Why communities are necessary for businesses?
Simple answer, so that the different stakeholders of the business (customers, employees etc.) don't feel a disconnect to others and the companies they do business with.
When businesses invest in community management, they transition from a normal brand to a more human brand — one that takes care of the needs of the people who support them, work for them and interact with them.
Some obvious benefits to Businesses from Community Engagement:
Enthusiastic members help acquire new members, resulting in lower customer acquisition costs and a tight viral loop.
Members are less likely to abandon the community, resulting in increased retention and therefore improved lifetime value.
Members support one another, resulting in high ROI from the community due to a lower cost of service.
Community efforts give way for very real network effects: as the engagement grows, the community gets smarter, faster to respond, more globally available, and generates more value.
Companies that leveraged community to their advantage.
Salesforce
a cloud and CRM tools giant with a behemoth $140 billion valuation.
has also created a community of nearly 2 million members who support each other. The company’s annual “Dreamforce” conference, which attracts nearly 200,000 acolytes to
The company’s annual “Dreamforce” conference, which attracts nearly 200,000 acolytes to San Francisco each year, represents a mecca for its ecosystem to convene, build relationships, and advance its corporate agenda.
Fitbit
has a community of more than 25 million members, who share and refine their exercise regimes
increased loyalty when their members felt like they’re creating a movement instead of just being a customer to the bike giant.
It has created more than 1,400 local chapters around the world for enthusiasts to get together in person and discuss their bikes.
Pinterest increased its odds of finding and maintaining product-market fit as it was constantly learning from its community members. This helped Pinterest adapt its product direction with its changing needs.
Codecademy
Since the company was founded nine years ago, more than 50 million people have taken one of its courses.
Users of Codecademy Pro (the company’s paid offering) have access to a Slack group so they can meet, mingle and share best practices with others and gain access to events with industry professionals and peers.
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