The Power of Community: From Taco Bell NFTs to Building a Strong Network

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Hatched by Glasp

Jul 23, 2023

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The Power of Community: From Taco Bell NFTs to Building a Strong Network

Introduction:

In recent news, Taco Bell made headlines by issuing NFTs (non-fungible tokens) for digital taco art. The announcement was met with great enthusiasm, as all 25 tokens were sold within just 30 minutes on the Rarible marketplace. This successful endeavor highlights the growing trend of utilizing NFTs as a means of digital art ownership. However, the concept of community goes beyond just selling art. In this article, we will explore the importance of community and its various aspects, from aligning it with business objectives to effectively launching and nurturing a community.

Building a Community: SPACES Model for Success:

Building a strong community starts with creating a sense of belonging. When individuals feel connected and supported within a community, exponential growth can occur. The SPACES model provides a comprehensive guide for aligning community with business objectives:

1. Support:

Creating spaces where customers can answer questions and solve problems for each other fosters a supportive environment. By offering platforms for customer support, businesses can reduce the burden on their own teams while empowering customers to help one another.

2. Product:

Enabling customers to share feedback and ideas about products not only helps businesses improve their offerings but also encourages customers to feel invested in the brand. By providing spaces for product discussions, companies can tap into valuable insights from their community.

3. Acquisition:

Developing programs that facilitate the growth of a customer base is crucial for businesses in their early stages. By offering incentives and referral programs within the community, companies can leverage their existing customer network to attract new customers.

4. Contribution:

Allowing community members to contribute content, services, or other forms of value to a platform fosters a sense of ownership and empowerment. By creating opportunities for members to actively contribute, businesses can strengthen their community's engagement and loyalty.

5. Engagement:

Connecting customers based on shared interests not only increases customer retention but also creates a vibrant and engaged community. By facilitating interactions and discussions around common interests, businesses can deepen their customer relationships.

6. Success:

Enabling customers to teach each other how to use a product more effectively and achieve success in their careers adds value to the community. By providing resources and platforms for knowledge-sharing, businesses can foster a culture of growth and improvement within their community.

Aligning Community with Members' Goals:

To create a thriving community, it is essential to align its objectives with the goals of its members. While community ownership often starts with founders, it is crucial to hire individuals who possess genuine curiosity and passion for the community's subject matter. This curiosity drives engagement and ensures that the community remains aligned with its purpose.

When hiring community professionals, it is important to recognize that community management involves both people-oriented and operational tasks. While driving engagement is essential, community professionals also play a crucial role in creating and implementing operational strategies.

Creating Effective Community Programs:

Community programs are the backbone of a successful community. By focusing on community-level goals and designing programs that connect members, businesses can cultivate a thriving ecosystem. The 7Ps of community provide a framework for program creation:

1. People:

Identify the target audience for each program and understand their needs and preferences.

2. Purpose:

Define the purpose of the program and how it aligns with the overall community objectives.

3. Place:

Choose the appropriate platform or space for members to gather and interact.

4. Participation:

Determine the activities that members will engage in within the program.

5. Policy:

Establish guidelines and rules that shape the member experience within the program.

6. Promotion:

Develop strategies to raise awareness and drive participation in the program.

7. Performance:

Define success metrics for each program and regularly evaluate their effectiveness.

Launching a Successful Community: Start Small, Grow Big:

Launching a community is akin to hosting a party. It is crucial to set the stage before inviting a large number of attendees. Starting small allows businesses to shape the cultural mold and create a curated group of members. Inviting 10 to 50 founding members to seed quality content and conversations sets the tone for future interactions.

Founding members should be encouraged to post thoughtful questions, while other members are invited to provide quality answers. By demonstrating the desired behavior within the community, new members will replicate it, fostering a positive and engaging environment.

Actionable Advice:

  • 1. Prioritize community-building alongside product development by allocating resources and attention to community initiatives.
  • 2. Foster a genuine curiosity and passion for the community's subject matter when hiring community professionals.
  • 3. Start small and focus on quality interactions before scaling the community, ensuring a strong foundation for growth.

Conclusion:

The Taco Bell NFT sale and the concept of building a community highlight the power and importance of connecting with customers on a deeper level. By aligning community objectives with business goals, creating effective programs, and cultivating a sense of belonging, businesses can harness the potential of their community. Whether through digital art or a vibrant network of engaged members, the value of community cannot be overstated.

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