It is conventional wisdom amongst the business owners that retaining a customer is much cheaper and more accessible than acquiring one. Therefore we can conclude that long term customer loyalty is much more important than short term sales.
“Customer satisfaction is worthless. Customer loyalty is priceless.”JEFFREY GITOMER
Ever noticed the long lines for buying Apple iPhones or Nike Air Jordans? People tend to camp outside the store for more than 24 hours to get these products. It is the power of a customer community!
The same thing applies to your events. Building a community for your audience will leave you and your community much better off.
PROs of having a community for your events:
- There is always a demand for your events
- A satisfied customer is more likely to bring in other interested customers
- You only have to cater to one segment of customers, which means better service for the segregated market
- The constant feedback from the community is ever more helpful in making the events better
“Do what you do so well that they will want to see it again and bring their friends.”WALT DISNEY
Why building event community is the FUTURE?
- With the increase in individuality, more people are following their passions. They’re serious about going ahead in their respective fields, and therefore they would likely get associated with the respective communities.
- With more choices in the market, products and services are becoming more targeted and personalized.
- People are looking for a sense of belonging in the products and services they buy.
- Building a community around a specialized field would allow the host to cater to everyone’s needs by taking user feedback regularly.
“There is no power for change greater than a community discovering what it cares about.”MARGARET J. WHEATLEY
Here are a few more INSIGHTS on the same:
- Building a community is the first step towards creating a BRAND
- Communities are the most valuable and honest source of feedback
- It provides a sense of camaraderie amongst the audience
- IKEA-effect is at work here. When the customer spends more time and effort towards something, they tend to appreciate it more.
“Community is about doing something together that makes belonging matter.”BRIAN SOLIS