Aligning Your Community to Meet Your Business Goals
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CMX presents the SPACE model, a framework for defining your community's business value so you can measure its success. We partnered with Vanilla Forums to distill these insights.
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Aligning Your Community to Meet Your Business Goals
- 1. VanillaForums.com Aligning Your Community to Meet Your Business Goals Presented by CMX and Vanilla Forums
- 3. MĆ©lanie Attia VP Marketing at Vanilla Community Advocate VanillaForums.com
- 4. Agenda ā¢ Redefining the role of community in business ā¢ Defining your objectives ā¢ Mapping your objectives to the SPACE model ā¢ Use cases ā¢ Defining community health ā¢ Questions VanillaForums.com
- 5. Redefining the role of community management in business VanillaForums.com
- 7. Investing in community leads to ROI VanillaForums.com
- 8. What is the value of community? VanillaForums.com
- 9. The SPACE Model for Community Value S upport P roduct A cquisition C ontent E ngagement VanillaForums.com
- 10. Support: the community helps other customers with their questions and needs. VanillaForums.com
- 12. Goals: ā¢ Reduce support costs ā¢ Get customers the answers more quickly ā¢ Defend your brand when needed Metrics: ā¢ Time to get answers ā¢ Number of questions answered ā¢ Customer happiness (NPS) VanillaForums.com
- 13. Product: the community helps you improve your product by sharing feedback and ideas. VanillaForums.com
- 15. Goals: ā¢ Surface important product feedback and ideas ā¢ Improve customer/seller success ā¢ Increase customer retention Metrics: ā¢ Number of feedback items or ideas shared ā¢ Number of items applied to product ā¢ Lifetime value VanillaForums.com
- 16. Acquisition: the community helps your business achieve marketing and growth goals. VanillaForums.com
- 18. Goals: ā¢ Create evangelists ā¢ Distribution of content ā¢ Curate stories to use in press Metrics: ā¢ Traffic and signups ā¢ Conversion to Sales ā¢ Number of evangelists and events VanillaForums.com
- 19. Content: the community is contributing the content that makes up the product. VanillaForums.com
- 22. Goals: ā¢ Motivate people to contribute ā¢ Scale content creation and development ā¢ Reduce costs of content creation Metrics: ā¢ Number of contributions ā¢ Quality of content ā¢ Content / Code shipped VanillaForums.com
- 23. Engagement: members come together around a common interest related to your brand or product. VanillaForums.com
- 26. Goals: ā¢ Retention and loyalty ā¢ Create contributors for other community types (ambassadors, product feedback, etc) Metrics: ā¢ Return customers ā¢ Increased ambassadors ā¢ Reduced complaints VanillaForums.com
- 27. The SPACE Model for Community Value S upport P roduct A cquisition C ontent E ngagement VanillaForums.com
- 29. Community Health = Growth + Repeat Activity VanillaForums.com
- 30. Measuring Community Health 1. Track the growth/churn of your community 2. Track how often members are coming back and taking repeat actions 3. Optimize content to create a quality experience that rewards members, driving growth and repeat activity VanillaForums.com
- 31. # members at end of period - # of members at start of period # of members at start of period Growth = VanillaForums.com
- 32. ā¢IE: If you had 500 members at start of month, and ended with 450, your churn rate would be (450-500)/500 = -10% (aka 10% churn) ā¢IE: If you had 550 members at the end, then (550-500)/500 = 10% (aka 10% growth) VanillaForums.com
- 33. Tracking Repeat Activity # or % of members who have taken X actions in the last 30 days VanillaForums.com
- 34. Only Metric That Matters (OMTM): A metric that youāre confident will improve the quality of your membersā experience. VanillaForums.com
- 35. āMedium: total time reading (TTR) āFacebook: 7 friends within 10 days of signing up āTwitter: visiting at least 7 times a month āLinkedin: profile views āCMX: posts with at least 3 responses Only Metric That Matters VanillaForums.com
- 36. Track to Optimize Time Frame Content and Experience Changes Made Growth/ Churn Repeat Activity (posted 3+ times in last 30 days) OMTM (7 friends within 10 days) Month 1 Added auto welcome email 10% 5% 7% Month 2 Personally emailed new members -3% 14% 12% Month 3 Recommended friends to follow 7% 16% 14% VanillaForums.com
- 38. Measuring Community Impact on Business Objectives 1. Identify the action thatās driving value (āthe valuable actionā) 2. Measure frequency and quality of that action 3. Optimize to drive quality action VanillaForums.com
- 39. Identify the Valuable Action Using the SPACE Model S upport Answers to questions P roduct Ideas and feedback shared A cquisition Referrals and signups C ontent Content contributed E ngagement Advocates created VanillaForums.com
- 40. Measure Frequency and Quality Action Frequency Measure of Quality Answers to questions Number of answers posted per question Was the problem solved? Ideas and feedback shared Number of ideas posted per month Was the idea actually used in the product? Referrals and signups Number of signups per week Do the signups actually use the product? Content contributed Number of articles submitted per month Are the articles actually approved for publication? Advocates created Number of members who mention brand in community Are the mentions positive? VanillaForums.com
- 42. Community Members Create Business Value in Two Ways: 1. Value of Member: the members themselves become more valuable 2. Value of Member Actions: The members take actions that result in driving business value VanillaForums.com
- 43. Increased Value of Member + Value of Member Actions - Cost ROI = VanillaForums.com
- 44. Measuring the Value of a Member (good for getting buy-in) Compare a segment of engaged community members to a segment of the average customer ā¢ Ie. LTV, Repeat purchases, $ spent, % converted to sales VanillaForums.com
- 45. āMembers of Dell Ideastorm spend about 50% more than the average customerā - Bill Johnston VanillaForums.com
- 46. āThe average value of an idea on Ideastorm is $10,000, and the total revenue from Dellās Ideastorm is in the $100ās Millionsā - Bill Johnston VanillaForums.com
- 47. How Much is the āValuable Actionā Worth? Action Revenue Answers to question $ saved per answered question Ideas and feedback shared $ value of an idea Referrals and signups $ value of a signup Content contributed $ value of an article Advocates created $ value of an advocate VanillaForums.com
- 48. Increased Value of Member + Value of Member Actions - Cost ROI = VanillaForums.com
- 50. Keep Learning with CMX āCMX Training: The Fundamentals of Community Strategy āCMX Summit East: May 18-19 david@cmxhub.com CMXHub.com Connect on twitter: @cmx @davidspinks VanillaForums.com
- 51. What does Vanilla Forums do? Helping organizations of all sizes: Ć¼Engage customers Ć¼Drive loyalty Ć¼Empower advocates Ć¼Reduce support costs Ć¼Increase collaboration VanillaForums.com
- 52. Vanilla for business powers over 200 million interactions monthly VanillaForums.com
- 53. For thousands of beloved brands VanillaForums.com