Read more about How To
They produce the top-voted need and they sell out in days! They do not ideate products, they just offer the community what they are asking for. I thought this was genius! It got me thinking:
- Why are people missing out on the power of community?
- Why are social media managers struggling to help the brands they manage to hit their sales goals?
- Why are businesses struggling to leverage social media for sales?
- Why are content creators struggling with monetisation?
Sign up to the Connect Nigeria daily newsletter
Now, how do you monetise? There are many ways but I will go on to talk about 3:
Direct Monetization
This involves directly earning from each member as they join. This type of monetisation includes memberships, subscriptions, creating advertising slots for members of the community or advertising to members of the community. This could also include making products specifically for your community.Indirect Monetization
This involves directly saving money from your business activities. This includes cost reduction, customer acquisition & retention, and market research. You could survey your community, create insights and sell it. It is also cheaper to announce a new product to your already existing community.Ladder Monetization
This is my favourite. If your product costs $3000 and you know 90% of people in your community may not be able to afford it, you can create ladder products like ebook ($10-$50), online courses ($100), workshops, consultations, trainings, digital products to give them a taste of your service. Cross-sell and upsell. Whatever you sell, make sure it is valuable, very valuable to your audience. Ensure it transforms them in one way or the other. Ask yourself, what do I want my community to experience or learn? After they purchase this, how would it impact their lives? If you can’t answer this… start afresh by asking them what challenges they are experiencing. Which of these monetization strategies are you going to try? Tell me here. Featured Image Source: DreamstimeGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- How Businesses Can Stay Resilient in Economic Downturns
- How Agric Economy Consultancy Helps Agric Businesses Start and Scale in Nigeria
- Looking for Where to Fix Your Broken Smartphone Screen? Try Out Easyfix
- The Art of Delegating: How You Can Scale Your Business Without Burning Out