Create network effects in your business.
Network effects will drive more users and improve engagement in your business. Even in businesses where customers do not interact with each other, it is possible to take advantage of network effects. Your customers have at least one thing in common—they do business with you.
Here is the 5-step process. It does not apply to all types of businesses, so adjust it to your needs.
- Be a networker.
Connect your customers with each other individually.
- Provide content to increase your customers’ value.
You can do this by providing real-time feed on your website with the latest news or creating a kind of university.
- Create an online community to enable customers to communicate directly.
Would your customers benefit from knowing each other? Will sharing experiences with each other benefit them?
- Enable your customers to interact beyond just online communication.
How could you organize or help to organize some kind of offline events for your customers?
- Go two-sided.
Can you connect one type of customer with another type? For example, can you connect game players with game developers? This does not apply to all businesses, however, analyze your options because this strategy is very powerful.
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