Community-Centric (community is the product)
If you took conversations off of Twitter, what would be left? A platform for 280 character blog posts? Twitter is a great example of a community-centric CBP, because the community itself is the product. Engaging with new ideas, meeting interesting people, and learning from one another is what makes Twitter useful. Without the community aspect, there would be no unique value, and the product would ultimately be a failure. Over the years, Twitter has continued to upgrade its platform based on the needs of the people who use it most. By focusing those efforts on the community who is already engaged with the platform, they have maintained their status as a preeminent global social network.
Following the Clubhouse launch in 2020, it became clear that live social audio was an effective feature to bring people together and spark conversation. All across Twitter, people were singing the praises of this new innovation in social networking. Instead of allowing Twitter users to flee to other platforms, the company listened to their community and built Twitter Spaces
. Now, they are able to leverage the existing community on Twitter in new and interesting ways, allowing for innovation with built in demand. This approach to product development benefits both the company and the community of users. It’s a win-win.
Product-Centric (community enhances the product)
is a stock trading platform with a community component that allows you to see what your friends and favorite creators are doing in the market. The intersection of stock trading and social networking is the key differentiating factor for Public in a crowded market of trading apps. This combination fosters a community who shares tips, educates one another, and has fun. If you took this all away though, you would still be able to buy and sell stocks on the platform. Because it is a product-centric CBP, the business could still function on its own, but the community enhances the product into the unique platform that it is.
pioneered commission-free trading and user-friendly mobile brokerages, which brought in hoards of young people and first time investors. So how is Public able to compete? Community wins. Investing can be overwhelming for first-timers, and the learning curve can make it difficult to make sound financial decisions. By fostering community on the platform, Public is able to tackle that issue all while facilitating the transactions themselves. With the success they are having, be on the lookout for existing service providers seeking out ways to build community into their offerings, as it is a clear path towards success.
Community is at the core of humanity. Products that integrate community at the outset will lead the way in facilitating social interaction and commerce online. The internet was meant to bring people together, and the products that lean on that fact will win.