3 Ways to Monetize Your Community and Measure the Results – Ep 90
In this episode, you will learn three ways to monetize your community and measure the results, including memberships, affiliates, and events.
As you build an online audience, you will be looking for ways to serve them better and to get them from point A to point B with specific results. In this episode, we are talking about a few ways you can structure that support.
Top 3 Ways to Make Money With an Online Community
- Monthly Membership Community
This is an amazing way to create a nurturing environment and you get paid to provide it. Think about creating a membership course to work in a deeper way with your audience in an ongoing way. However you’re already serving them, think about how you can transform that into a recurring revenue model that works with what you are already doing. Measure the success by your retention rates. The goal is to get people in, but also to keep them. If you need guidance, there are a lot of courses around right now to teach you how to do this.
- Affiliate Programs
Have your best customers become your best salespeople. Most shopping cart tools and course tools have this built in. You can use the affiliate tool in your Eventbrite, Thinkific, SamCart or ThriveCart. The great thing about affiliate programs is that they are a great way to serve your audience without having to create a program. Alternatively, you can become an affiliate which can also give you monthly recurring revenue. There are so many resources out there that will help you venture into affiliate programs.
- Host an Event
Create places for your community to gather, network and share their interests or get an education. These events can be a great place to get people interested in higher ticket programs and where you can go deeper with people. Unless you have a great sponsor, free space or food, events often a break-even, but it can lead to a higher lifetime customer value. Conferences can be a great way to bring in income- to you, your business and in long-term customer value.
Tools, apps and links mentioned:
- The Knowledge Business Blueprint with Tony Robbins, Dean Graziosi and Russell Bronson
- The Membership Guys
- Stu McLaren’s Tribe Workshop
- Stu’s Retention Calculator
- It’s A Tribe Thing Podcast
- All About Membership Sites: Your Top 10 Burning Questions with Stu McLaren
- Pat Flynn’s Epic Guide to Affiliate Marketing
How to reach Kami:
How to reach Madalyn:
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