005: Building a Community to Build Your Business with Sangram Vajre
Aug 4, 2020
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Sangram Vajre, co-founder of Terminus, shares how building a community can help build your business. They discuss the challenges of marketing a new product and the importance of focusing on customer satisfaction and retention. The podcast also highlights the importance of owning your narrative and provides a resource guide for community building.
Building a community through various channels can give small businesses an edge over competitors and lead to profitable connections.
Focusing on problem market fit, understanding customer needs, and providing consistent value helps businesses build a dedicated customer base and establish differentiation in the market.
Deep dives
The Power of Building a Community
Building a community is crucial for business success, especially for small businesses that may not have access to large marketing budgets. By deepening relationships with potential customers through various channels, such as live events, online summits, and social media, businesses can find an edge over their competitors. This approach allows for building connections that can turn into profit. Taking the time to engage with customers, understand their needs, and provide consistent value is key to success in community building.
Focus on Problem Market Fit
When starting a new organization, it is important to focus on problem market fit rather than just product market fit. By falling in love with the problem that needs to be solved, businesses can create a community and find their unique position in the market. Instead of being solely product-focused, organizations should prioritize understanding and addressing the needs of their target audience. This approach not only helps in building a dedicated customer base but also establishes a clear narrative and differentiation in the competitive landscape.
Retain and Delight Your Customers
Retention is as important as acquisition in business success. Focusing on customer satisfaction and support is crucial, especially in the early stages of a business. By owning the narrative and consistently delivering value, businesses can build strong relationships with their customers. Retention becomes a priority, and organizations should prioritize customer needs, listen to their feedback, and align messaging to ensure brand consistency. A loyal customer base is a valuable asset and helps in generating referrals and sustained growth.
For many small business owners, especially those just starting out, it’s hard to find your competitive edge against long-established companies already in the marketplace. Sure, they’ve got the marketing and the large budgets, but don’t count yourself out of the game too quickly. What many new business owners have on their side that many established businesses don’t is the scrappy desire to level the playing field and establish themselves as a viable business.
In today’s episode, we’ll be talking with Sangram Vajre, co-founder and chief evangelist of Terminus, an account-based marketing software for B2B organizations. He shares how building a community can help build your business, and how those connections can turn into huge profit.