ChatGPT Is Eating Your Course Sales But It Can't Eat This

0:00You invite in your first 10 members. Those 10 people start providing value to each other. That's a flywheel.

0:16Hi, Gina. People keep throwing around the term flywheel in the digital community space. I get wanting things to flow more easily, but I just don't understand how to get there. Help? Fundamental concept is in a linear world. Like you say in a day-to-day business, it sort of feels like what you do is you show up, you do a bunch of things, take a bunch of steps, you get a result, like somebody pays you money for something, you deliver the product, and then you start over again. So you got to go out and sell people on stuff. You got to then have multiple conversations. They buy the product. And then you got to start over again with somebody else.

0:59Or you're doing an e-commerce business. You got to then go sell that same person a second or a tenth time, which is one of the reasons why I do not love e-commerce businesses. That is a linear business. And if anything, you can think about it as that sort of step by step. I got to go and I got to sell the same person another mascara, another outfit, another pair of shoes, another battery pack. Although that one starts to get interesting because you have repeat purchase or replenishable good, as they taught me in the fancy MBA school. So a flywheel is different. And this is how a flywheel is different.

1:43So for example, the reason I love communities, and again, this is a community that can be monetized with ongoing membership fees, so recurring revenue membership fees, a paid course or set of courses that you can get repeat purchases from, a challenge or an event. So that's how you can monetize. And by the way, challenges, courses, events could actually live in a membership. So when you are building a community, something different happens. You invite in your first 10 members. You are really clear that they're all going through the same transition and your value that you are providing them is, hey, I'm raising my hand.

2:32I'm going to take care of all the organizing. I'm going to introduce you to amazing people who are on the same path. We are going to rally a group of first-time engineering managers. We're going to bring people together. We are going to have fantastic conversations. We're going to build a culture where there's absolute confidentiality, and we are going to share our stories, our experiences, our hopes and dreams, our fears and misconceptions, but we're going to do it together. And if we do it together, we're each going to be able to take on more and more responsibility, which also probably means we're going to get paid more and more money.

3:07We are going to define together what it means to be an engineering manager over the next 10 years as new technologies show up and new ways of being productive and new ways of organizing our teams show up, our ability to react to really dynamic changes and technology innovation. All of that's going to happen because my value is in going and finding and bringing together first-time engineering managers and creating the culture that exists in my community and our community that we're building together to help each and every one of us achieve professional success. So what happens when I build that business?

3:53Well, I bring in 10 people and I probably am going to have fun bringing in more and more people. But number one, those folks are actually providing value for each other. I'm not producing a ton of content. People are drowning in content today. I'm not producing content. I'm creating the experiences that people feel comfortable sharing their stories, experiences, and ideas in pursuit of that goal or as they navigate that next transition, a first-time engineering manager, an engineering manager taking over and having directors underneath them for the first time, an engineering manager who's tackling new projects, or an engineering manager who is turning around a low-performing team.

4:44All of those things are going to be the places we can take our community. Okay, so coming back to the flywheel now, I bring in those first 10 people. They start providing value to each other. Again, each and every person has to go and create their own results. But the community is there to create all sorts of new support mechanisms, new insights, new practices, new habits that just get so much easier to do in a community. this is what a flywheel is those 10 people are probably going to get better results because they are in this community and guess what happens when people get results this is happening to me right now with this podcast as this podcast becomes popular and is well reviewed and showing up on charts the number of people i have coming to me right now being like hey gina what are you doing to create a successful podcast?

5:48I want to have a successful podcast. Well, then I can share my stories, experiences, and ideas. That's a flywheel. This is People Magic. I'm Sheena Bianchini. Until next time.

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