Why Investing in Building Your Brand Community Should Be Key During a Market Downturn
A market downturn can be a challenging time for businesses. An obvious statement, yes, but a truth nonetheless. As revenues decrease and profits shrink, many companies are faced with difficult decisions on where to cut costs. However, one area that should not be overlooked during a downturn is investing in building your brand community. Far too often I see companies choose to cut back or completely reduce their community departments and I wonder if they know just how risky this choice can be as a strategy for surviving hard economic times.
Read on to see why I think continuing to invest in community-building efforts should be a part of every company’s plan to weather the storm and it doesn’t have to break the bank.
First and foremost, investing in building your brand community during challenging economic times can help increase customer loyalty. When times are tough, customers are more likely to turn to brands they trust and have a strong connection with. Building a strong brand community does this by fostering a sense of belonging and shared values among customers. By starting or continuing to put resources into building your brand community, you can foster a loyal customer base that will stick with you even during difficult economic times.
Building a strong brand community can also help you stand out in a crowded market. When a downturn hits, many companies focus on cutting costs and reducing their marketing and community-building efforts. However, this can make it difficult for customers to differentiate between brands. By investing in building your brand community, you can set yourself apart from the competition and make it clear to customers why your brand is unique and valuable.
So, how can you invest in building your brand community during a market downturn without blowing your budget? One way is to focus on low-cost or free community-building efforts. For example, social media can be an incredibly powerful tool for building your brand community. Platforms like Facebook, Instagram, and Discord are free to use and can help you connect with customers and build a sense of community around your brand. Additionally, you can also create a brand blog or podcast, which can be done at a relatively low cost. These platforms can be used to share valuable content, engage with customers, and create connections to build a sense of community around your brand.
Another strategy to build community is by leveraging user-generated content. Encouraging your customers to share their own experiences and stories with your brand can be a powerful way to connect with them and build trust. This can be done through things like customer reviews, social media contests, and micro-influencer marketing. By having your customers create content for you, not only will you get authentic, relatable content for your community to engage with, but you’re giving members of your community a chance to shine.
In addition to these low-cost community development efforts, you can also invest in building your brand community by providing excellent customer service. When a market downturn hits, customers may be more sensitive to poor service, so it’s important to make sure your customer service is top-notch. Community teams can partner with customer service teams (if they’re separate) to share crucial feedback and strategize creative ways to elevate support efforts. By going above and beyond to help customers, you can create a loyal customer base that will stick with you during tough times.
It feels like an understatement at this point to say that investing in building your brand community during a market downturn is crucial for increasing customer loyalty and standing out in a crowded market. By focusing on low-cost or free community development efforts, such as social media and user-generated content, and providing excellent customer service, you can create a strong brand community that will help you weather the storm of a market downturn.
If you agree with what I shared, leave a few claps, and make sure to follow if you’re new here. And please don’t hesitate to forward this to someone who might enjoy it!
Do you have thoughts on why investing in community building is key to surviving tough economic times? Let me know in the comments!
About Adiel Cloud Nuesmeyer
Hi, I’m Adiel (she/her)! I’m a Sr. Director of Community Development, leading a team of 13 to connect with our customers — as well as form connections between them. My professional superpower is being able to glean insights and features from engaging 1:1 with customers — because I truly care about them and the community.
When I’m not leading the charge (and teaching others how to lead their *own* charge), I can be found driving my kids to umpteen gymnastics practices, tending to a literal indoor jungle of household plants while watching the Utah Jazz — and pretending I don’t see my husband talking about buying a 5th grill. Yes, a *5th* grill, lol. I’d love to connect with other passionate professionals and mission-driven organizations on LinkedIn!
