Building an Online Community: A Key Strategy for Corporate Success in 2024
In the dynamic landscape of modern business, maintaining a competitive edge is essential for public company success. One strategy that took center stage in 2023 was the art of building and nurturing online communities. The rise of social media and its evolving trends have elevated community engagement from a supplementary tactic to a crucial element of any comprehensive marketing, investor relations or capital markets outreach strategy.
A Paradigm Shift in Social Media Marketing
Recently, a significant transformation has unfolded in the realm of social media marketing. The past year has witnessed an undeniable shift towards the growing importance of active online communities. For marketers, this shift isn’t just a minor adjustment; it’s the key to thriving in a competitive digital landscape. According to a recent survey in HubSpot’s 2023 Global Social Media Trends Report, nine out of ten social media marketers assert that online community building is an absolute necessity for achieving success in 20231.
This trend isn’t isolated to the marketer’s perspective; it’s also mirrored in consumer behavior, which further translates into investor behaviour. According to that same report, one in five social media users has actively participated in an online community over the last three months. The era of passive scrolling is making way for engaged interactions within communities that resonate with users’ or investors’ interests, values, and financial aspirations.
The Fusion of Communities and Brands
The intersection of online communities and corporate or product brands is a trend that has gained significant traction in the marketing landscape and conversations related to these communities and the brands they are associated with have been steadily increasing over the past three years. This shift presents a unique opportunity for brands and companies to leverage these communities to build loyalty, foster meaningful interactions with their audiences, and instill greater trust.
Selecting the Right Platforms
For businesses aiming to tap into the potential of online community building, the first step is to define the primary target audiences. This audience-centric approach guides the choice of platforms where communities will thrive. While platforms like Facebook and Instagram remain effective for community-building, understanding a brand or business’ demographics is key. In a very business-focused strategy, companies may elect to prioritize LinkedIn, X (formerly Twitter) and YouTube, although platforms like TikTok are increasing in popularity beyond just the traditional Gen Z audiences. The 5Q team looks forward to monitoring these trends through 2024 and beyond.
The Relatable Content Advantage
In the age of rapidly scrolling feeds, standing out amidst digital noise can be a formidable challenge. Here, the importance of relatable content emerges as a game-changer. In 2023, the type of content that garnered the most attention hinged on the intended goal – engagement, action, or education. However, for those pursuing the highest return on their digital marketing investments, relatable content is the magic ingredient.
Relatable content resonates with audiences on a personal level, assuring them that their challenges, objectives and achievements are shared experiences. This sense of relatability fosters a vital sense of connection which is a cornerstone of community building. When audiences find content with which they can identify, the likelihood of increased followership and engagement soars.
Embracing Trends for Success
Embracing trends is not merely an option; it’s a path to success. Marketers who reported an effective social media strategy in 2022 are 127% more inclined to actively seek out emerging trends on a daily basis, representing avenues to discover untapped audiences and extend reach to new demographic groups.
In conclusion, the transformative power of online communities cannot be understated in the modern marketing and engagement landscape. Brands that invest in nurturing these communities stand to gain a loyal audience, heightened awareness and engagement, and greater transparency for its stakeholders. The paradigm shift towards community-centric marketing defines the future of brand & target audience interactions. As we move further into 2024 and beyond, the businesses that understand and leverage this shift will undoubtedly emerge as the frontrunners in their respective industries.
1https://offers.hubspot.com/social-media-trends-report
