S8E11 | Community Must-Have for any business
Sandra shares why it’s important to have a community as part of your business, and some steps you can take to monetize your group.
“One of the things about having a community-driven business is in the community people are telling others about the products and services that you offer, and they’re telling people to go buy it.”
We’ve talked a lot about growing and engaging your group, and today we’re going to talk about monetizing your community. But first, I want to start with why we want to have a community as a part of our business and how this relates to monetizing our community.
Community-driven businesses will increase your organic referrals because people will love what you’re doing, and will start to invite other people into your community because of it. Also, when people in your group are talking about the products, services, or courses they bought, it might influence others to try out the offers they’ve been hearing about.
Community-driven businesses also increase your leads because they grow the number of people in your group, which will increase how many people will be buying from you. It will also foster repeat buyers as well, which will increase the lifetime value of a customer.
Having a community also makes your market research way easier, because your groups are a great place to test out content, product, and service ideas. You can also ask them for their feedback and ideas, which is invaluable. And, most of all, you’ll have a community of supporters who will have your back.
To start thinking about monetizing your group, think of the other groups that you’re a part of. I’m a part of several other Facebook groups because I love their products and want to know when they’re having a sale, or when they have something new.
A good way to monetize your group is to have an evergreen offer where you don’t have an open or close cart date, and your audience can buy any time of the year. You can remind people about this offer, maybe by sharing some testimonials.
If you’re holding a free training in your group, whatever the format, consider selling what you want to sell at the end. You can make a guide for the product or service you’re selling, or change your group’s cover photo to feature a special promotion.
If you go and take some action today, look at your group from an outsider’s perspective, and try to find the most obvious thing you’d want the group to be doing. Go into your featured posts or latest videos and see if it’s clear what you’re offering, and if not, make it obvious.