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Lloyed Lobo | The Community-Based Business Model: Everyone Wins

By January 9, 2023No Comments

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The Community-Based Business Model: Everyone Wins

Commodity vs. Community: What’s the Difference?

Great Examples of Community-Based Businesses

H.O.G. Local Chapters

LEGO Ideas

  • Within the LEGO Ideas community, new competitions and challenges are run pretty much every week. The company posts exercises to help its members level up their brick skills.
  • Members can sign up for free and post their designs. They can also support other creators by voting.
  • For the particularly talented builders, their designs go in the running to be made into real-life LEGO sets (like this awesome typewriter you might have seen floating around the internet!)

Traction

How To Monetize Your Community

  • Restricted access. It’s rarely a good idea to charge a membership fee; usually customers just won’t bother, since they have no proof it’ll be worth their cash. Make the membership free, but lock certain pieces of valuable content (webinars, templates, etc.) behind a paywall.
  • Discounts, coupons, and other deals. Slashing prices for your members is often the best way to get more sales through the community. Plus, it makes people feel special — which is invaluable when it comes to customer loyalty.
  • Ads and product placement. Offer opportunities for relevant businesses to advertise or showcase their products in forums and other areas of the community.
  • Make your perks obvious. This is one strategy that can help if you’re charging membership fees. On the H.O.G. website, there’s a huge list of all the extra benefits you get with a Harley-Davidson membership. It’s certainly impressive, even to an outsider looking in. Make sure your members know what they’re getting for their money.
  • Create a trading space. Have you got a product that members can, and would like to, trade among themselves? You can monetize that by adding a small fee for each transaction.
  • Leverage exclusivity. This works particularly well if you’ve got a figurehead within your community who people look up to. Sell tickets to exclusive webinars or even one-on-one consulting sessions with that person.

But Is It Worth The Hassle?

What Will The Future Hold?


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