Three Reasons Why Your Brand Needs an Effective Community-Building Strategy.

In today’s dynamic digital landscape, having a thriving community is more important than ever. But the road to building one is complex and fraught with meaningless buzzwords, and even when you’ve got one, it can be difficult to measure and streamline its effectiveness. That’s why we wrote our latest White Paper: What will it take to build an effective brand community in 2024?

Get your free copy here. 

A few months ago, we published a blog called ‘Four simple steps to building an effective brand community’. And people loved it. But for us, it posed new questions: How is the world of brand community-building evolving? How will it continue to evolve in 2024? And once you’ve built one, how do you grow, nurture, sustain and measure it? 

So, these are the questions we aimed to answer in the White Paper. For now, let’s delve into one specific aspect so you can get a taste of what’s in it for you. 

Everyone’s talking about brand communities. But why do you need one in the first place?

A brand community is so much more than just a database or a collection of consumers; it’s a collective force that plays a pivotal role in shaping your brand’s identity, fostering growth, and ensuring its longevity. So, let’s quantify the impact of a brand community with three big benefits:

Top-line growth

Community generates brand love and loyalty. So, not only do community members have higher average lifetime values (ALVs) and order volumes (AOVs), but research by Aberdeen Group shows that companies with online communities enjoy a 40% greater profit margin per account, with a 5.9% YoY increase compared to peers without an online community platform. 

Reduced ad expenditures and customer acquisition costs (CACs)

Community members become co-marketers by sharing branded content on social media, creating user-generated content (UGC) and contributing to word-of-mouth through recommendations and testimonials. This active participation strengthens brand presence while lowering the costs associated with customer acquisition.

Accelerated innovation speed through results-driving feedback

Thriving communities will give brands the most honest feedback out there; which can span from products and services to communications and core branding. Indeed, in a co-creative workshop we carried out for Stripes in 2022, the community we engaged significantly sped up innovation and discovery through the high-value, highly authentic insights they shared. 

So, there you have it. Three reasons why your brand needs a community, and three reasons why you should download our latest White Paper: a tried-and-tested roadmap to building, nurturing, sustaining and measuring an effective brand community, specifically for 2024’s unique brandscape.

Get your free copy here.