Discover how community-based marketing can drive growth and build brand loyalty with insights from McKinsey and Company’s “The Community Flywheel” report.
Community-based marketing is a powerful strategy for driving growth and building brand loyalty. According to a recent report from McKinsey and Company, “The Community Flywheel,” companies that invest in building a strong community see significant benefits in terms of increased customer engagement, retention, and advocacy.
The report highlights the importance of creating a virtuous cycle, or “flywheel,” in which a strong community drives growth, which in turn strengthens the community. This can be achieved by focusing on three key elements:
- Connection: Building a sense of belonging and connection among members of the community. This can be done through shared interests, values, or experiences.
- Value: Providing valuable content, resources, or experiences that meet the needs of community members.
- Advocacy: Fostering a culture of advocacy, in which community members feel compelled to share their positive experiences with others.
One example of a company that has successfully implemented a community-based marketing strategy is Peloton. By building a strong community of fitness enthusiasts, Peloton has been able to drive growth and build brand loyalty through connection, value, and advocacy. The company provides its customers with valuable content, such as live and on-demand fitness classes, as well as opportunities for connection and community building through social media and in-person events.
According to McKinsey, companies that invest in building a strong community see a number of benefits, including:
- Increased customer engagement and retention
- Greater brand loyalty and advocacy
- Reduced customer acquisition costs
- Improved customer lifetime value
- Increased revenue and profitability
If you want to drive growth and build a strong brand, it’s worth considering community-based marketing as a key strategy. For more insights and examples, be sure to check out the full report from McKinsey and Company, “The Community Flywheel,” available at https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/a-better-way-to-build-a-brand-the-community-flywheel
In conclusion, community-based marketing is a powerful strategy for driving growth and building brand loyalty. By focusing on connection, value, and advocacy, companies can create a virtuous cycle of growth and community building. By following the insights of McKinsey and Company in their report “The Community Flywheel” companies can get a better understanding of how to implement this strategy to achieve the best results for their business.