What’s the Problem with Transitions?
It’s no secret, the coronavirus has had insurmountable impacts on the economy. For organizations large and small, the effects go deeper than measurable fiscal declines. Not only has COVID likely been a poison in your revenue stream, its killing cultures.
As remote work becomes the industry standard the one inescapable truth is that remote work does not promote cultural development. Every employer will tell you, an organization hopes that its people will build a camaraderie that will get them to work better and produce more.
Zoom meetings struggle to foster this community because there is no casual way to breakaway. There are no accidental run-ins around the office, late nights, or pop-ins. You might think that this is good for productivity and individual interests. The truth is that when employees feel more connected with their peers, they become further invested in their work. One meta-analysis shows higher levels of employee engagement leads to higher profitability, productivity, and even increased customer loyalty.
On these merits alone, the community you create for employees should be a pillar of all organizations.
Helping Customers Invest in Themselves
The story is much the same with consumers. The link between reputation and loyalty can be directly tied to this sense of community customers feel for an organization. This loyalty felt towards brands for which consumers feel they have found a community in, is a direct contributor to where they bring returning business, as Accenture found that two-thirds of brands will “spend more on brands to which they are loyal.” Consumer loyalty to a brand is a huge part of any business model, as Forbes says that one of the biggest makeup brands, Glossier, believes that “90% of their revenue comes from returning customers.”
This virtuous ecosystem creates an environment drawing in new customers and retains current ones. It also reinforces employee efforts in a way that is impossible within more rigid models.
Think about it this way; your customers aren’t buying a product, you’re helping them invest in themselves.