IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities.  Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family owned businesses.  The following blog has been provided by Chris Bretschger of the Bastion Agency (https://us.bastionagency.com/):

Leveraging Online Communities to Create Long-Term Loyal Customers

Brand loyalty means a lot more than just making more sales transactions. It requires businesses to build meaningful relationships with customers.

Creating a community around your business allows you to convert your one-off sales into lifetime customer engagements. But this requires a different approach from traditional marketing formats. It means moving away from the idea of simply selling products to creating an environment where customers feel cared for and connected.

But to achieve this, it’s first important to understand how and why focusing strictly on transactional elements of your business doesn’t always work.

Looking Past Simple Transactions

Transactional business processes typically have an endpoint as soon as someone buys a product or service. But today’s customer journey is about so much more than that.

Any time someone makes a purchase from a business, it should be considered as a chance to create new and lasting relationships. These can develop into loyal customers over time. A solid business strategy should focus on knowing the customer, appreciating them for their purchase, and making them feel like an integral piece of the business’s success. If you can achieve this, a one-time buyer can turn into a passionate advocate that helps to market the brand.

Getting to this point also means being open to feedback. But this doesn’t just mean sending a survey and reading the results. It should be looked at as a chance to have a meaningful conversation and understand their needs better. Every time someone buys something, it’s not the end of the story; it’s the start of potentially long-term mutually beneficial relationships.

The Core Elements of a Thriving Brand Community

A great brand community – like the ones you often see supporting large, well-known businesses – doesn’t happen by accident. It takes a lot of work to help these communities thrive and stay active. The core elements many of these communities have in common include:

• A Sense of Purpose: The most engaging communities have a shared mission or sense of purpose that doesn’t just involve purchasing products. Many times, a brand’s goals and objectives can matter to participants of a community and compel them to share their thoughts and opinions. When customers feel like they’re part of something bigger than themselves and working toward a common goal, this helps to connect positive interactions with the brand.
• Real, Authentic Interactions: When engaging in a branded community, it’s important to give up repetitive corporate verbiage and sales pitches. People want to have real conversations with the brands they support. This means encouraging open dialog and letting customers express themselves naturally. This is how brands build trust – which is everything for modern consumers.
• User-Generated Posts: User-generated content can be incredibly important in a branded community. When customers share their own stories, photos, or ideas, it adds a level of authenticity that few marketing campaigns can match. It shows that a brand really values the voices of customers and makes them feel like they’re part of a real community.
• Unique Experiences for Customers: Offering exclusive content or early access to products, or special events makes customers feel like they’re not just another number. These little extras show customers that a brand looks for ways to appreciate them for their loyalty.

How to Develop Your Own Brand Community

Building a thriving brand community requires a strategic approach. There are several important approaches you can take in this regard:

Leveraging Social Media Platforms

Using social media platforms is necessary for brands that want to create a more loyal following. It’s a great chance to interact with your customers and tell them what’s new with the business. While maintaining an active presence on Instagram or having a Facebook page is a good start, it is not enough on its own. You also need to actively participate in discussions.

Some tips for achieving this include:

• Be a Good Host: Don’t just post updates and disappear. Respond to comments, answer questions, and get involved in conversations.
• Create a Dedicated Spot: Think about starting a dedicated Facebook group or using special features on other platforms to create a place where your customers can chat with each other and with you.
• Keep it Interesting: Share content that your audience will actually enjoy and find useful. Variety is key.
• Always Be Present: Consistent interaction makes the customers feel like they belong to the community.

Think of social media as your community center. It’s a place to connect directly with your audience and make them feel like they’re part of something special.

Creating Branded Forums or Discussion Groups

Setting up specific forums or discussion groups creates a one-stop shop for consumers to engage with the organization. Unlike social media feeds, branded forums provide an avenue for more in-depth, focused discussions.

However, these spaces require moderation and active participation from the brand to help keep the space free of negativity so that it remains productive. This allows for customers to network safely with other fellow consumers and share their experiences with the products or services without feeling uncomfortable.

Curating Membership Perks

Custom perks for members can notably improve community participation in branded online communities. These perks could include early product or service launches, special discounts, or exclusive content.

The main goal is to offer something that values the community’s interests or needs. Try segmenting the community and customizing perks for each group to increase the value they provide.

Working With Industry Influencers

Collaborating with industry influencers can work magic when improving the reach and engagement levels of a brand community. Influencers come with an established audience that can help to convert new customers and create more meaningful relationships with customers.

However, it’s important to choose the right influencers who match the brand’s overall goals. For example, if you’re working with a restaurant marketing agency, they’ll likely want to create more collaborations with well-known food critics or restaurant reviewers, instead of an influencer that strictly does product reviews.

Using Metrics to Improve User Engagement

For communities to perform well, tracking metrics can be incredibly valuable. Engagement rates, active user counts, and customer reviews are all important KPIs to focus on. These metrics help to inform content decisions, or when it’s a good idea to try a new engagement initiative.

Turn Your One-Time Customers Into Brand Ambassadors

Developing and supporting an online community gives businesses the opportunity to turn one-time customers into loyal brand advocates. When companies focus on the relationships they build with their customers, they naturally create more opportunities for recurring revenue streams to support continuous business growth.

If you have questions relating to the content of this article, Chris Bretschger, Managing Partner at the Bastion Agency, would welcome inquiries. Mr. Bretschger can be reached at (714) 557-7100 or chrisb@bastionagency.com.

IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, mergers & acquisitions, and real estate communities on subjects relevant to the purchase & sale of privately held companies and family owned businesses.  IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.