About previous business model changing
Overview
Tasks:
Building a new business model with an emphasis on deeper interaction with every individual client or family paying for Family Club membership.
Before, Family Office had striven to help partners build trust with an audience. The new strategy was to interact with club members more closely by delivering fun and useful activities, while using native engagement to promote partners.
Duration:
01.2020 ‒ 11.2020
Target audience
Large and medium-sized business owners and their families, who appreciate personal contact and are open to new opportunities. This is conservative generation X, preferring face-to-face communication (meeting friends, taking walks, spending time with family) to online events. While they use new technologies easily, their main priority is people. They tend to have an active lifestyle, so they treat offline events as recreation, even the business-related ones.
Implementation
I started with calculating a new business plan and creating an updated strategy aimed at closer and more native interaction with members. That included:
- creating a list of more than 20 potentially attractive courses for different target audience segments (women, men, both, the whole family);
- organizing children’s courses and events into categories by age group;
- calculating an optimal number of events per month;
- setting up and testing a chatbot system (though, as the format didn’t allow for communication being deep enough, we ultimately gave communication tasks back to the community manager);
- developing commercial offers for club partners;
- running the social media accounts;
- overseeing event organization;
- managing the record keeping.
Results
- a business model change — creating a club with an emphasis on work-life balance (more time with family, more events for both a client and their family);
- making partner-client interaction more human and personal, as opposed to the previous company-human relationship model;
- developing over 20 course options in the areas of business, self-improvement, hobby and recreation;
- an event format change — replacing business lectures with exciting business events and practical courses;
- holding exhibitions, master classes, courses in self-improvement, psychology, art, philosophy etc. according to the interests of club members;
- building effective community management (by focusing on needs and wishes of club members as opposed to demands of individual customers). This allowed us to shape a loyal target audience, which appreciated new possibilities and trusted the company based on their own positive experience.
- developing balanced and unobtrusive interaction between club members and businesses by holding sponsored events that club members were interested in. Partners (or their representatives) communicated with pre-informed clients. This casual and easy format allowed for establishing close partner-client relationships.
- building a scheme for communication with club members. The community manager was constantly being in touch and collecting feedback (event reviews, suggestions etc.);
- implementing a club admission procedure (a trial period providing free access to a number of events);
- transparency and a trial period being a win-win strategy.
To sum up — clients understood the benefits of club membership, and partners were confident that their products or services would be successfully presented and well-appreciated by potential customers.
