t help but want in.
Once they get in, they’re surrounded by the social proof of other community members that trust you and are enthusiastic advocates. It’s only natural for them to want to follow the crowd. This means existing members’ trust in you is easily passed on to new community members.
That fast-track to trust will ultimately lead to more conversions for your products, programs, and services.
Example:
Take Harley-Davidson for instance. They don’t just sell bikes; they sell a lifestyle. Harley owners don’t just feel like part of an exclusive club, they are. It’s called the H.O.G. (Harley Owners Group). It’s one of the world’s largest motorcycle owner communities.
H.O.G. has local chapters that organize events, rides, and rallies that not only bring existing owners together but also attract future owners. When people witness and experience the sense of belonging and camaraderie that comes with being a Harley owner, they want to join the ‘Harley family’.
#2 Keep Customers Longer
I recently worked with a client to survey their long-time members. When asked what they love the most about her online membership, the answer was overwhelmingly the community.
It’s long been known that keeping a customer is a whole lot cheaper than finding a new one. Getting more conversions is great, but the real money is made in retention because of its impact on customer lifetime value and profit margins. Retention is your ability to keep your recurring revenue customers longer or get your current buyers to become repeat buyers.
A thriving community creates a deeper level of connection that is really hard to walk away from. Plus, it supports buyers in getting more results from your programs and products.
More results lead to happier customers that want to buy more from you and ascend to your higher-level offers.
Example:
Let’s take a look at LEGO. By creating a community where fans share their custom creations, they turned customers into lifelong fans. Those brick-loving enthusiasts keep coming back for more because they’re part of a larger community that makes stacking those tiny bricks more than just a hobby.
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There are clubs called LEGO User Groups (LUGs), where kids and grown-ups, known as AFOLs (Adult Fans of LEGO) can show off their builds. Young builders get to be part of a special squad with the LEGO Life app and magazine. Imagine a clubhouse, but in an app, where you can share your LEGO creations and even get into fun challenges.
LEGO also hosts events like Brickworld, where you can gather in-person with other LEGO builders of all ages to see mind-blowing builds, trade bricks, and connect with other builders like you.
All of these community connections and events keep their customers – both young and old – engaged with the brand and continuing to buy and build new LEGO sets and designs.
#3 Create Raving Fans
Thriving communities create raving fans that buy and promote everything you sell. They’ll wear your merch, give social media shoutouts, and drag their friends to your store.
When you have a strong community, people who are part of it can’t help but spread the word. They feel like they have an invitation to something truly special that they feel privileged to share. They become customer evangelists.
That’s why active community members tend to be your best advocates that spread the word to friends, family, and their own circle of influence about your programs, products, and services. When they do, those they invite into your world are more likely to buy than someone that finds out about you elsewhere.
The trust that you’ve built through your community is now transferred to someone new to your business. That leads to more conversions, and the cycle continues. This is why word-of-mouth is the most powerful marketing and it’s free!
Example:
Imagine walking into a gym and everyone’s cheering, not just for the super-fit ones, but for everybody. That’s the magic of CrossFit boxes, where gyms are like second homes and fellow CrossFitters are family. They sweat together, compete fiercely, and sometimes hang out after a tough workout.
Ever seen pics of folks lifting weights, captions flaunting #WOD (workout of the day), and inspiring stories of getting in shape? That’s the CrossFit family showing off and, guess what? It’s contagious! Friends start wondering if they too can be a part of this community.
And it’s not just about muscles; it’s a heart thing. CrossFitters share values like never giving up, having each other’s backs, and being the best version of themselves.
By fostering a tight-knit community, promoting shared values, and creating exciting events and social experiences, CrossFit has built an army of brand advocates who live and breathe the CrossFit lifestyle. This passionate advocacy helps CrossFit to continue to grow and attract new members.
#4 Reduce Customer Support
Your community can be like your very own customer support team—and they don’t even need to be on your payroll. When customers have questions or run into issues, often it’s other community members that jump in with solutions.
When a customer gets stuck or has a question, other community members jump in like superheroes to save the day. This is what we call peer-to-peer support, and it’s a big win for everyone.
Here’s why it’s awesome: First, it’s super fast. No one has to wait forever to get help because fellow customers know their stuff and can solve problems quickly. Second, they know all the cool tricks to get the most out of the products, kind of like having a friend who’s an expert.
Plus, it feels more personal, like getting help from a buddy who’s been in your shoes.
