You’re the marketing guru in this relationship. Your customers have the projects, and you have the agency with the expertise to get your clients found, turn website visitors into leads, and convert those leads into paying customers.Read More
Online Community Blog
It’s one of the most well-known rules of doing business: it’s much more expensive to acquire new customers than to retain the ones you already have.Read More
“If you don’t know where you’re going, any road will take you there." - Lewis Carroll
This quote probably wasn’t meant to describe ROI and data analytics, but it does. Regardless of the industry you are in, data is used to review the path you’re on, decide where your organization is going, and what road will take it there.Read More
According to a recent study from leading social and community business researchers Leader Networks and CMX, the marketplace is seeing a revolutionizing shift in both business and marketing behavior. Instead of focusing on traditional advertising and cost reduction businesses and associations are focusing on their relationships with customers to improve satisfaction and add value for existing and potential customers.
That means companies are increasingly looking to their customers as the source of their success and looking for more feedback on products, services, and practices.Read More
The most successful online communities across the nation all have one thing in common, they are backed by a powerful business strategy. Sometimes this means keep customer engaged and leveraging the social activity in the community identify revenue opportunities for your business. For other organizations, the online community generates revenue directly. The following outlines how the latter.Read More
Most companies invest big bucks to build their customer base. Unfortunately, while spending large amounts to acquire new customers, many organizations often make the mistake of paying less attention to the customers they already have.
A few years ago, I penned what I believe is still one of the most concise and clear definitions of social business:
Building community and generating member engagement fuel almost every business objective for your association. This includes producing research and content, advocating for your members, and continuing to provide education, support, and networking opportunities for your industry.
Without engaged members, your association has more difficulty efficiently serving its mission. In a way, your members define you. Members’ interests, participation, and support (in the form of time and revenue) make what your association does possible. The degree to which members are engaged affects everything from legislative wins to event attendance to member retention rates.
How Does Building Community Impact Organization-Level Goals
You’ve done your research. You’ve developed a sound plan. Now, you must sell your online customer community strategy to your boss’s boss.
Getting a meeting with top-level executives is a great opportunity. While they are very busy people, setting up a block of time to talk to them about your online community strategy is critical to securing funding, solidifying buy-in, and setting expectations for the long haul that is community-building. You need to make sure that you are taking full advantage of it so that it is not a chance wasted.
On the surface, the ROI of any business strategy seems straightforward. Revenue and operational savings minus the costs of the initiaive gives you a rough return on investment, right? Not quite.
The bad news is that caluclating the return on your investment in your online customer community much more complicated. The good news in that getting the ROI for your online community is more complicated in a way that allows you to both capture the real value that your private online community brings to your organization and make improvements in your approach where necessary.