For a few years now, a new growth model has been taking hold in companies: Community-Led Growth.
From startups to large corporations, from BtoB sectors to BtoC industries... This community-driven growth model is gaining momentum.
But despite its success today, can we consider Community-Led Growth as a future strategy? Is it really the future for business development? Find out the answers from MeltingSpot. On the agenda 👇
Community-Led Growth: definition
Why is Community-Led Growth a promising strategy?
How to implement a Community-Led Growth strategy?
Community-led growth: définition
At the heart of the Community-Led Growth concept is the word "community". And this keyword is not only at the center of the term "Community-Led Growth": it also has a central place within many companies.
Today, many communities revolve around companies: communities of customers, communities of employees, communities of investors, communities of influencers... Many groups that share common goals and interests do not hesitate to get together. Since the rise of digital transformation, these communities are mostly virtual. They meet online, to exchange, organize digital events and help each other, without geographical constraints.
For companies, the rise of communities is an opportunity. Being surrounded by a close-knit and committed community allows you to improve your brand image, to get feedback on new ideas, to find new customers... And above all to improve the growth of your company.
This community-driven improvement of company growth has a name: Community-Led Growth. Behind this strategic concept lies a simple idea: make a community the engine of business development. And the good news is that this "Community Centric" approach is a promising lever to facilitate its "Go-To-Market" and to grow the company.
Why is Community-Led Growth a promising strategy?
Companies that deploy a Community-Led Growth strategy enjoy many benefits. Here are some of them:
Creating, animating, and engaging a community around a brand offers many opportunities. The last one to remember is the following: boosting the growth and development of the company, thanks to Community-Led Growth.
Marc Reddin, CEO of Commsor confirms the importance and impact of a community strategy: "The community evolves your business, your resources and your presence. And it does so in a way that traditional marketing or advertising channels cannot. When done right, community enables and enhances customer acquisition, streamlines support and success, strengthens retention and provides critical product information. Community is the heart of the business that keeps the rest of the team beating."
Thus, Community-Led Growth is a developing strategy that is not just a passing trend. For many years, community-based marketing has proven itself. Apple, Nike, Starbucks, Spendesk, Tupperware... In France as well as abroad, communities contribute to the success of the most successful companies. And the good news is that Community-Led Growth should continue to become more widespread and develop as a growth strategy.
How to implement a Community-Led Growth strategy?
As you can see, Community-Led Growth is a strategy at the heart of many companies' success. But to make your community a key success factor, you need to know how to implement such a strategy.
MeltingSpot recommends that you follow these 3 steps:
Hire a (good) Community Builder
To guide the growth of a company, creating a community (of customers, beta testers, collaborators, etc.) is not enough. In parallel, you also need to find the right resources to animate and engage this community over time. And when it comes to Community-Led Growth, the best resources are human: we talk about Community Builders.
The Community Builder is a pillar within a community. He represents the voice of the company and is also the intermediary between the brand and the members of a community. His role is to build, animate and engage the community throughout the year. He defines and executes the company's "Community Based Strategy". All this is done by developing an atmosphere that combines proximity and benevolence, thanks to Community Building.
A (good) Community Builder can accelerate the development of a community, and consequently the growth of a company. It would be a regrettable mistake to do without one!
Do not confuse "Community-Led Growth" with "Social Media Management
Community-Led Growth is not limited to Social Media Management. These two strategies are complementary, yet very different.
Social Media Management allows you to build and animate audiences directly on social networks. On the other hand, Community-Led Growth has the mission of federating committed communities. To achieve this, it is necessary to get out of the social network spectrum and the ambient noise that reigns on these platforms.
Indeed, to create a link, organize events, exchange in depth with a company or its peers... The creation of an online community on a dedicated platform is highly recommended.
Animating and engaging your community over time
To take advantage of the benefits offered by Community-Led Growth, it is necessary to animate and engage your community over time. Throughout the year, the Community-Builder and the company must think about specific actions, such as
- The organization of virtual or physical events, to encourage meetings and exchanges: webinars, FAQs, networking, virtual workshops, etc.
- Co-construction of products or services with the community, to benefit from the collective intelligence and feedback of engaged members.
- Asynchronous exchanges around various topics, on a dedicated community-platform: to animate and engage a community all year round, it is necessary to create interaction. On a tool like MeltingSpot, private and public exchanges can be created. Surveys, online events, discussions, networking... The tool facilitates and improves the community experience!
Ready to launch your Community-Led Growth strategy?
Today, communities are the heartbeat of successful companies. Tomorrow, this phenomenon will become even more pronounced. Individuals, as well as professionals, like to surround themselves with their peers, within communities of customers, collaborators, investors... Whatever the profile or the interest of the members, collective adventures are privileged. Moreover, what attracts a company's customers goes beyond the simple "Product Centric" dimension: it's the "Community Centric" approach, which attracts and builds loyalty!
After a health crisis marked by isolation and social distancing, and as we approach the transition to web 3.0 (also called "community web")... Communities still have a bright future ahead of them!
To seize the opportunities of community marketing and Community-Led Growth as soon as possible, discover our community-platform 👇
