A marketer’s worst fear is investing precious dollars and dozens of man-hours into a channel they can’t prove “worked.” Demonstrating positive ROI is one of the biggest lurking pressures marketers face. While you may be enticed with shiny technology and impressive creative outlets, at the end of the day, you have to show the value to the bottom line. At Vesta, we believe innovative technology must meet the demands of business expectations.
An online brand community is both an immediate problem solver and a long-term business builder all in one. Vesta clients see an average 22% lift in positive brand perception in just the first 100 days, and a brand community is an asset that will steadily grow in value and impact over time. Launching a brand community can help your brand make leaps forward in advocacy, loyalty, and conversions.
Here are three ways a Vesta-powered brand community provides unparalleled value and impact.
1. Drive Customer Acquisition with Brand Evangelists
The true power of any online brand community is in its members, the connection you make, and how you harness it. By identifying your most loyal consumers, you can then nurture, activate, and mobilize them toward becoming brand evangelists.
Evangelists are an integral part of elevating your brand strategy. They’re hard to find yet incredibly powerful in multiple facets of your business, from creating timeless pieces of user-generated content to increasing your overall positive brand sentiment.
An online community has shown consistently to transform consumers into evangelists. Our brand partners see an average lift of 48% in their Net Promoter Score in just the first 100 days of launch and 73% conversion in the first year.
74% of consumers identify word of mouth as a key influencer in their purchasing decisions, making these super fans critical to elevating conversion, far above traditional marketing channels. And our partners have seen them drive 3-5x more traffic to their brand website than other efforts.
By harnessing the power of your Vesta community and your brand evangelists, you’ll be able to fuel your purchase funnel, shorten your sales cycle, and in turn, increase your overall sales.
Your brand community also gives you the tools and opportunities to attract new consumers through multiple channels. For example, mobilizing your brand evangelists allows you to support brand new product launches and promote them more effectively.
2. Increase Loyalty and Customer Lifetime Value
Online brand communities tap into a critical factor that determines whether your consumer chooses you over the other guy: emotional loyalty.
Emotional loyalty transcends transactional behavior, tapping into underlying motivations and deeply-held beliefs. Emotionally-connected consumers buy more products and services, visit your website and brick and mortar stores more often, exhibit less price sensitivity, pay more attention to content, follow advice, and recommend the brand to others. An online community is the perfect place to cultivate emotional loyalty that has a real impact on CLV (customer lifetime value).
Backed by Nielsen’s Audience 360 analysis, we’ve seen brand partner’s lifetime value of a loyal community member grow up to 13x more valuable than other marketing channels. Another client saw an increase in household consumption of 16%.
3. Predictive Insights from Zero-Party Data
Easily one of the most important aspects of an online brand community is the ability to collect valuable insights that you can use to elevate your brand.
This isn’t just any data, either. We’re talking about zero-party data and first-party data that belongs to you and no one else.
Collecting consumer insights unlocks the potential for improving business practices and fueling the growth of different aspects of your brand, including:
- New product development & improvements to current products
- Improving the customer experience
- Creating accurate customer personas
- Further developing your marketing strategy
- Staying ahead of the curve with customer trends
Sure, there are companies out there that specialize in collecting consumer insights. But with Vesta’s community platform, you’ll be able to gather consumer insights quickly and efficiently. AND you’ll also save big— on average we’ve seen $10,000 saved in costs for per study insights gathering.
Vesta’s Community Power Index Measures Key ROI Metrics
Vesta’s robust analytics offer real-time visibility into different revenue-generating metrics, such as UGC, reviews, social sharing, and secondary engagement from friends and followers.
But we also measure ROI through the cost savings from marketing optimization. 90% of Vesta partners report at least three business functions tapping into the platform and an average of two or more marketing tools were replaced by Vesta’s functionality.
Through Vesta’s data and insights capabilities, marketers can easily track the value of the longevity of their consumer engagement too – their activity with the brand, their overall affinity, Net Promoter Score, and emotional loyalty metrics. You can then use these metrics to evaluate community health and performance with our proprietary Community Power Index.
The Community Power Index is informed by 12+ years of experience, which benchmarks the consumer experience your community offers (the top of the hourglass) and results it generates (the bottom of the hourglass) against other communities. Vesta’s team uses the Community Power Index to help optimize community performance, providing the strategy, best practices, and management to ensure you’re getting the ROI that you need from your Vesta community.
A Vesta Community Provides Unmatched Marketing Value
From product innovation to valuable consumer advocacy, there’s almost no end to the value that a Vesta community can provide.
You don’t just have to take our word for it either. Vesta’s customer success team provides you with the tools to measure ROI, ensure that your goals are on track, and help you rest assured that you’re getting what you need out of your Vesta community.
Curious About What a Vesta Community Can Do For You?
We’ll show you exactly what a Vesta community can do for your brand and what your community could look like. Start building your very own Vesta community today. Your audience is waiting.
Interested in more?
We’ve compiled everything you need to know about online brand communities in our newest Community Marketing 101 eBook. Download it today and take your brand to the next level.