Community building, also known as CaaS, is crucial for technology companies that want to maintain a competitive edge in their industry. A strong community provides valuable insights and feedback on products and services, helps build brand loyalty, and drives growth through word-of-mouth marketing. According to Ben Thompson, founder of Stratechery, “Community is the most underutilized asset in the tech industry.” By building a community around their products or services, technology companies can create a sense of belonging and engagement that leads to long-term success.
In addition to providing benefits for the company, a community can also benefit its members. As Patrick McKenzie, founder of Kalzumeus, points out: “Communities that succeed do so because they create value for their members.” By offering resources, support, and a platform for networking and collaboration, technology companies can create a CaaS model that prioritizes the needs and interests of its members.
According to a study by the Community Roundtable, “Companies with mature community programs outperform their peers financially.” In fact, companies with strong CaaS programs have a 5.4x greater likelihood of outperforming their competitors. By prioritizing community building, companies can leverage the power of engaged and loyal members to drive growth and innovation.
To establish a successful CaaS program, companies must prioritize community building in their operational plans. COOs play a critical role in this effort, as they are responsible for ensuring that the company’s systems and processes are in place to support the growth and engagement of the community. As David Spinks, founder of CMX, notes: “COOs are the key to unlocking the power of community within an organization.” By developing strategies and processes that prioritize community building, COOs can ensure that the company is leveraging the power of CaaS to drive growth and innovation.