Episode Summary: #213: Community | B2B Community Growth Strategies with Matthew Carnevale
Podcast: B2B Marketing with Dave Gerhardt
Host: Dave Gerhardt
Guest: Matthew Carnevale, Marketing Manager at Exit Five
Release Date: January 23, 2025
Duration: 34 minutes
In Episode #213 of "B2B Marketing with Dave Gerhardt," host Dave Gerhardt engages in an insightful conversation with Matthew Carnevale, the Marketing Manager at Exit Five. The episode delves into effective strategies for building and growing B2B communities, emphasizing sustainable engagement and scalable practices. Below is a comprehensive summary of their discussion, highlighting key points, strategies, challenges, and actionable insights.
1. Defining Community
Timestamp: [03:30]
Matthew Carnevale begins by distinguishing between "building community" and "building a community." He explains:
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Building Community: Creating a platform or topic around which people can rally due to a shared interest.
"Community itself is just a thing or a place that people rally around, that people have a common interest in."
— Matthew Carnevale [03:47] -
Building a Community: Establishing a physical or digital space (e.g., Facebook group, Slack, Circle) where members can interact and engage.
This foundational understanding sets the stage for discussing practical community growth strategies.
2. Catalysts for Community Expansion
Timestamp: [04:56]
Matthew shares the impetus behind Exit Five's transition from passive platforms like LinkedIn to a dedicated community space on Circle. The primary catalyst was demand from their audience:
"People who were big fans of our content or Dave's content were asking for it. They wanted to chat and meet one another."
— Matthew Carnevale [05:16]
This organic demand underscored the importance of listening to the community’s needs rather than enforcing a top-down strategy.
3. Engagement Strategies for Sustained Activity
Timestamp: [07:03]
Matthew outlines key strategies Exit Five employs to maintain high engagement levels within their community:
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Monthly Events: Hosting exclusive member-only events such as website tear-downs, where experts provide feedback on members' websites.
"Can we give our members a reason to sign in and do something at least once a month?"
— Matthew Carnevale [07:03] -
Member Matchmaking Program: Facilitating one-on-one connections using platforms like Matcha to foster networking and collaboration.
"It gives people a reason to come to the community once a month."
— Matthew Carnevale [08:41]
These initiatives ensure that members have recurring opportunities to engage meaningfully.
4. Maintaining Engagement Without Scaling Efforts
Timestamp: [09:42]
Managing a growing community of over 4,000 members presents scalability challenges. Matthew explains their approach:
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Daily Participation: Matthew dedicates at least an hour daily to respond to posts, ensuring active moderation and engagement.
"There's no real way or shortcut. I'm in the community every day contributing."
— Matthew Carnevale [10:03] -
Leveraging Community Members: Encouraging members to take on roles such as event hosts or content contributors helps distribute the workload.
"Members of our community are actually contributing to us, scaling up our content and programming."
— Matthew Carnevale [10:50]
5. Compensation and Incentivization for Community Members
Timestamp: [11:10]
Exit Five distinguishes itself by offering compensation to community contributors, enhancing motivation and retention:
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Accelerator Programs: Hosting live, paid courses where experts are compensated for their time and knowledge.
"We figured like, hey, the best people deserve something for it."
— Matthew Carnevale [11:23] -
Balancing Compensation: While not matching high-paying event fees, Exit Five offers valuable exposure to an engaged audience, aligning incentives with community goals.
"We provide exposure to our audience of very engaged B2B marketers."
— Matthew Carnevale [12:14]
6. Hybrid Community Models: Digital and In-Person Integration
Timestamp: [13:35]
Matthew discusses the integration of digital platforms with in-person events to enhance community cohesion:
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First In-Person Event: Exit Five's inaugural event in Vermont sold out within 24 hours, validating the demand for face-to-face interactions.
"People were just asking for it, so we just did it. And the tickets sold out quickly."
— Matthew Carnevale [14:01] -
Local Meetups: Planning regional gatherings to cater to geographically dispersed members, leveraging local hosts to manage logistics.
"We work with people in that city to help us scale in person as well."
— Matthew Carnevale [14:21]
7. Recommendations for Building a B2B Community
Timestamp: [28:43]
Concluding with actionable advice, Matthew outlines a "hit list" for those aspiring to build their own B2B communities:
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Assess Audience Presence:
- Determine where your target audience is most active (e.g., Facebook, Slack) and focus efforts there.
