Thread by @DruRly, A thread: Trends #0014 — Paid Communitieshttps://trends.vc/trends-0014-paid-communities/ 1. ProblemFree communities tend [...]

A thread:

Trends #0014 — Paid Communities https://trends.vc/trends-0014-paid-communities/

Trends #0014 — Paid Communities

https://trends.vc/trends-0014-paid-communities/

1.

Problem

Free communities tend to be noisy without a barrier to entry.

2.

Solution

Paid communities have requirements, financial or otherwise.

As Derek Sivers says, the higher the price, the more they value it.

3.

Paid Communities

Makerpad ( @makerpad)

Founder Summit Remote ( @FounderSummit)

Everything Marketplaces ( @Yoroomie)

Visualize Value ( @visualizevalue)

Polymathic ( @2PMinc)

4.

Paid Communities (con't)

Weekend Club ( @weekendclubldn)

FTT+ ( @fintechtoday_)

Study Hall ( @studyhallxyz)

Workfrom ( @workfrom)

Farnam Street Learning Community ( @farnamstreet)

5.

Membership Tools

Gumroad ( @gumroad)

Pico ( @tryPico)

Patreon ( @Patreon)

MemberClicks ( @MemberClicks)

MemberPress ( @memberpress)

6.

Membership Tools (con't)

LaunchPass ( @LaunchPass)

Memberful ( @memberful)

Buy Me A Coffee ( @buymeacoffee)

Memberstack ( @MemberstackApp)

Kajabi ( @Kajabi)

7.

Platforms

Slack ( @SlackHQ)

Discord ( @discord)

Mighty Networks ( @MightyNetworks)

Circle ( @CircleApp)

Tribe ( @TribePlatform)

8.

Platforms (con't)

Discourse ( @discourse)

Flarum Pro ( @Flarum)

Disciple ( @DiscipleMedia)

Hivebrite ( @hivebrite)

Playgroup ( @PlaygroupHQ)

9.

Predictions

Tools like http://sharedthis.email will make it easy to pirate paid newsletters.

This will accelerate the move towards content-based communities.

Share an email from anywhere — sharedthis.email

The simplest way to share any email with the world. Forward your message to you@sharedthis.email and wait for a message back with a link.

http://sharedthis.email

10.

Predictions

Communities will be built on exhaust data.

• Fitbit leaderboards track your steps & update friends
• Open Startup dashboards track revenue & update the world

What’s next?

A community built on continuous glucose monitors? https://www.dictionary.com/browse/data-exhaust

Definition of data exhaust | Dictionary.com

Definition of data exhaust from Dictionary.com, the world’s leading online source for English definitions, pronunciations, word origins, idioms, Word of the Day, and more.

https://www.dictionary.com/browse/data-exhaust

11.

Predictions (con't)

Hyperniche media companies will be well-positioned for paid communities.

Social networks have network effects.

Paid communities have reverse network effects.

Think Farnam Street versus Facebook. https://www.insidehighered.com/blogs/technology-and-learning/linkedin-twitter-and-reverse-network-effects

LinkedIn, Twitter and Reverse Network Effects

The paradox of growth being good for the platform, but bad for its users.

https://www.insidehighered.com/blogs/technology-and-learning/linkedin-twitter-and-reverse-network-effects

12.

Opportunities

Don’t use money as the only filter for your paid community. Price is not one-dimensional. It’s time, risk, sacrifice.

• @ecommercefuel members must own a 7-figure biz
• Everything Marketplaces members must run a marketplace
• @makerpad is invite-only

13.

Opportunities (con't)

Build a paid community from your email list

The founders of @TTTSEOCommunity & @web (Founder, @2PMinc) used this strategy.

We covered the content-to-community playbook in #0011 https://trends.vc/trends-0011-paid-newsletters/

Trends #0011 — Paid Newsletters

https://trends.vc/trends-0011-paid-newsletters/

14.

Opportunities (con't)

Add gamification to boost engagement and lower churn. @Moz Community rewards members with MozPoints.

These are redeemed for profile upgrades, t-shirts, tickets to MozCon and more.

15.

Opportunities (con't)

Have a founding member launch.

Use the launch to shape the culture of your community. Offer early members great prices.

The @visualizevalue community was $19 for lifetime membership. Now it’s $99 per year.

16.

Opportunities (con't)

Track the NPS and KPIs for your community.

Diana Tower spoke with James Schramko ( @JamesSchramko) about the importance of collecting qualitative and quantitative feedback from community members.

17.

Opportunities (con't)

Host guest AMA sessions. Online Geniuses ( @OnlineGeniuses) featured:

• Courtland Allen ( @csallen)
• Gary Vaynerchuk ( @garyvee)
• Guy Kawasaki ( @GuyKawasaki)

18.

Opportunities (con't)

Think twice before building a paid community using Facebook groups

We discussed platform risk in Trends #0012 — Micro Private Equity https://trends.vc/trends-0012-micro-private-equity/

Trends #0012 — Micro Private Equity

https://trends.vc/trends-0012-micro-private-equity/

19.

Opportunities (con't)

Have shared struggles. Members will justify the struggle (price) to themselves.

