Every business has a community surrounding it, no matter how big your business is or what products or services you provide. These communities are typically made up of clients, investors, consumers, industry thought leaders, and more. Supportive people who are familiar with what you provide and want to see your business thrive. Your business has a community surrounding it, so have you harnessed that community in your business strategy? If you haven’t, you’re missing out on a powerful tool: Community-led growth (CLG.)
Refresher: What is CLG?
Community-led growth really has one goal: To create a self-sustaining growth cycle fueled by said community that drives new user acquisitions and engagement. CLG harnesses a company’s users, customers, and fans to drive growth and engagement. The ideology is that by creating a strong sense of community around something (a business, product, service, brand, etc.) you can then use that community to drive customer acquisition, engagement, and revenue. Referral marketing, community events, forums, activations, and user-generated content are all ways this can be achieved. Pretty cool, right?
5 ways community-led growth can benefit your customers
While CLG provides numerous benefits to the business itself, it’s also incredibly beneficial to the customer (or user, or client.) After all, customers are a huge part of community-led growth, and are part of the key to its success. Because the cycle is self-sustaining, customers aid in the success of community-led growth, and in turn, reap the benefits as it grows.
1. Improved customer experience:
CLG can lead to a more engaged and involved user community, driving product development and improvements based on user feedback and input. With community-led growth, the customer has a more personalized connection with a business. By getting feedback direct from your community, you can ensure that you are rolling out new products and services that your customers actually want, not just what you think they want.
2. Increased value:
Because of CLG’s affect on customer experience by driving new feature development and enhancements based on their needs and preferences, those developments make your business more valuable to them. When you are meeting their needs directly, that increases loyalty fueling that self-sustaining cycle even more.
3. Better customer support:
Communities support each other. As the community surrounding your business grows and strengthens, they can help eachother by answering questions and providing support to other users via forums, groups, and other online spaces.
4. Increased sense of community:
You might have noticed that all of these benefits build on eachother. This is all apart of the self-sustaining cycle we’ve been talking about. The more the community grows, and the stronger it becomes, it can lead to a more enjoyable and fulfilling experience.
5. Increased ROI:
CLG is a cost-effective strategy for your business that can drive customer acquisition and retention, leading to increased revenue and a higher return on investment for clients. It’s a win-win situation for both parties. Don’t you love it when everyone wins?