What are the markers of a successful business?
The success of a business is often measured by their increasing profits and growing customer base. While this is true, we believe that the success of a business stretches beyond their ability to generate profit through productisation and marketing, but engaging and fostering consumer-relations beyond the transactions. The financial yield of a company is but an indicator of the effort gone into maintaining and developing these relationships. In creating a sustainable business, trust between consumer and corporation is essential.
In today’s Covid-19 climate, businesses are scrambling to digitalise their products and services for greater efficiency and accessibility. These branding efforts often try to sweeten the deal through attractive infomercials, memorable jingles or big monthly discounts. Yet when a business does not intentionally include community development in its strategy, the longevity of every customer relationship will only be as fragile as the next discount code that comes along.
A good illustration can be found in one of the most valuable start-ups in S.E.A; Grab. Beginning in the ride-hailing business, there were competitors such as Uber and Lyft, who were making waves and growing into the S.E.A. space. Yet, we find that their success is often in how much they would go out of their way to serve people better; community building.
Here is a non-exhaustive list of examples which showcases community building were very obvious in Grab’s story
- Their relentless focus on safety for users for every ride, through real time data updates (which is important in a S.E.A context).
- Working closely with various stakeholders from the government to the grassroots community. (When Covid-19 hit Singapore, Grab facilitated an on-demand service to transport the hospital staff safely).
- Creating Cloud kitchens to enable Foodpreneurs to leverage on their food delivery platforms at a lower cost with increasing convenience.
While no company is perfect, the above serves as an example of important community building moments that have won over the trust of its people, enabling Grab to grow into a super app with more than 187 million users. Community building is more than giving away perks to your customers, but intentionally listening, reiterating and co-creating with them. Because what you build together will last longer than what you offer others.
Solve n+1 has been in community building since 2018. As a young start-up, we began by serving the vulnerable communities (read more on our projects here). In our journey, we found that when businesses seek to serve the people better, you create more value in the products and services you offer. This approach has the potential to feed the hungry, end poverty and create space for a much healthier society.
As Covid-19 becomes endemic, people will continue to hunger for human connections. This reveals a greater urgency to innovate on community building, to relook, rethink and recreate connections with one another.
If what we write resonates with you and you wish to consult with us on designing community building strategies for your business, do reach out to us at hello@solvenplus.one.
