The Power of Community and Knowledge Sharing in Business

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Hatched by Glasp

Sep 02, 2023

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The Power of Community and Knowledge Sharing in Business

Building a strong community is essential for any founder or business owner. It not only creates a sense of belonging but also drives exponential growth when members actively participate. To align your community with business objectives, the SPACES model can be used: Support, Product, Acquisition, Contribution, Engagement, and Success.

At the pre-product-market-fit stage, the focus should be on collecting feedback and insights to solve customer problems. The community objectives here usually revolve around Acquisition and Engagement. As your customer base grows, the emphasis shifts to Support and Success.

Who should own the community? In startups, it is common for one of the founders to take charge initially. However, it is crucial to look for someone with a genuine curiosity for the community's topic when hiring the first community professional.

Community hires should not only be people persons but also excel in operational capacities. They need to understand the importance of balancing engagement with managing the community effectively.

Creating community-level goals is the next step in the strategy. Programs that connect members to each other, like forums or message boards, play a crucial role. The success of these programs can be measured through activity, value, and belonging.

Launching a community is like hosting a party. It is important to start small and ensure everything is set up before inviting more people. By starting with a select group of 10 to 50 members, you can shape the cultural mold and provide a curated experience. Founding members can seed quality content and conversations, setting the tone for new members.

Sharing knowledge is another powerful tool for business success. Research from McKinsey & Company shows that businesses that actively share knowledge through analytics and data programs have a higher likelihood of gaining more customers, achieving above-average profitability, and retaining customers.

In today's business environment, trust and transparency are crucial for lasting relationships. Concealing knowledge from each other hinders progress, while sharing knowledge fosters collaboration and growth. Businesses should embrace knowledge sharing as a win-win strategy.

Actionable Advice:

  • 1. Start small when launching a community. Shape the culture and provide a curated experience for founding members before opening it up to more people.
  • 2. Look for community hires with a genuine curiosity for the community's topic. Balance engagement skills with operational capacities.
  • 3. Embrace knowledge sharing within your business. Create programs and systems that encourage the sharing of insights and information among team members.

In conclusion, building a strong community and sharing knowledge are essential for business success. By aligning community objectives with business goals and fostering a culture of collaboration, businesses can create lasting relationships and drive exponential growth. Embrace the power of community and knowledge sharing to propel your business forward.

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