And guess what? Business owners save money because they don’t need a huge customer support team. The community’s got it covered! It’s like having a dream team that’s always ready to help out.
Example:
Imagine having a bunch of brainy friends who can help you out whenever you’re stuck with Microsoft products. That’s what Microsoft’s community is like.
In the Microsoft Answers Community, regular users and super-smart MVPs (Most Valuable Professionals) swap tips and answers.
For the tech wizards, there are special hangout spots called TechNet and MSDN forums. That’s where the computer pros go to solve tricky tech stuff together so they can better serve the larger community.
This team effort means faster help for everyone and takes a huge load off Microsoft’s shoulders. They don’t need a giant team to answer questions because the community’s got it covered.
Often, issues are solved without an official support ticket ever being raised. It’s like having a go-to group of tech wizards ready to help out anytime, making things smoother for everyone involved. Microsoft just sits back and watches its community stars take the stage, saving big on customer support.
#5 Develop Better Products
This one’s a game-changer and in my opinion, the future of product creation. Your community is a gold mine of insights. Who better to tell you what your next product or service should be or how to improve existing ones than the people who use them?
Imagine having an arsenal of creative minds who are actively using your products and services. These are individuals who have seen firsthand the challenges and opportunities present in your offerings.
By having an environment where community members can share their ideas and feedback openly, you are essentially crowdsourcing innovation. This organic exchange of ideas can lead to enhancements in your existing products and services, and even the creation of new ones.
Chances are when you’re intentionally getting customer feedback early and often, the products and services you create are more aligned with your customers’ needs. And if they aren’t in love, you’ll be able to pivot fast before the impact hits your bottom line.
When members contribute their insights, they become more invested in your business’s success. They feel a part of the process, and this sense of ownership further cements their relationship with your brand.
Example:
Cassey Ho, the fitness guru behind Blogilates, is a prime example of harnessing the power of a thriving community to create better products. She launched Popflex Active, a community-driven line of fitness apparel, with her community’s insight at the forefront. How? By keeping her ear to the ground.
Cassey chatted with her followers to learn what they really wanted in workout gear. She got the scoop on the perfect fit, cool designs, and must-have features.
Next, she got her fans in on the action during the design phase. They were her sounding board, giving thumbs up or down to prototypes. And voila! Popflex Active was born—a collection that’s spot-on with what women in her community want.
Cassey continues to listen to her community’s desires and challenges, create products that solve them, and share with her community each step of the process.
Become a Certified Community Specialist
Learn how to develop meaningful relationships with your customers and automate the customer acquisition process.
Cassey’s playbook shows that when your community’s got your back, you can hit a home run in product creation. It’s crowdsourced creativity at its finest!
Unlock Success with a Thriving Community
For businesses seeking sustainable growth and a solid foundation in today’s competitive market, investing in building and nurturing a thriving online community is a surefire strategy.
It’s your secret weapon for pulling in customers, keeping them happily by your side, and turning them into raving fans. But that’s not all – they’re your guiding compass, helping you navigate product development, and they’re your unofficial customer support rock.
So, if building a thriving community isn’t at the top of your to-do list, it’s time to grab a pen and make that amendment. Your bottom line will thank you.
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The post The Unbeatable Power of a Thriving Community for Your Business appeared first on DigitalMarketer.
Frequently Asked Questions
What are the motivations of entrepreneurs?
There are three main types of motivation for entrepreneurs. Each type has its own set of strengths and weaknesses.
The most common form of motivation is external, where an individual wants to make more money. This motivation is often triggered by financial concerns.
External motivation can be driven by personal passion, ambition, or desire. This type of motivation is very goal-oriented.
Inner motivation is much more rare. Internal motivation is far more rare than wealth. Individuals with it do not seek to be wealthy. Instead, these individuals pursue other goals, like self-development, fulfillment and service.
People with inner motivation are often called "passionate" when they find satisfaction in what they do.
Intuition is the most common type of motivation. Intrinsic motivation refers only to people who are motivated by the satisfaction and enjoyment that comes from working towards a particular goal.
Intrinsic motivation is a much stronger motivator than either external or internal motivation.
Intrinsic motivation comes from within. It is based in the belief that each person has certain talents or abilities. These talents and abilities enable them to achieve feats that no other person could ever do.
We feel fulfilled and happy when we recognize our talents and abilities. It feels like we are doing meaningful work.
