(highlight:: When Building a Community, Focus on a Specific Demographic of People
Summary:
Having focus and consistency is important to attract people with similar interests.
Carving out a niche and avoiding a broad approach is crucial. For example, my music attracted millions of people by targeting a specific audience instead of casting too wide of a net.
Transcript:
Speaker 2
One of the things that I'm hearing implicit in what you're saying is that having focus is important to attract the people who are going to be interested in the same things that you're Interested in. Is that fair?
Speaker 1
I think so. I think a lot of it has to do with consistency with sort of carving out your niche in the broader sense. And like, my music got three, four million people in it. And so at the time you could have said, you know, we're a community for business owners, and like, that starts with too broad of a net, you know, and you're casting too wide of a net in order)
- Time 0:09:01
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(highlight:: Metcalf's Law: Increasing Connections Improves Community Resilience
Summary:
Companies that successfully build brands are those that create communities around their products.
The strength of these communities builds loyalty and connections among customers, increasing their likelihood to stay and remain engaged. This concept applies to physical communities as well.
By fostering strong bonds, companies can achieve higher retention rates and lower churn.
This principle is similar to Metcalf's Law, where the more nodes in a network, the stronger the network becomes.
Tight-knit communities, whether in ethnic or religious groups, thrive because of the close connections and knowledge of each other's strengths and needs. This concept is applicable to various fields, including technology and design communities. The more tightly-knit tribes are, the greater their chances of survival and success.
Transcript:
Speaker 1
My thesis is that companies that are trying to build brands, all these D2C companies, the ones that are going to be really successful long-term are the ones that build communities around Their products because for many products and services there isn't much of a remote that defends your business from the next competitor that's slightly shinier or slightly cheaper Or has better manufacturing or whatever the case may be, right? And so communities are such a great way to build loyalty in your product and your consumers, you know, and that's also I think important for physical communities too. I think the analog is like you see companies that build strong bonds between their employees end up having higher retention rates, lower churn, and things like that because people Feel like the company is connected to them. In cases of geographic communities like Miami, one of our underlying thesis is here with refresh is that the more bonds and the more connections that people can make, the less likely They are to leave physically and if they do leave physically they'll at least maintain connections with the local community, right? I guess it's like Metcalf's Law, right? The more nodes there are in a network, the stronger the network becomes and so the more individual connections you can create amongst your customers or amongst your constituents depending On what type of community is, you know, the stronger the bond can be and you see this in small ethnic and religious and other communities where the communities are super tight because Everybody knows each other, right? And everybody knows who knows each other and who's the right person to introduce to if you need something, right? Or to call, right? And so I think that's becoming more and more relevant in whether it's technology communities or design communities or different areas of focus, you know, like these tribes, the more Tight-knit the tribes can be, the higher likely they are to survive and to thrive.)
- Time 0:25:27
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