How To Monetize Your Community
So you have a thriving community, you have a really cool facebook group going now, you're thinking about monetizing. Managing a community can be really time consuming if you don't follow the structures that we've laid out in these chapters and it can be difficult. So in this lesson, what I want to show you is a couple of ideas and things that you can do to start monetizing your group. These are some things that I used to monetize my group, make it sustainable, but also be able to get paid from all the effort that you're doing as a community leader. One thing to keep in mind is that you don't need a huge or large community to start monetizing it. This is one of the things that people think that you need a large number of members before you can actually launch a product or start charging For services. A small community can do really well financially as well. Just to give you an example, I started with less than 500 members when I first launched the product and what I found that was most ...
useful. It's just making sure that I had the right audience and the right members at the start, They added a lot of value at 1st and that I understood their needs. So it was easier for me to figure out what products services to launch and monetize with my community. Here's some of the best ways I've seen. So you can start monetizing your facebook group and community sponsorships and brand collaborations. This is a great way for you to actually go out find brands. products that you know are relatable to your audience to your community. And you can do sponsored posts. Here are two examples where basically people pay or brands pay to be able to actually post on your community. So you basically work with them on an image on a video, on copy text and they pay So they can actually promote their brands, their products, their services and link back to their instagram account to their facebook pages or even their website. So they can actually start generating traffic to their site but you get paid up front. So you get paid for basically posting content for them on your community. The second one is courses and masterminds I think this is a no brainer, especially if you have an education community, something related where you're actually helping people and building value, Where you see an opportunity to build a course, a master in mind, you can charge from $47 up to thousands of dollars. I've seen really successful groups charging quite a lot for joining masterminds. We have courses that we sell depending on the exam that you're trying to take, where we have also bundles, we have special offers that we launched specifically on the group so that people can take advantage of them and you sell them as exclusively for the community limited limited time offers to our courses. So courses and masterminds are also a great way for you to monetize your online community and your facebook group. Lead generation affiliate marketing the way we work and the way we've used this is a bit different than a brand or a sponsorship with sponsorship. You're getting paid upfront with affiliate marketing and lead generation. The way we've worked is that you're going to actually generate content, generate posts, but you don't get paid up front. You actually get paid by the revenue by sales. So if you're generating traffic, if people sign up for products for services, you're gonna get paid a percentage of the revenue that you're actually generating to those partnerships to those Softwares, to those clients to those products that you're actually promoting through your community. So lead generation. We have a program where we work with agencies so that if you're a business looking for an agency for e commerce, we actually have partners agencies that we know are good and we basically refer you or refer people to them and we give it we get paid a percentage back affiliate marketing again, this is an example with how we work. We we basically work with a company called pencil. We refer to them people and we get paid when people actually sign up for the product and start using it. So you get a commission or a percentage based on the revenue that you're generating and last job offerings. This works really well. If you have groups that are, you know market sell and buy right, so or job's related where you're actually charging a fee by promoting different job offers. So every week you're going to promote and publish the most exciting or specific jobs where you get paid, you can promote it, you can pin it and it's a great way for you to actually be able to monetize your group other ideas, charging subscriptions, coaching, mentoring, same thing and a bit similar to courses selling tickets to webinars or events. I've seen this really well. I think with Covid is a little more difficult to physical events, but using communities to actually generate traffic to events. Online events, accept donations. I think it's valid if you wanna actually monetize if you're generating a lot of value up front. It's okay to actually accept donations through Paypal. I've seen this a lot as well. Or actually charging for the best real estate that you have in your, in your community, your cover photo, you basically have a package where you charge brands to use your cover photo for a day for a week and community management. If you've shown that you're able to grow a community, you know, you're good at it. You can actually make a business out of it and actually help others and and manage their facebook groups in building their online communities and build a business around it. So those are really good ideas and things that you can do to monetize your group. The other thing that I recommend is that you go through part the facebook partner monetization policies. This is going to apply for both pages. Events and groups, make sure that you go through it, do a quick run and read their policies. You don't want your facebook group to be blocked banned because of things that you're doing. So just make sure that you go through all of their content and also monetization policies. They have really good guidelines just so that you are sure that you're abiding by the rules because you don't want to get your your account or your facebook group blocked. So how you monetize your group will really depend on your initial goals. Again, this always goes back to what are your business goals and what are the reasons of why you started your community? Remember not every community can be monetized and you want to make sure that you find the right balance between value and sale. Usually communities are more geared and built for providing value to your community, but it's okay to sell products, services and monetize your group as well. Just make sure and keep in mind that you want to have that balance. People don't necessarily join communities to buy things. They join communities to learn something to find other people that they can relate to talk about similar topics. So you want to make sure that you strike the right balance between both. So in the next lesson we're going to go over. How do you measure the success of your group? You're putting a lot of resources, time, energy, people into building this community. How do you measure the success and whether you're moving in the right direction?