Communities built on the power of opinions can create value
Long lasting communities possess a strong belief in their purpose. Moreover each member is aware of how their individual contributions relate to one another further strengthening the community’s collective influence. The goal of community members is to construct a cathedral, not just to lay bricks.
- Community fosters brand loyalty and increases consumer retention.
- Enhances brand recognition and increases brand awareness.
- It reduces reliance on paid advertisements and promotions.
- Assists in obtaining actionable feedback & recommendations
- Building brand communities increases website traffic and improves SEO.
- User-generated content from communities is a valuable resource for repurposing.
- Community members create a powerful self-referencing network allowing the community to grow
Communities Creating Value
1. FI/RE (Financial Independence/Retiring Early) ( Reddit)
This reddit community focuses on financial literacy, empowering its members towards financial freedom. The core ideology of FI/RE is “About maximizing your savings rate (through less spending and/or higher income) to achieve FI -financial independence and have the freedom to Retire Early RE as fast as possible. With over a million members, this community has some of the most amazing ideas and recommendations for savings and investment, and some inspiring stories of individuals in their early 30s reaching financial independence by practicing FI/RE
2. Art of Problem Solving
A community of students and adults alike who love challenging themselves with complex mathematical problems. A place where students learn from amazing mentors, instructors on how to best approach a complex mathematical problem!
3. Docquity – A community of healthcare professionals
In the ever evolving world of medical sciences, this platform provides a safe space for healthcare professionals to learn from each others practices and clinical experiences. This platform is an opportunity for Asian Medical Experts to share their knowledge with the rest of the world — another example of communities helping each other grow.
Web 2.0-Communities creating value
The influence of Web 2.0 communities on enterprises is growing. The most popular way to contribute to Web 2.0 services is through content. Web 2.0 can be in any medium, including audio (Podcasts), text (Blogs), video (YouTube), and others. To develop and publish the information, the user puts in time and work. Web2.0 communities form around products as opposed to an organic network of like-minded individuals preparing to contribute to a long-term objective.
- Web 2.0 typically doesn’t share value with users or builders. It extracts value instead.
- In Web 2.0, prejudices may exclude marginalized groups. For instance, Google Maps doesn’t provide useful services in less developed areas.
DAOs creating value
Web 3.0 communities come after Web 2.0 communities. A mainstay of web3 is decentralized autonomous organizations (DAOs).
DAOs built on blockchain are designed to give organizations, initiatives, and communities access to a new, democratic administration structure. By investing in the project, any member can cast a vote on organizational decisions. DAOs are a growing model for community organizations and a quick way to raise and distribute funds. The greatest DAOs use a native token to distribute wealth to their participants. Each token owner can sell their token at a profit if DAO is successful. Therefore, owning a DAO token is far more valuable than owning any other token due to the possible benefits and voting rights.
Comparison between Web2.0 communities and DAO
- Community members are the KEY DECISION MAKERS in DAOs
- Web 2.0 Communities are more inclusive ( allowing members who don’t own crypto wallets to also participate)
- DAOs turn members from consumers into PARTICIPANTS
- Those who lean in intrinsically are REWARDED ECONOMICALLY in DAOs
- DAOs use block-chain to make communities more inclusive, collaborative, and economically prosperous
Quick Tools to Help Build value from your community!
1. The Socratic Method:
Socrates and his followers devised an argumentative approach to discovering the truth over 2000 years ago, it’s the Socratic method. Cooperative discourse centered on questioning and responding to elicit ideas and foster critical thought is known as the Socratic Method. The Socratic technique involves debating until only the truth remains to eliminate improbabilities. Sherlock Holmes, a beloved fictional character, frequently applies the Socratic Method of deductive reasoning.
Knowing the Socratic Method and keeping it in mind during brainstorming will alert you to the fact that you shouldn’t accept the first solution. Consider whether the solutions you are choosing exactly match the issue. Until you find the ideal option, challenge the choice and urge others to do the same.
Polls provide aggregated views of a community. One can gain directional insights from a community using polls, additionally it is a great tool to encourage participation from even passive members. Polls can also be made anonymous to create a further safe space for members.
It is a very effective strategy to initiate a discussion on the desired subject in the neighborhood. You can learn about the characteristics, behaviors, and preferences of the community, depending on your objectives.
4. Open-ended questions
Meaningful conversations can start when you ask open-ended questions, and you can learn a lot about a product or service by doing so. It is a valuable resource for value production.
5. Sharing media
This tool effectively connects the community members through exploring common interests and showcasing their talent. It gives immense scope for discussions and emotional connections which will strengthen your community. The pictures you will receive in the community can be analyzed for data and subliminal messages can be inferred.
Features are a quick and easy way to make your community members feel valued. It develops a strong sense of appreciation and cherished. You can feature a select few community members on your social media pages or blogs letting the world know what they did for your brand.
Complimenting a member for his suggestion, a workshop they did, or an accomplishment they achieved makes them feel valued. Letting your community know from time to time how important they are to you is the key to developing strong loyalty.
Having the community rate/give feedback on your latest product, or service helps you to get a strong unbiased response. Since your community is dedicated to both your brand and passionate about the service/product you offer they will give you INFORMED feedback which will help you in improving your product for good!
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