3 Types of Communities That
Can Grow Your Business
RainToday.com, December 2009
By Vickie K. Sullivan
Thanks to social media, everyone's atwitter (excuse the
pun) about building a community of engaged and excited prospects.
The ROI seems like a given; many of us know we want a community
and know communities are important. The problem: many professional
service firms are not clear about what exactly they want the
community to do. And because of that lack of clarity, campaigns
usually fail to meet the nebulous expectation.
Here are the three most common types of communities and how
they can grow your business. These models are not necessarily
mutually exclusive; there is some overlap. But keep in mind,
every community has a primary objective.
Big Group, Big Buzz
Many professional service firms create what I call a Word
of Mouth community. (This can happen by accident as a result
of outreach campaigns that get a lot of attention but generate
a few sales.) This is a community that has a smaller percentage
of qualified buyers but has a lot of fans. Members are engaged
via exchanging ideas and content. The experts have great ideas
and a unique brand, and they've done a good job at wide distribution.
In spite of the low percentage of qualified buyers, this
community is valuable. The biggest benefit is tangible --
increased prominence and buzz, which drives speaking fees,
book deals, joint ventures, professional service fees, media
inquiries, etc. Because you have created a community of goodwill,
you have cache -- and in this crowded marketplace, that matters.
Your good reputation can market you even when you're not around.
Example: A while back, I had a high-fee client tell me, "When
I was at XXX convention, I told people that I just hired you,
and they were quite impressed! They saw me as a serious player
because I'm working with you. You should mention that as a
benefit of your work!" Folks, I couldn't buy that kind
of buzz.
Another benefit is more indirect, but just as potent. Associations
now define "cool speakers" by how they can light
up the tweet deck. It happened at a recent Video Marketing
Expo. One of their speakers got so much buzz via Twitter that
the conference organizers immediately rehired the guru for
a second session -- at the same expo. (That's what I call
repeat business 2.0!)
Moral of the story: it isn't necessary for everybody in your
community to buy from you. They do need to rave when someone
mentions your name or when you make an appearance. Experts
who lead with high-end services need a community such as this
to reassure prospects that they're safe to buy. Experts who
also depend on prominence benefit the most with this community.
Small Group, Big Budgets
The second type of community is also attractive to high-fee
firms: a group of people to pay for big-ticket projects. In
this community, group size does not matter. Job titles and
budgets are the defining factor. The personal touch builds
this community, either through referrals, speaking audiences,
networking, etc. Experts are well-connected and stay in touch
discreetly with customized content such as executive briefings
or original research findings.
Obviously, there will be a contingent who can't afford the
larger assignments. Very few are turned away outright; prospects
are at different stages of readiness. But the resources, the
campaigns, and the tactics are to find and engage big-budget
buyers.
Do experts here have offerings at smaller price points? Absolutely.
These revenue streams are ancillary to the big-fee projects.
They are either "get to know us" campaigns or add-on
offers to larger contracts. Example: a high-end coach might
market a retreat by invitation only. Again, there can be overlap
between these models.
These communities are for consulting firms, high-end coaches,
or speakers -- anyone who gets most of their revenue from
high-ticket items.
Big Group, Small Purchases
The third community is built by marketing mavens. These groups
are large and based on a very wide scope, such as an industry
or even a job title. They are based on mass market strategy:
small purchases made many times over. This strategy is all
about the numbers. The larger the community, the better. And
the more repeat buyers, the better.
Here's a great example of this community in action: one of
my clients specializes in lab safety. Her community buys from
her every time she comes out with something new. They pay
for it with their business credit card, which is paid by their
company. Her profitable business is based on educational materials
small enough to fly under the radar of purchasing departments.
When she partnered with an industry association, she made
five figures on one teleseminar. How? Her community showed
up in droves, and her fun style brought new prospects to her
group from the association's community.
Here's another twist: many of these communities not only
sell their products and services but also promote related
material from other experts. Internet or information marketers
do this all the time with membership-based sites. The focus
is creating a volume of opportunities to interact and educate.
This community model is best for mass marketers who know
how to engage large groups and have systems in place to maintain
the energy and excitement.
Know What You Want
Building a community can either be a bright shiny object
to pour money into or a way to solidify your base of goodwill
and even create some serious revenue. In this crowded market,
it isn't enough to wake up one day and say, "Hey, I think
I want one of those communities everyone's talking about.
Let me go find my magic wand."
The interactions needed to create a killer tribe have changed
dramatically. Expectations and requirements for engagement
are high, and it takes time to meet them. But when you clarify
your top objective for your community, decisions regarding
outreach campaigns become a lot easier -- and more effective.
Since 1987, Vickie K. Sullivan, President of Sullivan Speaker
Services, has generated millions of dollars in speaking fees,
book advances and ancillary income for her clients. Sign up
for her free market intelligence at http://www.SullivanSpeaker.com
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