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Pricing your community offer

Pricing your offer

Pricing your community offer

When embarking on building a community, it’s crucial to start small. This approach helps you better understand the best structure for your community and prevents you from overwhelming yourself. 

Additionally, it’s equally important to listen to your members’ needs. I, for instance, shifted my focus to supporting community builders when my audience expressed their interest. When I let go of the idea that I had to provide continuous education, I offered a support call weekly instead. I was amazed. I was doing less work, but the group showed up consistently. 

Before long, this group became a cohort. The same people showed up repeatedly, getting to know each other and supporting each other’s progress. My biggest lesson was that doing a cohort is a lot easier because of the low lift. 

Still, it took time to work out the kinks, which made it harder for me to set a price. Hence, a community with a small beta cohort is an excellent place to start. If you are new to building an online community (and even if you’re not), try a model focused on support more than education. 

What you need to create a beta cohort

A desire to gather others around a topic, interest, or challenge. 

A group of 3-15 people willing to meet consistently for a period, which you can define based on your understanding of the group.

A place to gather can be anything from a coffee shop to a virtual space. 

As you can see, I’m convinced that the better you understand the importance of connection, the better off your venture will be. No matter what type of structure you create, you will need to build relationships. That said, there are many types of structures you can choose from. Here are five that have worked for my clients and me. 

Community Building Journey

Stage 1: Community Concept – What’s the why behind your community idea? 

Stage 2: Community Curiosity – Who is this community for, and what’s in it for them? 

Stage 3: Community Clarity – How will this community transform or support them? 

Stage 4: Community Structure – What content, events, and programs will support them? 

Stage 5: Community Strategy – Who, when, why, where, and how will this community be shared with my audience? 

Step 1: Your Community Strategy

What is the timeline of your program or membership? (Ex. — 8-week course, 6-month program, or monthly membership)

Examples 

An 8-week course

A 6-month program

A monthly membership

Write out exactly how you will structure your program. If you are a new community builder, I recommend you start with a time-bound offer for a start and end date. This allows you and the member to be active for some time and decide if you’d like to continue the journey.  

Step 2: Business Revenue

How much income do you need from this project to make it worth your time and effort?

Examples

$5K for an 8-week course?

$12K for a 6-month coaching program? 

$2K for a monthly membership and $24K for an annual membership income? 

Step 3: What's your current audience size?

How big is your current audience? 

(Ex. – 50K SM followers, 1K email subscribers, 50 LinkedIn Connections) 

Step 4: From your Total Audience Number: How many bought a product or service from you in the past?

If you have an audience of 100K, and you have sold products or services to 500 of these people, and you’ve invited them to a waitlist about this offer, how many would be on that waitlist? 

Step 5: Factor your best conversation estimated rate

Take the number of months or weeks, calculate the desired revenue generated, review it, and divide it by the number of your audience’s actual conversions. 

Example

An 8-week course

I need to make $10K in total 

My waitlist has 500 people, but I have only sold to about 50. 

I can convert (based on discovery and validation) 20 people.

I need to charge at least $500 per person for this 8-week course by converting 20 people. 

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