See fraternity initiation and military bootcamps. Look into commitment and consistency bias. https://fs.blog/2016/08/commitment-consistency-bias/

Commitment and Consistency Bias

One of the most powerful biases that causes us to act contrary to our own interest is the bias toward commitment and consistency. Let's check it out.

https://fs.blog/2016/08/commitment-consistency-bias/

20.

Opportunities (con't)

Create a group identity.

Give your community a name, develop a language and have swag. Pat Flynn has Team Flynn. Their slogan is “Team Flynn for the win.” And you can buy a shirt with the slogan.

21.

Haters

“All paid communities are not online.”

Sure. WeWork Labs, The Gathering Spot and Renzo Gracie Academy are offline paid communities.

22.

Links

How to Build and Profit from a Hyperlocal Community Site

Katy Katz ( @katykatztx) and Sean Jackson ( @seanthinks) talk about the power of hyperlocal (or hyperniche) communities and how to build them. A few years old but relevant. https://www.listennotes.com/podcasts/the-digital/how-to-build-and-profit-from-0SWJaNBz9mw/

23.

Links (con't)

Come for the tool, stay for the network

@cdixon shows us how Instagram & Delicious were built on single-player tools

@StuMcLaren says that people come for the content and stay for the community

Tools or Content. Both work. https://cdixon.org/2015/01/31/come-for-the-tool-stay-for-the-network

Come for the tool, stay for the network

Chris Dixon's blog.

https://cdixon.org/2015/01/31/come-for-the-tool-stay-for-the-network

24.

Links (con't)

From Audiences to Communities

Web Smith ( @web) tracks his journey from newsletter to community. This intersects with insights from Chris and Stu.

Web leveraged content https://2pml.com/2020/01/06/an-open-letter-to-creators/

No. 343: From Audiences to Communities

An open letter to creators. By now, there are hundreds, if not thousands, of viable membership-based newsletters. And that’s a great thing – an unequivocal advantage for creators and co…

https://2pml.com/2020/01/06/an-open-letter-to-creators/

25.

Links (con't)

The Rise of Private Communities

Steve Pavlina explains why we should opt for paid communities.

He notes that they are full of engaged doers. This is an excellent, in-depth piece. Take into account: He has a paid community. https://www.stevepavlina.com/blog/2018/01/rise-private-communities/

The Rise of Private Communities - Steve Pavlina

For 2017 I invested more than $10K to participate in private online communities (more than $15K if you include the associated travel and related expenses). For 2018 my investment has already exceeded...

https://www.stevepavlina.com/blog/2018/01/rise-private-communities/

26.

Links (con't)

My Paid Mastermind Experiment. Is It Worth It?

Omar Zenhom ( @TheOmarZenhom) echos Steve Pavlina. He compares his experience in free masterminds to his experience in paid masterminds. Omar also has a paid community. https://www.listennotes.com/podcasts/the-100-mba-show/mba1211-my-paid-mastermind-PuJhbB8Hdka/

27.

Links (con't)

How to Create an Online Community That People Will Pay For

A tactical post from @dorieclark. He shows us how use an email list to build a paid community and gives examples such as Food Blogger Pro and Magnetic Memory Method. https://hbr.org/2019/09/how-to-create-an-online-community-that-people-will-pay-for

How to Create an Online Community That People Will Pay For

And how to make sure it lasts.

https://hbr.org/2019/09/how-to-create-an-online-community-that-people-will-pay-for

28.

Links (con't)

Growing a Knowledge-Sharing Community to Six Figures in Ten Months

The story of how @nick_eubanks partnered with @matthewbarby and @ianhowells to grow Traffic Think Tank ( @TTTSEOCommunity) to $31k/mo in 10 months using email lists. https://www.indiehackers.com/interview/growing-a-knowledge-sharing-community-to-six-figures-in-ten-months-980ea57924

Growing a Knowledge-Sharing Community to Six Figures in Ten Months - Indie Hackers

My name is Nick Eubanks and I'm a serial digital entrepreneur. I'm currently working on a new set of companies that includes: - From The Future: a digit...

https://www.indiehackers.com/interview/growing-a-knowledge-sharing-community-to-six-figures-in-ten-months-980ea57924

29.

Links (con't)

How to Build a Loyal Community

@laurynevarts shares an inspiring story of building The Skinny Confidential for 3 years before making money. She also talks about how to make community building a habit. Interview with @sophiaamoruso https://www.listennotes.com/podcasts/girlboss-radio/how-to-build-a-loyal-0O4rRFjqYNH/

30.

Links (con't)

Trends #0008 — Remote Fitness

A new type of paid community. Remote fitness companies are becoming networks. https://trends.vc/trends-0008-remote-fitness/

Trends #0008 — Remote Fitness

https://trends.vc/trends-0008-remote-fitness/

31.

Links (con't)

Build a More Human Internet

Caterina Fake ( @Caterina) talks to Reid Hoffman ( @reidhoffman) about shaping community culture from the start. https://www.listennotes.com/podcasts/masters-of-scale/build-a-more-human-internet-_1Yh-Gym6jg/

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If you're interested in trends such as