Hi Neil - I’m not 100% sure I know what you mean by “community marketing.” That’s one of those lesser used phrases in the field that could mean anything from building a community on your own site to participating in other communities online to being a synonym for social media marketing or digital PR.
I don’t think that your product or industry should entirely dictate which channels/tactics you pursue first. It’s more about what works for you, what you’re good at, passionate about, and where your audience/customers are. Also, I wouldn’t think about content vs. community as being entirely separate. They’re often very similar and overlap. E.G. Relay’s community that we’re in right now has “content” largely dictated by whom the creators invite to the AMAs and how they structure the conversations, what they allow and don’t, how they nudge and start discussions, etc.