Member Community Secrets - Build a 6-Figure Business
We've watched membership communities change and disappear over the past decade. We've witnessed those that grew from nothing to become six, seven or even eight-figure enterprises. There are many inspirational examples of membership communities, however, here are a few of the coolest recent wins:
- The organization for entrepreneurship that generated $30,000 over 2 12 weeks and had five thousand members.
- An health-focused member that just included 100 top-end members (and $40,000 in ARR).
- A speaker and author who brought in $30,000 for their community of members following the completion of a four-week promotion.
And while we love to celebrate these wins, there are tons of wonderful stories about membership and community from communities of all sizes and shapes.
In this article this article, we'll show you the benefits of joining a community. Learn how to create a paid membership community-giving you a roadmap to go from where you're at to an enterprise worth six figures.
There are no guarantees however these are the known and tested methods we've seen work again and again.
This is the how-to guide for a six-figure membership of a community.
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1. Get a razor-sharp niche
It's almost a cliche now, but we'll say this repeatedly. The best opportunities lie in niches.
Communities that are too wide-ranging.
For a first-time host, it's tempting to cast wide. Don't you want the most people possible in your community?
No!
Problem is that when there is a large group of people with unrelated interests it's impossible to engage them all. And it's unlikely they will engage each other either.
Your community falls on its face.
It is the niche that makes it thrive. The membership communities are built on everything from German polka dancing to anime. From public talking for finance professionals to email newsletters for nonprofts.
The ability to find your niche is your greatest strength. When you're building an online membership site You can travel around the globe in search of individuals in your field.
Star with the broad idea for an online community and then focus on a specific niche more than you believe you have to.
Use Our Community Name Generator
Our AI engine is here to help you design the perfect community name. It will feel like magic. Simply share a few sentences about what your community stands about and we'll set to work.
Go
Examples: coaching clients, meditation novices, vegan chefs, dog lovers, aspiring entrepreneurs, etc.
Ask for Ideas
The names that Mighty Co-Host(tm) are only examples and are not licensed to other businesses or subject to third-party rights. For more information, check our Terms.
2. Have a Big Purpose
When we teach Community Design(tm) on Mighty the Web, we always begin with the Big Goal.
An Big purpose serves as the main reason why your community exists.
A traditional business has an mission statement. The membership groups that succeed serve a big purpose.
We're so enthusiastic about communities developing the capacity to fulfill a big Purpose, we built this into our community engine. Each community that joins us is encouraged to choose a Big Purpose.
Test it!
3. Find the perfect member
This has to do with your niche, but start with one Ideal member. This should be the individual you work with, who has only one goal or problem that is narrowly defined.
Are you interested in knowing how that you can perform to identify your Ideal Member? Interview them!
Once you have a good concept of what you want to do It's time to talk with potential members. If it's daunting, it will be a great experience you tried it.
Ask them questions like:
- What are you struggling with?
- What kind of support are you looking for?
- What price would you be willing to pay for the desired results?
Doing these interviews will bring you one step towards creating a flourishing members-only community. Because it gets the idea out of your head and into the conversation.
Make sure you listen closely to your Ideal Members.
- If everyone is interested however, no one is willing to pay for it, you may have to consider pivoting.
- If the problem you have identified is not those your preferred members discuss, then you might need to pivot.
This is market research, so make sure you consider it as a serious matter.
4. Begin with a small amount
Membership communities have thousands of members who join. There are stories about the $50,000 per month membership community. We've even shared some of them at the end of this article.
Don't let us get off, we'd like to see you get there!
But even if you are just starting out it is worth starting small.
The smaller communities are more able to spend to connect. It is possible to get acquainted with everybody, which is virtually impossible for a group of thousands of people.
And once you have become proficient in meeting the needs of 10 or 20 people in your initial community, you can start scaling to reach hundreds of thousands.
It's important to remember that there is no need for millions of people in order to build flourishing community. Our typical community on Mighty costs $48 per month. You could have the capacity of a community that is six figures with 174 members. That's not even counting the things most of our communities sell as upsells like special events, private coaching masterminds, or courses. It's possible to get to six figures with more than 30 members, if you do it right.
5. Make money selling something
If this is your first encounter with creating your own membership website , sell some thing.
Hold your breath, then rip off the Band-Aid. Create a landing page and invite the first members. Perhaps it's a live class or an open event. Sticking up an offer and even preparing it for sale could help validate your membership community idea.
6. Think about screen
The health of your membership community is determined by the caliber of people in it. The screening process is a method to make sure you only receive the highest quality members.
It's a little counterintuitive. Are you going to turn off people? It will be more difficult for new members to join your community? Make it more difficult for people to join?
However, in certain instances the "negatives" are tempered by one very strong positive: the people who are in your community actually want to join in.
While it's hard to say no to new members, screening may enhance the quality of your community to those who are accepted. This is worth it in gold.
