Paid communities, such as Tiger 21 and Maybejustthat.com, have been making a whopping $20 million a year. These communities provide a platform for wealthy individuals to come together, discuss investing, and support each other. For example, Tiger 21 is a mastermind peer group primarily for older individuals with a certain wealth level. They hold local chapter meetups where members defend their investment portfolios and also host events at prestigious locations like Magic Johnson’s house. With a membership fee of $30,000 per year, Tiger 21 has approximately 850 members, generating around $24 million in annual revenue. These paid communities prove to be profitable and can grow quickly with the right audience.
The speaker discovered Tiger 21, a paid community, and has been interested in it for years. Tiger 21 functions as a peer group for individuals with at least $10 million in investable assets. The speaker reached out to a friend who is part of Tiger 21 for more information. With approximately 850 members and a membership fee of $30,000 per year, Tiger 21 generates around $24 million in annual revenue. This paid community focuses on wealthy individuals discussing investing, providing both a platform for financial discussions and a sense of therapy and support. The speaker contemplates why more podcasts and content creators don’t explore different business models, like paid communities, to monetize their platforms effectively.
Overview of Paid Communities
Introduction to paid communities
Paid communities are social platforms or groups that require members to pay a fee or subscription in order to join and access exclusive content, networking opportunities, and other benefits. These communities can vary in their focus, target audience, and revenue generation strategies. The concept of paid communities has gained popularity in recent years as more individuals seek out specialized knowledge, networking opportunities, and a sense of belonging within their niche interests or industries.
Success factors for paid communities
Several factors contribute to the success of paid communities. The targeted audience plays a crucial role, as communities need to cater to the specific needs and interests of their members. Monetization strategies, such as membership fees, sponsorships, partnerships, or premium content, are essential for generating revenue and sustaining the community. Building engagement and value is another critical factor, as members need to feel that their participation is worthwhile and beneficial. Finally, networking opportunities and the clout associated with being part of a paid community contribute to its success by providing additional value and opportunities for members.
Tiger 21: A Model for Paid Communities
Description of Tiger 21
Tiger 21 is a prominent example of a successful paid community. It is a highly exclusive peer group that focuses on preserving wealth, investing, and financial education for high-net-worth individuals. The community provides a platform for members to engage in discussions, share investment portfolios, and access networking opportunities.
Target audience and membership
Tiger 21 caters to wealthy individuals who possess a minimum of $10 million in investable assets. The community primarily attracts older individuals who are seeking to connect with like-minded peers and gain insights into wealth preservation and investment strategies.
Revenue generation
The primary source of revenue for Tiger 21 is its membership fees. Members are required to pay an annual fee of $30,000, which generates substantial revenue for the community. Additionally, Tiger 21 organizes events and partnerships that provide additional revenue streams.
Maybejustthat.com: A Successful Paid Community
Overview of Maybejustthat.com
Maybejustthat.com is another successful paid community that focuses on bringing together individuals with a minimum of $10 million in investable assets. The community provides a platform for members to connect, engage in discussions, and share insights related to wealth management and investment opportunities.
Membership fee and size
Maybejustthat.com requires members to pay an annual membership fee of $30,000. With approximately 850 members, the community generates an annual revenue of around $24 million.
Revenue generation through membership fees
The membership fees serve as the primary source of revenue for Maybejustthat.com. This fee structure allows the community to provide high-quality content, networking opportunities, and exclusive benefits to its members while sustaining its operations.
Activities and benefits for members
Maybejustthat.com organizes local chapter meetups, which have transitioned to online platforms recently due to the pandemic. These meetups provide members with the opportunity to discuss and defend their investment portfolios, exchange ideas, and learn from one another. The community also offers additional benefits such as therapy and support, creating a well-rounded experience for its members.
Tiger 21 vs Maybejustthat.com
Comparing Tiger 21 and Maybejustthat.com
Both Tiger 21 and Maybejustthat.com are successful paid communities targeting high-net-worth individuals. However, there are some key differences between the two.
Different focuses and target audiences
Tiger 21 primarily focuses on wealth preservation, investing, and financial education. Its target audience consists of older individuals with a minimum of $10 million in investable assets. On the other hand, Maybejustthat.com shares a similar target audience but also emphasizes therapy and support, in addition to wealth management and investment discussions.
Meeting formats and external events
Tiger 21 hosts meetings that last four hours, during which members defend their investment portfolios and listen to external or group speakers. These meetings provide an in-depth and focused environment for discussions. Maybejustthat.com organizes local chapter meetups, now conducted online, where members engage in conversations and share insights related to wealth management and investment opportunities.
Additional benefits and services
Both communities provide networking opportunities and exclusive benefits to their members. However, Tiger 21 offers additional benefits such as discounted umbrella insurance for wealthy individuals, creating added value for its members.
Key Factors for Building a Profitable Paid Community
Importance of targeted audience
Targeting the right audience is crucial for building a profitable paid community. Identifying a specific niche or target audience allows the community to cater to their unique needs and interests. Understanding what motivates the target audience and providing valuable content, networking opportunities, and benefits are essential for success.
