Maximizing ROI by Embracing Advanced Community Strategies
Advice from a Digital Transformation Expert
This year marks the 10th edition of “The State of Community Management” report from the Community Roundtable. I’ve read each edition since its inception, appreciating its useful data and thoughtful analysis of the industry and its trends.
My key takeaway from these reports is that while the data confirms that community value is exponential, you must first invest in its success.
A few key investments will create a progression of continuous ROI growth for your advanced community.
This year’s report is a great reminder that the single biggest investment you can make is having an approved, operational and measurable community strategy, which, in turn, will lead to positive returns on investment that continuously create more effective results.
As I read through the details of this year’s report, a few key statistics stood out that represented the progression of successes that can create exponential community ROI:
- Only 24% of community strategies fall into the complex strategy category, which is defined as those that are approved, operational and measurable.
- The ROI of the 24% of communities with complex strategies far outpaces average communities. Average communities see an ROI of 6,469%, compared to communities with complex strategies which see an incredible return of 13,444%!
- Community programs with advanced strategies enjoy support from 73% of their organization’s executives.
- 62% of communities with advanced strategy have a dedicated budget and are 3x more likely to have a resourced roadmap.
Advanced strategies are key investments to gaining measurable results. Measurable results are sure to gain additional executive support. Executive support and visibility to success will enable higher budgets and additional resources. Additional resources deployed properly will further increase success and inform improved advanced strategies. This cycle can then be repeated over and over to continue the progression of success and ROI for a company’s community investment.
Whether you are looking to communities to provide value for your employees, partners or customers, there are strong business cases across the board for deploying a community. From quality improvement and innovation to customer retention and decreased support costs, research shows us the value these investments can bring. The quickest way to ensure ROI of those investments, and to reach the goals we are looking to achieve is to ensure we start with approved, operational and measurable community strategy; the rest comes easily after that.
As industry leaders in creating experience-driven communities, 7Summits will help you initiate this cycle and partner with your business on a journey to successful, profitable community investment.
Shannon Gburzynski is the Director of Community Enablement at 7Summits. Shannon has more than a decade of analyst and consultant experience helping businesses unlock and maximize value from online communities.