Singapore – Brands are now realising the importance of building communities to build greater relationships with their customers outside of the traditional way of customer retention. Communities are a helpful way for brands to get a deeper understanding of their consumer base. The question is: in a commercially-driven event, how do you monetise such a community organically?
This is what Sophie Ahmed, Senior Vice President of Market Strategy at Hubilo, discussed during her fireside chat in the recently-concluded webinar hosted by MARKETECH APAC and Hubilo.
In the conversation, Sophie explains that a 365 community is a meeting place where all of the brand’s community can come together to do business, meet, network, learn and to feel part of something bigger. Using the example of book and school clubs, she says that a community established is to belong to something, and taps into the tribal part of someone.
“Any brand that can use events to build their leads and grow their business can keep their event alive 365 days. By providing a single sign on access to this community of prospects, customers and partners, they will be able to get greater insight into their behaviours and on a deeper, more emotional level,” she explained.
Sophie noted in the chat that there are two ways to consider when monetising an event: either use it to build growth and indirect revenue, or do it under a subscription model. She notes that in executing these revenue models, brands need to ensure their customers are being offered perks and other advocacy-driven updates in order to retain them in the longer run.
“Within the community, you can have smaller meetups, focus groups, customer workshops, tier it, gate it, host on-demand content [amongst other things] and then have a larger annual event,” she added.
Furthermore, when asked about how these 365 communities allow commercially-driven events to be more personalised, Sophie explained that brands need to use insights from their customer base to decide how an event is oriented to be personalised and deemed effective for a content marketing strategy.
“So you can watch their behaviour, also temperature check their feeling towards your brand and what the market is like. You can now spot industry trends earlier and translate this into how you then personalise their experience at your master event and also pre and post-event messaging, so it resonates,” she said.
Want to learn more about what Sophie has to say in regards to kickstarting your 365 community? Explore how an event tech company can become a partner in your journey. Watch the on-demand webinar here.
The webinar, with the theme ‘What’s NEXT 2023: Events in Asia Pacific’, also gathered industry leaders to deep dive into what it takes for brands to successfully plan their events. Joining the discussion were Amit Wadhwa, chief executive officer at Dentsu Creative India; Milca Javier, head of marketing at Generali Philippines; and Razlan Manjaji, director of global events at South China Morning Post.