In simple words, intrinsic motivation makes us feel happy. The joy that comes from knowing we can accomplish whatever we set our minds on is intrinsic motivation.
This sense of accomplishment is what keeps us going when things get tough.
You might even find it boring if you don’t enjoy what your doing.
Click here for more information about motivational entrepreneurship.
What motivates entrepreneurs?
We are motivated by passion. However, our passion drives us to do meaningful work that makes a positive difference. To make a difference for ourselves and our loved ones.
To give back. To help others. To leave a mark.
We love it. Because we feel compelled by God to live our lives fully and succeed in things that matter.
We are driven to fulfill a sense purpose and mission. This cannot be accomplished by money alone.
Find a way for business to be enjoyable. This is where entrepreneurship becomes more than just a job; it is a lifestyle.
This is why I love helping entrepreneurs succeed. My goal in helping entrepreneurs achieve financial freedom and make a lasting difference in the world is my goal.
I'm living proof of the fact that creating value is the best. Sharing your knowledge and expertise with others.
It is not enough to create a great product. It is essential to understand your customers' motivations and what they want. What they want.
It will make you a better marketer and help you improve your product. This will ensure that you always offer more value.
You will attract more customers if your products and services are more valuable. Customers will buy more of your products and services, so you'll have more customers. Plus, you'll generate more revenue if your products and services are more popular. Plus, if your revenue is higher, you will eventually be financially self-sufficient.
Money is not everything. It's the means to an end. It's not an end in itself.
So, if you truly want to live a rich life, you cannot focus only on money. It is important to make a positive difference. Contributing. Leaving a legacy. It is creating something of value. You create something unique. It adds meaning and purpose to your life, as well as those of others.
Entrepreneurship requires risk-taking. But it doesn't mean having any rules. It means being flexible. Adapting. Adjusting. Improving.
You can succeed as long as you remain true to yourself, uphold your values, and keep your integrity.
Entrepreneurship is a calling. A vocation. An opportunity to contribute. To create wealth. To shape history.
You will be your best self when you embrace all these aspects.
You will not be stopped.
What are the motivations of an entrepreneur
Entrepreneurs have three major motivations: money, freedom, and knowledge.
- Freedom means having the ability to do whatever you want whenever you want. This is why we become entrepreneurs when constrained by our current job or life situation.
- Money is also very important because we would not even consider starting a business without it. Although we can survive without food and water, we cannot live without money.
- The third motivation is knowledge. Entrepreneurship requires us to constantly learn more and more, which is why we often find ourselves reading books, attending seminars, taking online courses, and learning how to create products and services.
This is what motivates us to achieve our goals. It gives us purpose, meaning.
These three factors are what made us entrepreneurs. These three factors are the key to our success day after day.
If these three things are missing, we might pack up and go home. These three essentials are what will make us truly happy.
Motivation is important for entrepreneurs.
When we feel lost or stuck in life, motivation is the fuel that propels us forward. It gives us the strength to face our fears and make decisions that might seem risky or impossible.
Motivation is also an important factor in achieving success. Lack of motivation can cause us to become lazy, unmotivated or unproductive, ultimately leading to our failure.
To unlock your potential, you must find ways to motivate. You need to find a way of staying motivated every day.
You can think of it as a muscle. It becomes stronger the more you exercise it. It starts to weaken and atrophy if it isn’t exercised.
Most of the most successful entrepreneurs are selfmotivated. They set goals, plan how to achieve them, and follow through.
There are times when you need to be motivated. These are three easy steps that can help you stay motivated.
Step 1) Get inspired. Find an inspiration figure. Someone who is already achieving the things you dream of.
Step 2: Set small goals. Make sure that each goal is reachable. Keep your eyes on the next step, not the final outcome. You'll be able reach your goals faster if you break down large goals into smaller ones.
Step 3. Reward yourself. You can reward yourself when you reach your goals. Reward doesn't necessarily have to be tangible; it could be simply taking the time to do something enjoyable.
Motivation is a choice. Choose happiness, choose success, and live a full life.
So if you want to change your life, start today. The first step is to decide to change. Next, take action. Get started now on your journey to living the life you desire.
How can entrepreneurs motivate staff?
Motivation can come anywhere. It doesn’t matter where the motivation comes from. Just make sure they are motivated to act. Motivation is important for every business, regardless of whether it's a stick or carrot approach.
