Community Based Business
Clearly, Community Based Business is an important concept for connection. Yes, it includes Community Led Go-to-Market strategy too. First, Community Based Business practices center around suppliers and resources to build offerings. Indeed, Community Led marketing is an organic system, that works mainly through word-of-mouth from customer-to-customer. Furthermore, we acknowledge, engage and support supplier and customers (community).
Certainly, developing a community base is imperative for any business looking to thrive. Major businesses like Nike, Starbucks, and Apple all target their community base for marketing. Not to mention, the high costs of marketing to new customers. Indeed, it is six to seven times the amount of marketing to existing community base. Comparatively, it gives businesses the incentive to switch their marketing strategies toward their consumers.
Innovation and Community Based Business
In the light of innovation, the world is closer today. Correspondingly, it has enhanced vastly its communication. The Internet has made Community Based marketing stronger for businesses. In fact, many Entrepreneurs or startups can thrive by marketing towards their community base. On the other hand, this can’t be said for other marketing strategies. Therefore, it is important to consider accessible resources and strategy to target strategically.
Building on Community Led Strategy
In the past, communities were taken for granted. In fact, they were overlooked and underutilized. Today, we know fostering a community is highly important. Instead of just focusing on the utilizing the base or replacing another strategy, we build on it. For instance, we value and keep Product Led or Sales Led growth. And incorporate Community Led as an additional GTM strategy. Yes, Community Led growth is a Go-To-Market strategy in which companies place value beyond their offerings. Certainly, by providing a platform to deepen consumer and brand interactions, customers engage. Furthermore, it provides educational resources, facilitates Q&A through real-time support and feedback, and builds brand loyalty, trust, and advocacy.
In summary, consumers today have an overwhelming amount of product options and a myriad of platforms to communicate on. This means, they turn to their peers and online forums for brand recommendations. When a community thrives within a certain sector, consumers are more likely to gravitate toward a brand. This creates loyalty, and enters the flywheel that is self-sustaining Community Led growth.