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Define Clear Goals:
- Understand the primary objective of the community (e.g., lead generation, customer support, brand advocacy).
- Avoid launching without a clear purpose to prevent unrealistic expectations.
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Choose the Right Platform:
- Select a platform that facilitates active engagement, even if it means starting with a free option like Facebook or Slack before transitioning to a more robust solution like Circle.
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Seed the Community with Experts:
- Invite industry leaders and knowledgeable members to stimulate discussions and provide value from the outset.
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Foster a Collaborative Environment:
- Encourage members to contribute content, host events, and support each other to create a self-sustaining community ecosystem.
8. Balancing Short-Term Wins with Long-Term Community Goals
Timestamp: [19:39]
Matthew emphasizes the importance of prioritizing short-term wins to build a foundation before investing in community initiatives:
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Integrate with Existing Processes: Enhance sales processes or email campaigns to demonstrate immediate value.
"Attach yourself to channels that have worked in the past and improve them."
— Matthew Carnevale [19:39] -
Avoid Starting Under Pressure: Launching a community when underperformance is imminent can lead to failure. Ensure stability before expanding.
"If your back is up against the wall, then I would not go start a community tomorrow."
— Matthew Carnevale [19:39]
9. Measuring Community Success
Timestamp: [23:37]
Matthew outlines the key metrics Exit Five monitors to gauge community health and success:
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New Trials and Conversions:
- Tracking the number of new members and their conversion from free trials to paid subscriptions.
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Churn Rate:
- Focusing on reducing the rate at which members leave the community.
"Our churn's gone down like really healthily since I've joined."
— Matthew Carnevale [23:37] -
Engagement Metrics:
- Monthly Active Users: Currently at 40%, placing them in the top tier of Circle communities.
- Post-to-Comment Ratio: Increased from 3-4 to over 7, indicating deeper interactions.
"Every single post gets an average of 7 comments now."
— Matthew Carnevale [23:37]
10. Transitioning Beyond Founder-Centric Community Management
Timestamp: [26:27]
As Exit Five grows, Matthew discusses the need to decouple community management from reliance on the founder:
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Team Expansion: Hiring additional team members to manage various aspects of the community, reducing the burden on Dave Gerhardt.
"We're trying to build our own brand so that we have air cover in more areas."
— Matthew Carnevale [26:57] -
Diversifying Content Creation: Delegating tasks such as newsletter writing to team members like Danielle, ensuring continuity and scalability.
11. Final Takeaways and Actionable Steps
Timestamp: [28:40]
Matthew concludes with strategic steps for beginners in community building:
- Validate Audience Interest: Ensure there is an engaged audience interested in joining the community.
- Clarify Objectives: Establish clear goals to guide community efforts and measure success.
- Select an Appropriate Platform: Choose a platform that aligns with the community’s needs and preferences.
- Engage Experts Early: Invite industry leaders to participate and drive meaningful conversations.
- Encourage Member Contributions: Foster an environment where members actively contribute, reducing the managerial burden.
Notable Quotes
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Matthew Carnevale [05:16]:
"People just asked for it and people wanted it and he built it, and that's why it's successful." -
Matthew Carnevale [07:03]:
"Can we give our members a reason to sign in and do something at least once a month?" -
Matthew Carnevale [11:23]:
"We figured like, hey, the best people deserve something for it." -
Matthew Carnevale [19:39]:
"If your back is up against the wall, then I would not go start a community tomorrow." -
Matthew Carnevale [23:37]:
"Our churn's gone down like really healthily since I've joined." -
Matthew Carnevale [28:43]:
"Nail down the goal... make sure you know the goal and if it doesn't feel right, then push back more and don't start the community."
Conclusion
Episode #213 provides a deep dive into effective B2B community growth strategies, underscored by Matthew Carnevale’s hands-on experience at Exit Five. Key takeaways include the importance of listening to community demand, prioritizing engagement through regular events and member contributions, balancing short-term and long-term goals, and ensuring scalability by diversifying management responsibilities. For B2B marketers looking to build or enhance their communities, Carnevale's insights offer a valuable roadmap to fostering thriving, sustainable, and engaged communities.
For more insights and strategies on B2B marketing, join the community at exitfive.com and become part of a network of over 5,000 marketing professionals.