When it comes to gambling, you make bets based on the odds. For example, in Blackjack, you will hit immediately if your first two cards equal 10 or 11, but you may think about it more if you have a total of 15. It’s based on odds. You know you can’t bust with 10 or 11, but you know you are more likely to bust with 15, so you may not take the risk. Especially if the dealer also has 15.
The good news as we head to TSIA World: ENVISION In Las Vegas October 17 to 19, 2022, is that the casinos will be the only place you have to gamble because when it comes to a purpose-built community the odds are always in your favor.
Before we jump in, let’s align on the importance of a purpose-built community. A purpose-built community empowers you to build meaningful relationships with your customers – giving them a branded space to ask questions, find information about your product, connect with peers and advocate for your brand.
The Power of Community to Drive Business Outcomes
But not only does it create this sense of belonging and connection for your customers, community done right, will drive several business outcomes, including:
- Revenue growth
- Brand support
- Customer advocacy
- Increased retention
How? Ultimately it boils down to the fact that community is an investment in your customer experience strategy. Happy customers = loyal customers, which impacts every single one of the above outcomes.
For example, loyal customers are going to continue to partner with you year-over-year. This increases your retention rate, but it also builds brand advocacy which can in turn impact your revenue growth. Customers that support your brand will advocate on your behalf which, in turn, brings in new customers, but your existing customers will also be open to expanding their partnership with you and spending money with you.
Another aspect of a community is that it provides you with product insights and feedback that allow customers to be heard and for you to listen and take action in a space where your customers are already engaged. In fact, we recently surveyed 400 business leaders with 77% saying a branded community helped them to identify issues with a product or service and 78% saying the community has been used to improve said product or service issues.
Lastly, let’s talk about efficiency. In the 2022 “State of Community Management” report from The Community Roundtable, 27% of community leaders surveyed said that lack of resources continues to be their No. 1 challenge. Community is a solution that allows you to do more with less. For example, Higher Logic Vanilla integrates seamlessly and works with your existing tech stack such as Salesforce, Learning Management Systems and Zendesk to provide you with one platform that manages your entire customer hub. Additionally, it provides your customers with self-support options that reduce your time spent to serve because customers can answer many questions themselves (or with their peers) and have immediate access to a resource library.
There are many things that are a gamble, but building a purpose-built community is one of the safest bets you can make for your organization and your customers. We invite you to start the conversation and Discover the Power of Community with Higher Logic Vanilla at TSIA World: ENVISION next week. See you in Vegas!
Sr. Product Marketing Manager