Long Term Value
When it comes to building a business, we need to let go of the outsized focus on transactions. Building your business is not just a matter of attracting leads and converting them. It's important, but fail to look at the bigger picture, and you're leaving money on the table.
Just recently, I purchased a workout machine. I did it hoping for two things: first, that I would work out, possibly even beyond the first 90 days of ownership, and second, that I would look exactly like Chris Hemsworth.
I'm optimistic, at least for now. Admittedly, I'll probably need some teeth whitener, too, but I'll also need to connect with others who are on a similar journey.
The brand I purchased from has already thought of this. When I purchased their product, it came with access to their mobile app. The app provides insight and tutorials on how to get the most out of my workout regime. As a bonus, it provides tips and resources for related topics like nutrition, and I haven't found it yet, but hopefully, recommendations for teeth whitening.
To me, as a customer, this feels like a value add that I receive for no extra charge. To the executives at Brand X, this might seem like a cost center, but it builds a user base that I would argue is among the most vital long-term strategies that many, if not all, brands should consider. It's one of the central strategies for delivering long-term value to your customers and to your bottom line. To build community.
Think Outside the Purchase
You might thinking of the ways an exercise app doesn't apply to your business. Perhaps you don't sell workout equipment or diet plans; but your an accountant providing tax services or you provide a technical service to a very specific customer base.
If your business is among the many that don't fit my example, this principle still applies to you. Building a community through a value-added brand extension is still essential. One accounting firm I have crossed paths with has created a series of events to provide business insight to its customers and prospects. Another company provides professional resources, knowing their product line is one of many that might be used by the people who access those resources. Here at Matchbook, we provide insight through our newsletters for free in hopes of supporting the marketing community and building trust with those who decide to hire us when the time is right.
Whether it is a prompt on your packaging, a blog on your site, or an online community, there are many ways to build community. Doing so is important.
The biggest takeaway is this: Strong brands are built over time, and the best way to build one is to give your insight away, perhaps even for free. It's important to start thinking outside the purchase because many of your customers' greatest benefits will not come from something they buy from you today but from the things they and their friends and colleagues buy from you over time.
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