Written by: Vickie Sullivan | July 14, 2020
The Business Case for Creating an Online Community
Last month, we explored new expectations that earn loyalty within a community. Now, let’s step back and ask ourselves this question: Is building a strong online community really the right path for solo thought leaders? What’s the business case here?
A lot of us see thriving communities online and think, “Yep, I want me a whole lotta of that.” What we underestimate, though, is the time and effort to create that engagement. So, before jumping in, let’s explore the business case.
Here are two scenarios where loyal engaged communities earn their keep:
• They are low-cost revenue streams. Want to access that river of nickels? Then you need a thriving community. As online courses proliferate, repeat buyers are required to reduce marketing costs and increase profit margins.
Listen: Two Things Every Loyal Community Needs
• They help you demonstrate influence. This is where bigger dollars come into play. Want that big-event keynote? Want those lucrative brand ambassador deals? Then thriving communities show you have influence. Which is a key consideration for these opportunities.
Creating an online community can be a huge endeavor. It’s easy to write this off as too much of a non-revenue producing effort. My take: Explore the business case, then decide.
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