Is #Community Building Just a New Buzzword That Has Recently Popped Up?

Last week, I attended the #Bangalore Community Builders Mixer at Urban Vault. It was a fantastic opportunity to reconnect with friends in this space.

One interesting discussion we had was about whether community building is just a new buzzword. While the term might be new, the practice has been around for centuries. Religious institutions are prime examples of communities coming together for the betterment of humanity and their beliefs, continuing their processes and rituals even without the physical presence of their leaders.

A personal favorite example of modern community-led growth is #Bitcoin. It has no CEO, CFO, or COO, yet it is widely adopted globally. At Draper Startup House, we firmly believe in the power of community, and we love building it every day. Communities like eChai Ventures and The Product Folks have been thriving for over half a decade.

Sohail Khan pointed out beautifully that communities with great SOPs (Standard Operating Procedures) endure forever without needing their creators to constantly manage them. I completely agree.

Benefits of Building a Community:

1. Reduce Customer Acquisition Cost (CAC)
2. Increase Brand Loyalty
3. Direct Interaction with Your Customers for Feedback
4. Foster Collaboration Leading to Partnerships
5. Enhanced Customer Retention
6. Create a Support System for Members
7. Drive Organic Growth Through Word-of-Mouth
8. Build a Strong Brand Identity and Reputation

#Communitybuilding is not just a trend; it's a timeless practice that drives real results.

Special thanks to the Urban Vault team for putting this mixer together: Amal Mishra, Devishree A and Simran Chanda.