Why Is It Important for Companies to Build a Community Around Their Brand

Transcript

Today people don’t necessarily buy just because a product is the cheapest or even because the product is the best. Some people buy because of the brand, you know, they like the logo on their shirts. There are different motivations.

The point I’m trying to make here is that there are different motivations for people to buy, and it’s not as black and white as it used to be. People have more information. Today, they are influenced by so many external factors than ever before.

We used to take a look at the situational factors that were happening around that person when they were making a decision, what was going on in the economy, what was going on within their family, and what is their marital status.

All of these things had an impact. But today, there are external factors, from technology to politics. There are social issues going on right now that determine why people make purchase decisions. And so you can’t just continuously advertise to all of these or counter advertise to all of these different issues that are going on.

So the best way is to connect with people and provide people with some value that augments what they do and what they do. So basically, what I’m saying here is to provide value that supports your brand or in a way that’s relevant to your brand but provides value to them beyond the transaction.

So if you’re a bank, for example, you already probably do a good job at educating your customers on how to invest or how to save. But what are you doing about helping them? Helping their children save? Or what else is going on in their lives? Vacation planning? Identifying what is a good vacation for them. So things beyond the base transaction are related to your business.

So this is where you have the opportunity through a community to build that relationship and augment their life, add value to their lives and in creating that community around your brand, not just through the transaction but by getting to know your audience and becoming part of their life, understanding what they want from a brand like you that will create an affinity to your brand that will dictate why they buy from you, but more importantly, drown out all the other noise that’s happening around that could negatively affect their decision to buy from you.

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