S6E9 | Benefits of a community-driven business
Do you need to have a community aspect in your membership? Learn more about the benefits of a community-driven business, and why you should have one!
“I want you to think of all the communities you’re in and why you’re in them. Likely you have shared interests, shared values, and can have conversations around topics that you can’t have with others.”
One of the questions I get asked a lot is whether or not you really need to have a community as part of your membership. In this episode, I’m going to share why community is so important to a paid membership, for you and your members!
Chances are, the communities that you belong to ‘get’ you in a certain area of your life. Whether it’s your job or your hobbies, it’s nice to have people who know what you’re talking about, and who can share some tips, guidance, and encouragement along the way.
Sure, you could join a free group about a topic, but you have to think about retention. When people join a paid community, they’re going to stay because they feel connected to the community, even if the community wasn’t the main reason they joined in the first place.
In addition to the tips and resources they’re getting from you, they can also hear from other members about what worked for them. People will get to know each other because they’re using the same language and sharing the same values.
When your membership is community-driven and has a community component, you’ll experience a lot of benefits like increased member retention, increased sales leads, increased organic referrals, and decreased marketing costs. You can also pitch new ideas to your community and they’ll tell you exactly what they want to buy. Plus, it’s more likely that your members will buy multiple times from you instead of just once, because they know, like, and trust you.
These are just some of the reasons why you should definitely consider having a community as part of your membership, whether it’s online or in-person. See you next time!