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It's going to sound controversial, but you need more than metrics and data to reach the next stage of your business. They play a huge role in growing and scaling your company, but so do other assets that are less tangible.
I'm talking about your community. You have been building it since you started your business. Are you taking care of it?
Today's fast paced environment requires entrepreneurs to thrive in a community. Fostering a shared space of common interests can lead to increased customer loyalty, drive revenue and maintain growth in a constantly connected world.
The subscription business model is the best way to engage with your community. There are three lessons I have learned from subscription-based businesses.
It is good business to build community.
Revenue is more important than relationships in many organizations. According to previous research, brands often create content based on their own needs and desires while not listening to what their audience actually want.
Subscription-based companies are ideal for building a more customer-centered approach. They are able to understand customer behavior and personalize their offerings. What did the result look like? They have a good relationship with their clients.
Implementing a subscription within your current offering is not as difficult as you might think. If you want to start small, you can introduce an exclusive Facebook group or launch a newsletter. Premium perks such as free shipping, exclusive access to product launches, discounts, etc., can be offered in exchange for a recurring fee if you implement a membership portal.
The core of a community is its people. Building a unique customer experience is one of the top priorities of the most successful brands.
There are benefits to having a community when building a business.
It's important to be committed to what you're doing when you start a business. As their business grows, entrepreneurs need to keep their commitment to their plan. When challenges come your way, commitment can help you rise above them.
When Gentleman's Box was getting off the ground, we tapped every resource we could, worked hard and stayed committed to our customers to create a completely unique experience that they simply couldn't receive on the retail level If we hadn't stayed committed to all the levers we were using, we wouldn't have achieved what we did. We used it as a guide through our journey. Every program and event we produce at our company is driven by the same community-driven and committed mindset.
The support of a community is important because this commitment can be difficult. According to research, the majority of business owners believe mentorship has a direct impact on their organization. You need to surround yourself with people who are supportive and positive.
Community memberships give many benefits to entrepreneurs and business leaders. A community of entrepreneurs can offer support, training, and access to experts who can help grow a business. Smaller communities can be found in some trade associations for different roles.
Through our event, SubSummit, we have built one of the most supportive communities of business owners there is. Business leaders can learn about new trends in the industry and share ideas at the event.
There is a guide to building a community.
The journey of entrepreneurship requires resilience and perseverance. You will not be an overnight success. Business owners need to put in the time and effort to accomplish their goals. A long road to company growth can make an owner feel stuck and uninspired. There is a community that can help.
It is possible to spark your passion through an impact community. Do you know what got you out of bed? The answer will let you know why the work is being done.
You can connect with your customers through in person events or online. You can get feedback and support from them. It's easier for you to stay motivated and inspired when you see how your product or service affects consumers.
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