8:15 AM, June 5, 2023

What is Community-based Marketing?

Executive Education
| The European | 18 March 2022

Every business wants to reach more customers. Of course, there are many different ways to do this, all of which will deliver varying levels of success. Community-based marketing is an excellent, tried and tested method to reach more customers and keep loyal ones for longer. Whether your audience is a consumer looking for a local service, or a business searching for the best cryptocurrency platform to find a bitcoin loophole, then community-based marketing could be for you.

What’s the Definition of Community-based Marketing?
Community-based marketing (CBM) is a key strategy in the B2B sector nowadays. In short, CBM is where businesses with a shared interest come together to create better relationships with their customers. Due to this interest that they share, pooling their efforts can help reach audiences in a much smoother way, delivering closer and more valuable links with customers.  

The reason community-based marketing is so important revolves around the fact that it provides that social and emotional need that is so important for many of us. When brand communities are created, those in these communities tend to display more interest and appreciation for the brand and their products, and selling different products or services becomes much easier as a result.

What Are the Advantages to Community-based Marketing?
CBM benefits from providing an extremely high-quality customer experience compared to other types of marketing. Communities ensure that marketers understand exactly what a customer wants and what they need, providing all the information needed to reach them and provide a better and more effective experience.

Loyalty is one of the most desired traits in a customer that all businesses want. Maintaining a mutually beneficial relationship between customer and corporation is the best way to do this. If a customer has an issue with the brand, an online community can help with responsiveness allowing the brand to answer any questions or problems straight away, giving consumers more peace of mind. 

So, although there are many advantages to community-based marketing, the biggest issues always appear when it comes to creating them. To prevent this from happening, make sure to pay close attention to the next section!

How Do You Create Successful Community-based Marketing?
Community-based marketing can be done online, locally, nationally, or even globally. At the end of the day, as long as brands and people with a shared interest come together to form a group, it is known as community-based marketing.

There are several ways to create successful community-based marketing. You can either create it from the ground up or by joining and working with already created community groups.

Ambassador programs are a common CBM strategy where your business enlists key customers as ambassadors. They then spread the word about your community and your business. Many businesses support social causes by donating to charities and organising specific events to bring people together and create communities. There are many other ways organisations can create a community. Regardless of the size of the business, or the sector it operates in, this marketing strategy can deliver great results.

Although there are many advantages to community-based marketing, it is one of the more communication-intensive forms. Brands have to converse with their community, build rapport and like-mindedness with each other, and be able to create meaningful relationships and traditions as a result. If you look to use CBM, then you need to commit to it and stay committed!

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