Every community wants to monetize itself – and benefit from the efforts of its members. But is it possible? Community monetization involves not only a progressive thought about financial betterment, but also a sense of belonging. Monetization is necessary to set you enroute to self-reliance, and can be through various ways like paid memberships, sponsored events, selling community merchandise, collaborations with other other communities and creators, etc. Lets dive deeper.
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.
5 Ways to Monetize Your Community
Now that you understand what community monetization means, let’s visit some of the ways in which you can start monetizing your community today.
Premium Memberships – 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 have access to open webinars and accessing the community platform for help, your premium members could be offered monthly pitch sessions with investors to grow their businesses.
Paid customized community merchandise – Today, many individual and brand communities are already creating their own customized merchandise such as T-shirts, mugs, books and are selling to their community members. This doesn’t just give your members a chance to shout out to the world that now your community is part of their identity, but also allows their second and third-degree connections to discover you. So yes, this is definitely one community monetization option you want to explore!
Paid events – In our previous newsletter, we discussed how 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 by even selling your exclusive community merchandise at the event.
Earn through Bootcamp Programmes – Being constantly in touch with your community members, you are aware of 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 been constantly craving for? Well, according to our LikeMinds Community Entrepreneurs, this is a tried and tested strategy that definitely 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 and you want to do a paid promotion for a fitness brand, you can always host an open session with one of their trainers on nutrition such that the content of the session is helpful & relevant for your members while also promoting the brand in your community.
You are all set now to monetize your community. Good luck.