Your community it’s not a nice to have, if aligned with your company objective it will drastically impact your metrics.

What are the business metrics that a Community can impact and you can easily measure?

A thread:


Customer support
Community members love to help each other and support your users, this will directly reduce the cases that will reach your support team.



CAC - Customer acquisition Cost
Your community can drastically reduce your CAC through their word of mouth and organic growth.


LTV - Life Time Value
Community members are long lasting users/customers, they won’t jump ship for a slightly better or cheaper competitor. They will advocate to improve your product.



Product Quality
If you collect feedback through your community, they will make sure to provide continuous feedback and reports bug.

Business Metric Your Community Can Impact

As i said multiple times community is vital for your product/company today.

But in order to receive value from it we first need to create and provide values to its members.

Without value your community won’t be sustainable.

The key to create value is to know your members and understand why they decided to join.



Try ask yourself those questions:
• Who is in our community, and why are they here?
• Which problem are they trying to solve?
• What value you can create for the community, whether or not they are paying customers?


• How can the members help each other?
• How can you reward participation?
• How can you make our community smarter, happier, or wealthier?

Armed with the answers you can start building your community and create value for its members.


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Create Value for your community, you will receive value back.

The Story of Lego and how #communities saved them from going out of business.     
#cmgr

A Thread 👇

In the early 2000s, facing growing competition from video games and the internet, LEGO found itself on the brink of bankruptcy.

For more than 75 years of its history, LEGO made toys exclusively for customers in a closed innovation process. But over the last decade, LEGO learned how to build with their fan community.

In 2008, LEGO launched the LEGO Ideas platform, allowing fans to submit new concepts for LEGO sets. 
https://ideas.lego.com/

Proposals are voted on by other fans and top vote-getters are reviewed by LEGO staff. Chosen ideas are turned into sets for sale. The fan designer receives 1% of the royalties.

This community has grown to over a million users, more than 26,000 product ideas have been submitted, and twenty-eight sets produced, including a Women of NASA set and playable LEGO piano.

Through LEGO Ideas, the 87-year-old company successfully transitioned from simply building for customers to building with customers.

Source: https://hbr.org/2020/01/turn-your-customers-into-your-community