If you are struggling to build your business and looking for ways to improve, building an online or brand community may be the best solution. In fact, it is likely the tool you’ve needed all along.
The following are five common business problems building a community can solve:
Poor Return on Investment
While email lists, advertisements, and your blog are all fabulous ways to generate interest in your offers, there is nothing more effective than truly getting to know your customers more intimately. If your ROI is not what you want it to be, but your customers are otherwise satisfied, a brand community can help you fix that problem.
You can create the community free or for a fee. It’s up to you. It really does depend on your niche and your business model, but you can test out various ways to run your community. Once you have a captive audience that you can communicate with regularly, they will start buying more, and your ROI will improve.
Poor Cashflow and Intermittent Revenue
Whether you provide services or products, or you’re an affiliate with no products of your own, if you work within a particular niche, your income is likely not consistent if you have not built a community of avid and hungry buyers. Having a membership-based community, whether paid or free, can stabilize your cash flow like nothing else.
In your communities, you can offer them the first peek at new products and services, get more feedback, receive more customer reviews, and even get your members to become brand advocates and recommend you to others much easier than you can without having a community.
Poor Credibility, Trust, and Awareness
Communities humanize businesses, and once that happens, your audience will start trusting you more. The credibility that you end up with after creating more awareness through community building will jumpstart your creative juices and end up helping you become even better in the eyes of your customer base due to all the inside knowledge you’ll gain by being part of your community.
Poor Business Growth and Stagnation
If you have grown as far as you can with what you are doing, consider building a community. An active and engaged community can really boost your growth and end the stagnation you’re experiencing. Even if you haven’t sold a solitary product yet, building an active community will generate new revenue.
Finally, you can vastly improve your customer service by setting up an active and involved community. Not only will your members offer each other community peer-to-peer support, but you’ll also be much more in tune with what is going right and wrong and learn better ways to help your members in the way they desire.