In this episode, Lloyed Lobo, co-founder of Boast.ai and author of From Grassroots to Greatness, discusses the four stages of company growth, the importance of community-led businesses, nurturing brand evangelists, and the significance of consistency in achieving success.
Building a community-led business involves consistent communication and leveraging the values of connection, autonomy, mastery, purpose, energy, and recognition.
Successful community building requires understanding your audience's aspirations, focusing on their needs, and creating deeper connections through interactions.
Deep dives
Building a Community-Led Business: The Power of Consistency
Lloyd Lobo, co-founder of Boost AI, shares his journey from an immigrant in Kuwait to building a successful startup. He emphasizes the importance of the entrepreneurial spirit and the power of community. Lloyd explains how, despite having a sales background, the focus of Boost AI's growth strategy was on building a community that provided social proof, visibility, credibility, and brand recognition. He highlights the importance of consistent communication, creation, and leveraging the values of connection, autonomy, mastery, purpose, energy, and recognition in building a sustainable community-led business.
The Journey from Audience to Cult: Nurturing a Community
Lloyd discusses the four stages that successful global phenomena go through: creating an audience, building a community, fostering a movement, and becoming a cult or religion. He explains that a community involves bringing people together to interact with one another, which leads to deeper connections and engagement. Lloyd shares insights on how his company, Boost AI, created a thriving community by hosting meetups, providing valuable content, and engaging with startup founders. He emphasizes the importance of understanding your audience's aspirations and focusing on their needs and goals.
Platform Choice and Monetization: Key Considerations
Lloyd advises against focusing on monetization when starting a community. Instead, he encourages building a community from a place of giving and impact, emphasizing the long-term nature of community building. He also suggests not fixating on choosing a platform before understanding your audience. Lloyd explains that it is essential to identify your target audience, their preferences, and where they are most active before deciding on the platform for your community.
Consistency: The Key to Building a Successful Community
Consistency is the cornerstone of a successful community-led business, according to Lloyd. He highlights the importance of showing up consistently, delivering value, and engaging with your community. Lloyd shares personal examples of hosting regular meetups, organizing live AMA sessions, and providing valuable content to his community. He emphasizes the impact of consistency in growing your community and transforming super fans into community leaders.
Today we have another episode of Better Done Than Perfect. Listen in as we talk to Lloyed Lobo, co-founder of Boast.ai and author of From Grassroots to Greatness. You'll learn about the four stages companies go through to become a global phenomenon, the values for building a sustainable community-led business, how to nurture brand evangelists, and more.
Please head over to the episode page for the detailed recap and key takeaways.
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