An online community can be a major business asset, but it’s also a major undertaking—not something you should begin lightly.
Before you start creating your community, you need to ask how the community is going to ultimately contribute to your business.
There are a few major business goals that an online community can help you work towards
- Reduced churn. You can reduce refund requests and churn by adding value to your product and helping people find success with it.
- Repeat business. The people most likely to buy from you are existing customers. Delivering value and engaging with them can help you spur repeat business.
- First time customers. If you serve your community well, they will become word-of-mouth advocates. Having an engaged community is also a value-add that you can include in your marketing materials.
- Research. Your community will include your most engaged customers. Knowing their needs can help you with your marketing and product creation.
- Generate lift. If you’re trying to promote a speaking event, Q&A session, or just a piece of content, posting it in your community can give it a lift.
This list is hardly exhaustive, but it gives you a sense of how an online community might move the needle on key business metrics.