Screening may be:
- Automating a survey for your checkout procedure.
- The process of creating a listing of criteria for members who want to join.
- Hosting live one-on-one or group interviews with potential members.
Sometimes, it's even about saying no to people who don't person for your company. Once you've got a flourishing community you'll thank yourself for joining.
7. Know the numbers
To go all-in on a membership community first, you must be aware of the significance of certain figures.
There's no vibrant community with 100percent engagement all of the time.
None. Zilch.
Each community is home to what we call super members and "supers". This is the 5 to 10% of people who are extremely involved and give all of their energy into everything they take on.
The majority of members may visit and leave on occasion. There are people you don't see at all who pay the membership cost.
The figures are quite normal. Do not let this discourage you. Also, don't let it affect you in any way!
If someone has been enrolled in your membership community, they can appreciate the benefits. Especially if they are paying the monthly membership cost.
Your group could represent a dream they have, even if they can't commit 100% to it right now. Your group could provide that push they need to take small steps each month.
Do not sell yourself to anyone. Simply show up and complete your job, but don't stress about it too much.
Remember that communities for busy people may have low participation. The CEO community might be able to scratch an important itch, but it doesn't make the people in these communities less productive. You can trust them to attend and be active as they're able.
8. Understand the value of the fee for membership
It's easy to think of a membership fee from your standpoint. It's your cash flow at the end of the day.
However, you must consider the value of membership fees to your members as well. In this case, a membership fee helps people commit. The members who pay their fees are more active. As people who pay are more attentive.
Our numbers also reveal that a cost for membership doesn't affect customers' desire to pay for upsells either. 75% of the free networks are offering upsells for paid items. However, 90% of paywalled companies create upsells!
It suggests that members do not just pay, but paying members are also willing to be willing to pay more for benefits. Take this into account when you price your membership site.
9. Skip the free trial
People who sell stuff online usually offer a trial for free. But it's not always necessary. Just 27 percent out of the top 250 revenue-generating provide a free trial.
Trials are free and have a place. However, they can alter the dynamics of communities. If there are members that drop into and out of the community, engaging but not staying this can affect your cohesiveness.
In most cases, it's better to start the process up front to make sure the ideal candidate is there; do the screening, and make sure that people arrive at the entrance willing to commit all of their.
10. Make new deals
The most effective members, the most untapped source of income is those who are already paying for membership.
Although it's typical to say, "I'm already charging them so I don't have to charge them for something else," we find that people who are engaged often demand greater. It could be a highly engaged mastermind or 1:1-coaching or a truly amazing live or virtual occasion.
It's not our intention to charge more just to make it easier for you to charge more.
But DO examine your current members and ensure you're providing your members the best value might be able to, even if it requires an offer that's not yet made!
11. Make sure that all members are connected
We look at communities that have succeeded. There's one thing that they all have in common.
Communities that are successful have members who have become a friend (that's not the host). People come into communities for information, classes, or occasions, but stay in communities because of the relationships they build.
This means that one of the main tasks a Host can make is create opportunities for your members to connect and form friendships. This could be done asynchronously, for example: in a discussion prompt or in a blog post. Or it might be synchronously: in the office, at in a live meeting and even in structured group discussions or networking events.
Get out of the way and let them connect.
It will make your community benefit from it.
12. Incorporate you "supers" to help
Your super members can be a valuable resource. Most Hosts do not use them to their full potential. The most active members of your membership want to get more connected. And you can get them engaged in ways that go above and beyond normal membership:
- Ask them to facilitate discussions
- Instruct them to manage the community as well as its content
- Tell their tales or ask them questions
- Invite members to contact them to welcome new members
Not every super will be in agreement, however we have found that many supers just waiting to be asked more. Don't be afraid to enlist the help of their supers.
13. Choose the right platform
The biggest benefit to your members' community may result from the community platform you select to build your community on. When you pick an option that allows you to mix any type of information, course or community-based gatherings with a mighty digital business engine, you'll be able to create the ingredients for a successful community-based business.
In the development of our community platform, we took into account everything that you need to run an active membership community.
This means:
- The capability to make whatever type of content you like, such as articles, lengthy content such as discussions, polls and livestreaming .
- Sell memberships, pre-recorded or live classes, virtual events, masterminds, group coaching or bundle one of these in your local currency.
- Unleash connection tools unlike any other Chat, discussion tools and messaging AI profiles and text improvements, rich member directories and profiles. There are also conversations that are built in at every turn.
- Make your own brand identity, Colors, Spaces that you can personalize, and even change to a branded app .
- Make your own sales engine using auto-landing pages, customized screening questionnaires, and welcome options.
Conclusion
Are you ready to begin? Come build your membership community on Mighty! It's the top-rated platform for community development from G2, with everything you need to get from zero to six figures. You can try it for without cost for 14 days - no credit card needed.