Every community wants to monetize itself and benefit from the efforts of its members, but is it possible? Community monetization involves a progressive thought about financial betterment and a sense of belonging.
Monetization is necessary to set you en route to self-reliance. It can be through various ways like paid memberships, sponsored events, selling community merchandise, collaborations with other communities and creators, etc. Let’s dive deeper.
5 Ways To Monetize Your Community
If you are looking to build a scalable and sustainable community, monetization is your key to it. Let’s see how to go about it. Let’s visit some of how you can start monetizing your community today.
One of the easiest ways to monetize your community is by creating options for paid memberships wherein paid members get access to premium content, webinars, mentorship programs, etc.
For instance, let’s assume you are building a community of entrepreneurs. While your free members can access open webinars and the community platform for help, your premium members could be offered monthly pitch sessions with investors to grow their businesses.
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Paid Customized Community Merchandise
Today, many individuals and brand communities are already creating customized merchandise such as T-shirts, mugs, books, etc. These will give your members a chance to shout out to the world that now your community is part of their identity. It also allows their second and third-degree connections to discover you. So yes, this is one community monetization option you want to explore!
Events are the catalysts that bring our members together and serve as hotspots for community networking. You can monetize your community events by charging people for event tickets or even by selling your exclusive community merchandise at the event.
Earn Through Bootcamp Programmes
Being constantly in touch with your community members, you know what kind of resources and content they are struggling with within your domain. Why not explore creating and designing a monthly paid Bootcamp program with experts to train them and provide that value they have constantly been craving? Well, according to our LikeMinds Community Entrepreneurs, this is a tried and tested strategy that works!
Paid Brand Collaborations
You can also explore paid partnerships with brands and businesses of your members to help them promote and reach their target audience on your platform. But while you are at it, ensure your community platform doesn’t become too spammy with advertisements. When promoting a brand on the community platform, ensure it’s always a soft push.
For example, let’s assume, you run a support community of married women in India. Now you want to do a paid promotion for a fitness brand. You can always host an open session with one of their trainers. These sessions could be on nutrition – the content should be helpful & relevant for your members while also promoting the brand in your community.
You are all set now to monetize your community. Good luck! Check out LikeMinds for more.