What the Fail x Community: How we fail to leverage community for growth and scale
"Marketing is dead, Community is Queen"
In a world where products can be easily duplicated, why should consumers choose your brand? How can you leverage your community and ecosystem to drive impact, growth for your business?
Why Community and Ecosystem Strategy is Important for Company Growth:
Building a strong community offers immense value for brands, contributing to various aspects of business growth and sustainability. Here are key points highlighting the value of community for brands, supported by recent statistics:
Increased Customer Loyalty and Retention:
Returning customers account for 40% of a company's revenue. Communities foster a sense of belonging and loyalty among customers. Engaged community members are more likely to make repeat purchases, recommend the brand to others, and stay loyal over the long term.
Brand Advocacy and Word-of-Mouth Marketing:
92% of consumers trust recommendations from friends and family over any other form of advertising.
Reduced Marketing Costs:
Customer acquisition costs can be reduced by as much as 50% through community-driven referrals.
Increased Engagement and Interaction:
Customers who are fully engaged represent a 23% premium in terms of share of wallet, profitability, revenue, and relationship growth.
Stronger Brand Reputation and Trust:
81% of consumers need to trust a brand to buy from them.
Support During Crisis and Change:
78% of consumers want brands to help people during crises.
By investing in community-building efforts, brands can achieve sustainable growth, drive innovation, enhance customer loyalty, and create a powerful network of advocates that support their long-term success.
Speakers
John Tay, Tin Men Capital
Tin Men Capital is a Singapore-based venture capital fund management company that focuses exclusively on B2B tech companies in SEA with an unconventional community-first approach to supporting the B2B ecosystem in a typically transactional space
Jinkyo Choi, Next Challenge
Building an ecosystem-first approach to bringing Korean entrepreneurs to the world and nurturing the next generation of entrepreneurs
Daryl Chung, JDI Ventures
JDI is a Venture Catalyst that empowers businesses to build and scale their disruptive innovations from Asia to the world, and specifically Vietnam
Sangeetha S, Singapore Product Design
Founded in 2022, Singapore Product Design connects Singapore’s product design community through speaker talks, social events and workshops. With over 2000 members, we have hosted more than 20 events to date.
Shilpa, What The Fail (moderator)
What The Fail is on a mission to change our relationship with failure in Asia. She also has 12 years of experience in Community Building & marketing.
Discussion points for the evening, recommended for CEOs, CMOs, and community builders:
Gain insight into the strategic importance of community and ecosystem for business growth.
Understand common blind spots and failures in community building
Learn from real-world experiences and failures of seasoned experts
Recognise the mental health impacts and resource challenges associated with this work
Walk away with actionable strategies and a renewed perspective on the roles of community and ecosystem in driving success.
Thank you for the venue, Draper House!
Draper House: Draper Startup House Singapore is a digital innovation studio and a members club for startups.
Thanks for Dinner, SGN!
🌮 Food & Drinks are on the house, sponsored by the courtesy of Singapore Global Network!
At Singapore Global Network, we are passionate about building connections and creating opportunities for people and businesses. As a team within the Singapore Economic Development Board, we aim to grow Singapore’s overseas networks by building meaningful and lasting relationships with family, friends and partners across the globe.
Whether you are Singaporean, someone who has worked or lived in Singapore, or simply interested in exploring opportunities here, we warmly invite you to join our 127,000-strong network of global professionals and friends: singaporeglobalnetwork.gov.sg