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PSFK

Growing the Value of Customer Communities

Growing the Value of Customer Communities

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This PSFK Guide is a community building strategy report to activating communities with added value engagements and web3, NFT and DAO tools and technologies.

Executive Summary

Looking across products, services and experiences, consumer choice and access is constantly reaching a new pinnacle, creating an omniplatform and omnibrand shopper mindset. Across today’s expansive digital landscape, conversations around community–not just membership but active participation on behalf of consumers–is one strategy organizations are exploring as a means to not only stand out but earn long-term affinity. To build the type of community that goes beyond points systems and one-off discounted purchases, businesses are testing ideas around how to better involve consumers in the decision making process, provide more dynamic rewards and create a more equitable value exchange between consumer and retailer. 

Report Overview

In this community building strategy report, the PSFK iQ research team explores the strategies that retailers, brands and organizations can apply to meet their members with added value, activate their communities, and ultimately drive ongoing business success.

Report Overview

To activate their communities, organizations are involving them from the ground up, treating fan-based chat groups and forums as sounding boards for product development and spaces to discover new opportunities to act on.

What You'll Learn In This Report

  • How, with the proliferation of DAOs and community-owned organizations, consumers are recognizing the power of community stakeholders.
  • How cryptocurrencies, digital wallets and NFTs have inspired organizations to explore the idea of ownership as access.
  • How retailers and brands can elevate their loyalty program by attaching exclusive perks, amplified services and limited edition experiences around a token-based buy-in model.
  • As brands, event planners, performers and creators look to generate ongoing excitement and build on long-term relationships, why there is an opportunity to explore the idea of digital souvenirs, connecting one-time events, product drops, or membership sign-ups to the promise of future experiences and exclusive access. 


What's In This Report?

In this community building strategy report, the PSFK iQ research team explores the strategies retailers, brands and organizations can apply to meet their members with added value, activate their communities, and ultimately drive ongoing business success. This community building strategy report provides:
  • 5 strategies for community building
  • 19 best-in-class examples illustrating how technology and culture are being leveraged to built stronger communities
  • Proprietary statistics from PSFK US Membership & Community Survey
  • Consumer insights into the changing needs and expectations around communities
  • Case studies from August, Nike Playlist, Complex Networks, Dick's Sporting GoodsFlying Fish Club and Valdé Beauty and leading solution providers identified


Original Insights & Statistics In This Report

  • 62%  of US shoppers belong to at least four loyalty programs, suggesting there is strong interest in the space.
  • When asked to select typical features of the loyalty programs they belong to, 85% cited discounts and the ability to earn points. Meanwhile only 32% said early access to limited-edition goods, 22% receive personalized services or experiences, and 15% earn recognition/status within that retailer/brand community, pointing to an opportunity for retailers/brands to do more with their program offerings. 
  • The majority of US shoppers (74%) agree or strongly agree that retailers should customize their loyalty program to reflect them as an individual.
  • The majority of US shoppers (71%) agree or strongly agree they should be rewarded for activities beyond making purchases such as sharing feedback or product reviews.
  • 59% of US shoppers want to be able to influence the business strategies of the brands whose loyalty programs they belong to.


Who Prepared This Report?

This paper was developed by the same PSFK research department that since 2004 has provided trends-led innovation consulting advice to Apple, BMW, Facebook/Meta, Google, Microsoft, Samsung and Volkswagen

For more information visit: https://www.psfk.com/report/community-building-strategy-web3-nft-and-dao

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