Hey there fellow marketers ✌🏼 How are you all doing?
Times can be pretty tough out there at the moment, marketing and growth budgets are getting cut, and at the same time, you’re supposed to acquire customers even more efficiently.
We talked to a lot of founders, marketers, and growth leaders who are facing the same problem and realized that only a few folks know how to tap into their existing customer base to drive growth for their company. And even fewer are able to do so in a repeatable and scalable way. That’s why we want to present you with a strategy that can help you tremendously in this situation: community-led growth.
Maybe you’ve heard of it before, or maybe it’s a new concept for you. Whatever may be the case, here’s a quick introduction to what it means:
Community-Led-Growth is a strategy that leverages the power of an active, supportive user base to drive customer acquisition, retention, and reach. This approach enhances customer engagement and deepens brand-customer interactions. The community becomes a powerful force for driving word-of-mouth and referral marketing, which can lower your customer acquisition cost (CAC).
That sounds great and all, but where should you begin? 🤷♂️
🎯 It’s the same answer that is almost never wrong – focus on your customers first and foremost. Think about what drives them. By incentivizing your existing customers with meaningful rewards you can transform them into your proud advocates.
🥑 Advowhat? Ad-vo-cates. An advocate is someone who speaks or writes in support of a cause, product, or idea. They use their influence to promote the cause, product, or idea and encourage others to do the same. Advocates are passionate about their cause and have the power to influence and motivate others.
📈 How do you know if you’re doing the right thing?
To measure the impact of your community-led growth strategy, you’ll need to set up key performance indicators (KPIs). Some examples of KPIs that can be used to measure community-led growth include community size, engagement, retention, and referral rates. Our digital handbook gives a more nuanced overview of what to consider when choosing and tracking your KPIs.
All of this sounded interesting to you and you want to dig deeper? 👀
Find more in-depth tactical advice on how to nail customer acquisition in a tough market with community-led growth and download our digital handbook 📖
Have any of you already made some experience with CLG? What were the biggest challenges that you faced when implementing it into your growth strategy?