The expression, “It takes two to tango” is an old one and is absolutely lovely! It underlines the value of the people in our community or surroundings and how interdependent they are.
Sadly, people now have a wide range of products and services to be “interdependent” on, thanks to the development of technology. So, if you’re not spontaneous enough to “tango”, you’ll lose them.
Although the business world of today may encourage being a lone ranger, there are many advantages to having the backing of and engaging with a fixed network to build, learn and scale as a whole.
Today, we’ll discuss the advantages of building a community around your product/ brand.
But, before that, let’s look at how times are different.
Building A Product In the Past…..
A few decades ago, building a product required tackling two major challenges: gathering the required materials (supply chain) and building an efficient team (hiring).
We are about to enter 2023, and delivery issues are a thing of the past. Supply chains across the world have undergone a fast-paced revolution, with products being delivered at the click of buttons. Similar revolutions have happened in the recruitment space, with top-tier talent awaiting to join you and your vision. All these possibilities can be leveraged using a few clicks, and it has NEVER been better.
Sure, the pandemic and great resignation might have affected the supply chains and hiring pipelines throughout the world. There have been significant shipment delays in every industry as a result of the unstable situation of the global supply chain. Supply chain managers are under pressure, which is understandable. But there is a solution. *drum roll*
No coding is one approach that has revolutionized the supply chain. It has greatly facilitated life. Whether for hiring or building, it has become as simple as shouting “Avengers! Assemble” in the air.
Gone are the days where product building was a challenge. A large number of brands today own digital items or sell them digitally, making them accessible to everyone in the world. However, benefits do not come without drawbacks, while your product may be widely available, there is also a good probability that it will be copied.
So, how can you tackle this and improve market recognition for your brand/ product?
Distribution is one unfair advantage. Simply put, long-term success belongs to the brand that has its distribution under control! Leverage different ways to distribute your product and you are good to go. And one way to go about it is building a strong community.
A community of like minded people can show that the success of one is the success of many! Here are a few reasons why you should start building your community:
1) The power of learning
If you’re building your first product, you need to loop in feedback continuously throughout the process. Being a part of a community gives you the chance to learn new things and broaden your expertise.
In business, it’s common to become so invested in a project that you find it difficult to stand back and consider what you might be missing.
However, it is crucial to understand that every member of your community is a unique source of information and has personal anecdotes that could be beneficial to you and your project. Always remember, your members can be the third set of eyes you need to examine your project and offer you suggestions for improvements.
It’s a free consultation!
2) Network = Networth
What is business if not about growing through networking? Honestly, you can achieve a lot by building sincere relationships in your network and community.
Networking has become so much more than a buzzword, the power is extraordinary. Each individual in your community has their own networks and groups, some of which may lead to meaningful connections for you and your business. Networking ensures that you meet like minded people that take your confidence and career to a new path.
You can leverage your community user base to make quicker hires, get free, word-of-mouth marketing for your brand, and even reach influential professionals for funding, mentorship requests and leadership offers. You never know!
3) Collective power
The focus of modern marketing is analytics and data driven. When it comes to social media, many communities are quite savvy. Leverage that. Ask for support if you require any digital assistance for your company. Afterall, sharing knowledge, strengthening one another, and improving society as a whole are the core concepts of community.
4) Free Market-Fit tests
Each product requires a market-fit test before you seek funding or decide to go all in with your inventory or marketing ventures.
Unfortunately, this first piece of experiment requires an ample investment for itself, which discourages most young founders at the very beginning.
This is where brands that #buildinpublic or put in efforts to gather an online community gain a distinct advantage.
Suppose you have a community of 50k people and you send your product/ offer a free trial for your service to all of them. Even if 5k people step in, that’s a decent sample size for you to collect data from, and use it for raising money.
The process is even more rewarding if you already have a product/ service doing good, and ask your previous users for their insights on a new one.
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When many minds, souls, hearts and points of view collaborate, there is a significant chance that insights will be generated, increasing the likelihood to find novel solutions to any brand problems or difficulties.
It’s vital for any startup to recognize the above benefits and leverage the same via building an online community of consumers and people who might share interest in their niche.
It doesn’t have to be salesy always – you should rather focus on adding value to the lives of your target prospects. Sales will follow.
It’s a simple barter system – you provide a platform for people who share an interest, reward them with continuous exclusive offers, discounts, and beneficial information.
The community, in return, provides you with loyal support – sticking by you in the journey and providing you with invaluable feedback.
Remember, the digital war will be won by the ones who have aced distribution efficiently.
Note: Building communities around businesses and products involves long-term strategies. Although they take time, they eventually pay off, particularly through a more thorough grasp of client demands.
