For local businesses, community-centric branding has become integral to gaining a competitive advantage. According to Jeffrey Lupient, for businesses, involving in community nurturing events offers them the opportunity to be deeply connected with their community people which translates to gaining loyal customers, having word-of-mouth referrals, and overall business growth. For instance, Lupient Automotive Group is immensely cherished for the fundraising drive organized by them which successfully pooled more than $35,000 for donating for the development of the Minneapolis Parks Foundation and Minneapolis Park & Recreation Board.
Lupient considers that community people are more likely to remain loyal and support businesses that understand their needs, while sharing their values and by contributing actively to bettering the community life. Reaping the loyalty of the community has become the success key that helps get repeated business backed by word-of-mouth referrals. Keep reading the blog to explore how a business can benefit from community engagement, and how it drives business growth, ensures its sustainability, and fosters customer loyalty.
- Reap Brand Advocates: Nurturing a community where a business operates, it can generate a space for its loyal customers to know and support its brand. The power of the positive word-of-mouth of their brand advocates is immense and works more effectively than any digital marketing tool and thereby becomes an invaluable asset that drives business growth. A survey reveals that more than 78% of customers trust referrals from their community circles before choosing a brand. Therefore building a brand image by cultivating community advocates is likely to help a business gain a wide market reach and attract new customers.
- Promote Customer Retention: Community engagement plays a vital role in retaining customers which often appears intense in the highly competitive landscape. By promoting a sense of attachment and organizing value-added drives that enrich society, a business fosters a loyal client base that keeps on coming back. Having a loyal customer base is the key to enjoying long-term business success.
- Driving Product Innovation: having the community beside happens to be an invaluable resource for getting their insights and helpful feedback that facilitates businesses to improve product features, introduce new products, and bring improvement in customer services. By listening to the community people during community engagement events, businesses can gain valued information related to their necessities, pain points, as well as preferences.
According to Jeffrey Lupient, consumers support those companies wholeheartedly that respond to their opinions and incorporate features based on their feedback in the upcoming products. Noteworthy that, in the digital age, involving the community in product development means reaching out global audience that helps in gaining a competitive advantage.
- Enhancing Brand Loyalty: building a bond with the community promotes a sense of integrity and makes them emotionally connected to the brand of a business. A study convened by Texas Tech University exposed that customers who are connected emotionally to any product or brand are 3 times more likely to recommend a brand regardless of the price. Developing relationships within the community works magically to promote a valued and loyal customer base. This loyalty helps in getting repeated business, boosts a positive brand reputation, and helps stay ahead of the competition.
In a nutshell, giving back to society through different community welfare events is a powerful tool that not only benefits the community but the businesses and their employees as well. By nurturing the community where a business operates, it can promote a mutually beneficial ecosystem that promotes long-term customer relationships and drives long-standing business growth.