Building an Online Community for Recurring Revenue

Overview

• Community Details: 1,200 members each paying $97/month.
• Objective: Learn how to create, maintain, and grow a profitable online community.

Steps to Build a Paid Community

Step 1: Idea Generation

• Focus on Perpetual Problems:
  • Problems that require ongoing solutions, like fitness, credit repair, and entertainment.
  • Continuous need keeps members subscribed.
• Digital World Example:
  • Recipe communities.

Step 2: Building the Community

• Platform: Skool.com
• Content Creation:
  • Start with a “Start Here” course offering immediate value.
  • Example: Phantom Offer tactic for immediate customer acquisition.
• Monthly/Weekly Calls:
  • Create a schedule for regular calls.
  • Involve experts like COOs, media buyers.

Step 3: Engagement and Retention

• Engagement Features:
  • Gamification: Earn points for interactions to climb the leaderboard.
  • Unlock more content with increased engagement.
• Retention Strategies:
  • Weekly calls foster community interaction.
  • Incentives for top leaderboard members, like Q&A sessions.

Strategies to Attract Members

Marketing and Sales Funnel

• Offer a Mini Product:
  • Example: Discounted Facebook Ads training.
  • Use as a lead magnet for the membership site.
• Upsell to Membership:
  • Direct correlation of mini product to community content.
  • Offer free gifts for joining, increasing conversion.

Handling Non-Conversions

• Follow-up Emails:
  • Daily emails with relatable, non-salesy content.
  • Transition stories to membership offers.
  • Example of a successful email: Story about homemade almond milk.

Email Strategy

• Boring, Relatable Stories:
  • Connect through everyday stories.
  • Transition to a teaching principle and related offer.
• Results:
  • Daily emails converted 57 “no” responses into $642 of monthly revenue.

Growth and Learning Resources

• Mini Course Offer:
  • Paid mini-course on building a membership community.
  • Free with sign-up through a specific school.com link.

Conclusion

• Engagement is Key: Consistent interaction, gamification, and valuable content drive community success.
• Conversion and Retention: Use of storytelling and strategic offers enhances membership growth.