Monetization strategies for communities
Developing effective monetization strategies is key to generating revenue for the community. Membership fees, sponsorships, partnerships, premium content, and events are all viable options for generating income. The chosen strategies should align with the community’s overall goals and provide value to its members.
Building engagement and value
Building and maintaining engagement and value for members is essential for the success of a paid community. This can be achieved through regular interaction, sharing valuable content, facilitating meaningful discussions, and offering exclusive benefits. Active community management and fostering a sense of belonging are crucial in this regard.
Networking opportunities and clout
Paid communities that offer networking opportunities and provide a certain level of clout or status benefit their members. Connecting like-minded individuals and providing platforms for collaboration and professional growth contribute to the community’s value and success. The ability to leverage the collective expertise and influence of members further enhances the community’s appeal.
Other Successful Paid Communities
Aventa: A professional group for executives
Aventa is a paid community that caters to executives seeking professional development and networking opportunities. The community offers exclusive resources, events, and mentorship programs to enhance members’ careers and expand their networks. Aventa generates revenue through membership fees and strategic partnerships with organizations focused on executive education.
Soul Savvy: A community for sneaker enthusiasts
Soul Savvy is a paid community that brings together sneaker enthusiasts and collectors. Members gain access to exclusive content, early access to releases, and opportunities to connect with industry professionals. The community generates revenue through membership fees, partnerships with brands, and sponsored events and collaborations.
Examining their revenue models and success factors
Aventa and Soul Savvy both rely on membership fees as a primary source of revenue. Additionally, they leverage partnerships, sponsorships, and collaborations to enhance their revenue streams. Key success factors for these communities include catering to a specific audience, providing valuable and exclusive content, fostering engagement, and offering networking opportunities.
Steps to Build a Paid Community
Identifying a niche or target audience
The first step in building a paid community is identifying a niche or target audience. This involves understanding their specific needs, interests, and pain points. Conducting market research, surveys, and interviews can help gather valuable insights and guide the community’s development.
Creating a value proposition
Once the target audience is identified, it is crucial to develop a compelling value proposition. This involves determining the unique value the community offers, such as access to exclusive content, networking opportunities, educational resources, or professional development. The value proposition should clearly communicate the benefits members can expect from joining the community.
Setting membership fees and revenue streams
Choosing the right membership fee structure is essential for sustaining the community and generating revenue. This could include annual or monthly fees, tiered subscription levels, or one-time payments. Additionally, exploring additional revenue streams such as partnerships, sponsorships, or premium content can further support the financial sustainability of the community.
Establishing online platforms and forums
Creating an online platform or forum is crucial for community members to connect and engage with one another. This could include setting up a website, utilizing social media platforms, or utilizing specialized community platforms and forums. The platform should provide a seamless and user-friendly experience for members to interact, access resources, and participate in discussions.
Promoting and marketing the community
Promoting and marketing the community is key to attracting members and creating awareness. This could involve utilizing various marketing channels, such as social media, email newsletters, content marketing, partnerships, or influencer collaborations. The messaging should focus on highlighting the unique value proposition, benefits of joining, and any exclusive content or resources offered.
Challenges and Considerations in Building Paid Communities
Retention and member satisfaction
Retaining members and ensuring their satisfaction is crucial for the long-term success of a paid community. Providing valuable content, facilitating meaningful connections, and actively managing the community are key factors in maintaining member satisfaction. Regular feedback collection, addressing concerns, and continuously improving the community’s offerings are essential strategies for retention.
Scaling and managing growth
Managing growth can be a challenge for paid communities, particularly when experiencing rapid expansion. Scaling the community while maintaining a high level of engagement and value can be demanding. Investing in robust community management systems, cultivating community leaders, and carefully managing resources and infrastructure are critical for scaling successfully.
Balancing exclusivity and accessibility
Paid communities need to find the right balance between exclusivity and accessibility. While exclusivity can create a sense of value and prestige, it can also limit the community’s reach. Striking a balance between maintaining an exclusive atmosphere and attracting a broader audience can be a delicate task that requires careful consideration.
Maintaining relevance and constant value
Paid communities need to continually provide value and remain relevant to their members. This involves staying up-to-date with industry trends, offering fresh and valuable content, organizing relevant events, and adapting to the changing needs and interests of the community. Regular evaluation and adjustments are necessary to ensure the community remains engaging and beneficial.
Conclusion
Paid communities have emerged as a successful model for generating revenue and creating valuable connections within niche industries or interests. Examples such as Tiger 21 and Maybejustthat.com demonstrate the potential for profitability and growth in this space. By targeting specific audiences, implementing effective monetization strategies, building engagement and value, and providing networking opportunities, paid communities can thrive. However, challenges such as retention, scaling, balancing exclusivity, and maintaining relevance require careful consideration and management. Overall, building a successful paid community requires a deep understanding of the target audience, a compelling value proposition, and a commitment to providing ongoing value and engagement.
