More money doesn’t mean more growth, and other startup myths

Customer Myth

The myth that customers automatically form a community is a common misconception. Alex Wilhelm and Natasha Mascarenhas explain that while customers can engage with a product, this doesn't necessarily mean they form a cohesive community. Natasha emphasizes that the term 'community' has become a buzzword, often misused to describe any group of customers 1. Alex adds that a true community provides more value to its members than the company itself, citing the example of Paradox Games, where the community thrives independently of the company 1.

The community becomes that as opposed to a collection of customers, when the community can derive more or more frequent value from one another than from the company itself.

--- Alex Wilhelm

They also discuss how some companies have realized the complexity of building genuine communities, moving beyond platforms like Discord to more meaningful interactions 2.

   

Effective Strategies

Successful strategies for turning customers into community members require intentional effort. Natasha points out that assuming customers will naturally form a community is flawed, as many so-called communities lack meaningful engagement 2. Alex ties this to the Web3 space, where hype often masquerades as community, but true long-term engagement is rare 2.

You will only have a successful community if you put the work, and it's not gonna happen regardless, or hands off.

--- Natasha Mascarenhas

They highlight that genuine communities require more than just gathering people; they need ongoing interaction and value exchange among members, beyond what the company offers 1.