How B2B Community Building drives business growth and customer loyalty
- Author: Alison -
Why would a company want to get into B2B community building? There are many reasons why, but one likely motivation is the desire to connect with key industry influencers and build relationships with thought leaders, as part of the overall marketing strategy of the business. By creating a forum where these individuals can share ideas and collaborate, companies can elevate their brand image, establish themselves as an authority in their field, and cultivate trust and respect among potential partners, investors, or customers, who may ultimately become passionate brand ambassadors.
In addition, B2B community building can provide valuable insights and feedback about trends within an industry, helping companies to stay on top of new developments and identify potential threats and opportunities for growth. Furthermore, B2B communities serve as a great platform for showcasing products or services, and attracting new customers within your target audience who are actively searching for information online as part of their customer journey. Overall, there are many benefits that B2B communities can offer to businesses looking to increase their visibility and boost their bottom line.
What is B2B Community Building?
B2B community building is the process of creating strong, collaborative relationships within the business world. This involves establishing connections with other professionals, as well as potential clients, to work together to achieve shared goals. B2B community building is also about developing a culture where all members feel valued and understood. By creating a sense of trust and collaboration, B2B community building can help like-minded companies thrive in today's fast-paced business environment.
At its core, B2B community building is about making meaningful connections with others in your particular industry, be that as a group of founders on our client Sopro’s B2B community Founders Hub or a collective of purpose-led businesses on the new B2B community we’re developing for accountants, The Wow Company. Whether it's through networking events or digital platforms, these connections can provide valuable insights into what's happening in your field and how to stay ahead of the curve. They also give you access to valuable resources that you may not have been able to attain on your own.
Community Building Efforts
In addition to forging these types of relationships, B2B community building also requires building trust among your fellow collaborators. This means sharing ideas openly and being willing to learn from others' experiences as well as your own. Through this kind of collaboration, B2B community building helps businesses break down silos and increase their performance as a whole. And by fostering an atmosphere that encourages diverse perspectives and creative thinking, B2B community building will drive innovation.
It’s also important to not see a community as just another part of your sales cycle or solely as a pipeline for your sales team. Whether you are running a community or a member of it, remember that the key objective are those genuine connections and relationships you can build. From this authenticity, your sales and prospecting will naturally grow alongside it. Nobody wants to be in a community with somebody who is the constant salesperson - people buy from people, and particularly in a B2B community others need to see personality and build a human to human connection before they consider purchasing your product or services.
Types of Online Communities
There are a variety of different types of B2B communities, each of which offers unique benefits and challenges. Some common examples include online discussion forums, membership-based networking groups, mastermind groups, and virtual conferences.
Some communities we’ve worked on in the past include UK Business Forums - with over a million unique hits each month. This was a huge undertaking, as we were responsible for the commercial outlook, revenue generation, attracting new members, marketing and day-to-day community management. One of the key strengths of this community was being able to stay up to date on trends, conversation topics, concerns and priorities of startup and small business founders while fostering genuine connections between people.
We have also worked closely with The Agency Collective - a wonderful community of agency owners who are consistently authentic and supportive of each other, which is one of the main reasons why it continues to be so successful. A busy schedule of virtual events and interviewing industry leaders among other key content is core to how this community is run.
Every B2B community has its own strengths and weaknesses. For example, online discussion forums can be a great way to engage in open dialogue with peers from around the world, but they often lack the personal touch and intimacy offered by face-to-face interactions. On the other hand, private communities in the forms of membership-based networking groups can give you the chance to build stronger relationships with your professional contacts through more in-depth interactions, but these groups can also be quite exclusive and difficult to join if you don't meet strict eligibility requirements. Ultimately, the best B2B community for your organisation will depend on your specific needs and goals.
How to Build a Thriving Brand Community?
In today's competitive B2B landscape, it is more important than ever to establish a clear objective for your business community. Whether your goal is to support and engage with existing customers, attract new leads, build a strong brand presence, obtain key industry insights and research, or foster customer retention and value, the right B2B community can help you achieve your objectives by providing a valuable network of professionals with shared interests and expertise.
One key element of B2B community building is communication. At the core of any strong B2B community is a desire to share knowledge, ideas, experiences, and insights. This means actively engaging with members on a regular basis to encourage and discuss current trends and challenges within your field, and creating channels where members can freely exchange information with one another.
Another crucial aspect of B2B community building is to continually evaluate your progress against the goals you set. This could mean focusing on how relationships are being built between existing members, whether partnerships are being developed within your industry, or nurturing the next generation of leaders within your company or community. Whatever the goals might be, it's important to set specific targets that can be tracked over time through metrics like open rates, reach, engagement levels, collaboration between members, etc. You’ll need to set clear goals for your B2B community and monitor its progress towards those targets on a regular basis.
Engaging Content
When creating content for your B2B community, there are several key factors to keep in mind. One of the most important is to focus on value and functionality. B2B customers want to feel like they are getting something out of the content you produce - whether it is through useful information, insider tips and tricks, or product insights. This focus on providing value will help to engage your B2B community and keep them coming back for more.
Another important tip is to pay attention to your audience. To really connect with B2B customers, you need to understand what motivates them, what challenges they face, and how they like to consume information. This means doing research, listening to feedback and reviews, and paying close attention to analytics data. By keeping track of these metrics, you can tailor your content strategy in a way that will capture the interest of your B2B community and build relationships with potential customers.
Through tools like thought leadership content, online conversations and forums, webinars and workshops, live events and more, a B2B community can be an invaluable resource in helping you stay ahead of the competition and reach your business goals.
Why B2B Communities Help Customer Loyalty, and Why this will Help Grow your Bottom Line
Most businesses focus on customer acquisition as their primary path to growth. However, customer loyalty is actually a much more powerful driver of business growth. Returning customers are not only more likely to spend more money, but they are also more likely to refer new customers and provide valuable feedback. B2B communities can be an invaluable tool for developing customer loyalty. By establishing a safe and vibrant space where customers can interact with each other, B2B communities help to build relationships and foster a sense of loyalty. In addition, B2B communities facilitate real-time dialogue and engagement with customers, allowing companies to adapt their products and services on the fly in order to better meet customer needs. As a result, customer loyalty becomes an essential component of business growth, and firms that utilise B2B communities are well positioned to achieve this crucial goal.
Community Members and Customer Loyalty
Some of the most successful businesses are those that have been able to build strong customer loyalty and cultivate a community feel. For example, Amazon has built customer loyalty by offering low prices and convenient shipping options. Amazon has also succeeded in creating a community of customer reviews and ratings that help shoppers make more informed purchase decisions. In the B2B sphere, LinkedIn has created a community of business professionals who can connect with one another, share job opportunities, and offer advice and support. This community has helped LinkedIn become one of the most popular online networking platforms.
Why not build your own online community?
In a global economy, businesses must think beyond their own four walls if they want to thrive. When businesses come together to share ideas and resources, they create a powerful network that can help them to succeed.
By pooling their knowledge and talents, businesses can achieve things that would be impossible on their own, and the ability to tap into a community of like-minded businesses is essential for any business that wants to stay ahead of the competition. From access to new markets and technologies to increased efficiency and productivity, the benefits of B2B community building are clear. So if you’re not already part of a community, now is the time to start building one.