Employees are more motivated if they feel happy. This makes them more likely to do their best. To make your team more productive, empower and engage them.
It is important to make sure they feel valued. A place where they can grow and learn. Where they can contribute ideas without fear of punishment.
It is important to create a culture within your company that encourages employees to flourish and be successful. This is how you keep your top talent happy, productive, and loyal.
To maintain the culture you have to reward the successful behaviors. This can include bonuses when goals are achieved, training opportunities, raising pay raises, and providing perks like insurance.
Clear communication and direction are also essential. Ensure everyone knows what's expected of them and why.
Your policies and procedures should be written down and communicated. Make sure there's someone responsible for making sure they're followed.
Communicate frequently, but most importantly. Keep your team up to date about what's happening within the company. Let your team know about what's happening.
Communication is essential, and taking care of your team will ensure that you remain ahead of the rest. They will take great care of you.
A bad relationship with employees could lead to big problems. Research has shown that companies with high levels in employee engagement are more productive and profitable than those that have difficulty keeping their top performers.
It's important for employees to recognize that not everyone wants to work at a similar pace. Some people prefer to work alone, while others enjoy working in teams. You can motivate anyone in many different ways.
Incentives may work better for some, but recognition might be appreciated by others. Whatever works best for you and your company, it must be consistent with the company's objectives.
As the leader, you are responsible for setting the tone. Keep your mind open. Listen to your teammates. Remember, you have to do it yourself if you want it done correctly.
What are the advantages of an entrepreneurial mindset?
There are many benefits to being an entrepreneur. You become more independent. You stop relying solely on other people.
This makes you independent and free to pursue your dreams. You can also build relationships with other entrepreneurs, as you share the same challenges and interests.
You gain confidence. Entrepreneurs are always learning new things. This gives you the ability and flexibility to change quickly. This will allow you to think outside of the box and not get stuck in a rut.
When we all start our businesses, we're no longer bound by the rules and regulations placed upon us by society. We're free and able to decide what we do and how much we live.
You have the option to choose to go against the flow or follow the crowd. We have the option to choose success or failure. We can choose either to fail, or win.
It is thrilling to be free. However, it also comes with some responsibility. Because once you step into this role, you're accountable for everything that happens within your business.
If you want to be successful, you need to learn how to manage risk. Try new things. If you're willing to try to learn from your mistakes, you'll eventually reach your goal.
These lessons will help you to stay on the right track when you embark on your journey.
Remember:
- Entrepreneurship is a lifestyle choice.
- If you own your own business, then you're the boss.
- Be wary of following trends.
- Success isn't measured in money but rather in freedom.
- It is important to find a balance between your personal and professional lives.
- Set clear expectations.
- Always be truthful with your team.
- Be persistent if it's your desire for something to happen.
Statistics
- Our 10 years of research also shows that 75% of mentored entrepreneurs increased their revenue, and 82% of their businesses survived the first two years. (carolroth.com)
- Invest at least 30% managing those with authority over you and 15% managing your peers.” (americanexpress.com)
- According to analysts, Johnson has high appeal in all four quadrants tracked at the multiplex: male, female, over-25 and under-25. (forbes.com)
- That means for $150,000, you could have bought 10 percent of Airbnb." (entrepreneur.com)
- “Effective communication is 20% what you know and 80% how you feel about what you know. (americanexpress.com)
External Links
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- 101 Best Inspirational Quotes For Entrepreneurs
- SpaceX employees are set near impossible goals by Elon Musk
How To
Are You a TRUE Entrepreneur?
An entrepreneur is someone who creates value for others and himself. He is risk-averse, he creates businesses, and he earns money.
He doesn’t wait until someone offers him an opportunity. He is self-motivated, a leader and a winner.
An entrepreneur is able to take decisions quickly and efficiently. He sees the problems clearly, and solves them creatively.
He sees little difference between life and business. Entrepreneurship to him isn't a job, it's a way to live.
True entrepreneurs are unafraid to fail. Failure is a part of success. True entrepreneurs embrace change, and thrive under pressure.
They are driven to attain their goals and they never stop trying. Most importantly, they love what they do because they enjoy creating value.
They want to not only build successful businesses but also create happy lives for their families.
Next time you are feeling unmotivated, or confused about starting your own business, think this:
"Am I a true entrepreneur?" If yes, then take action. If the answer is no, it may be time to rethink what you are doing in your career.
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