The Brutal Truth About Why Memberships Fail

0:00We can predict with 93 % accuracy whether a community will succeed or fail based on one factor alone.

0:15Hey, I'm Gina Bianchini, and this is People Magic, where I show you the easiest way to create a$1 million community. Hi, Gina. I'm entertaining transitioning my YouTube following to a paid community. I'm thinking about offering them weekly exclusive content and a chat feed. Do you think that's enough? There are things that I've observed that content creators tend to do when thinking about or starting community that also gets in their way from being successful and scaling. And just to sort of zoom out, we've been very fortunate at Mighty Networks to work with some incredible creators, but also a lot of people that start one way and assume things are true about community and our ability to like shift their thinking to what we call people magic and people magic profit.

1:05That's why we call this podcast People Magic. It's a different way of thinking about what a community can be. And specifically, here's the difference. When you come out of the content world, you think in followers and audience, I talk out at you, you talk back at me. So when you're thinking about that, I talk out at you, you talk back at me, but no one's talking to each other, that is going to be a very difficult road. If you're trying to take that model of an audience and just like slap it into a chat or slap it into an activity feed or slap it into even a course, it just doesn't work that well.

1:49My definition and our definition at Mighty of Community is bring a group of people together who are navigating the same transition and I'm introducing them to each other and I am giving them things to do that they can go and apply in their life. That model is not about an expectation that your audience is just going to consume it, but rather your members, just listen to the difference in the language, that your members are going to apply that thing in their lives and then come back and talk to each other or do it together with each other in pursuit of results and transformation that they can't get on their own.

2:30What I have observed is that content creators take what they know, being kind of the center of attention, being the place for expertise, and they try to shoehorn that into a community or a membership where it's still about them. And then the only way that they can make it about them is if they start offering more and more of themselves to paying members. So now you actually have the worst of all worlds where everybody wants something from you and now you've actually asked them to pay you and you've given them the option of coaching or the option of exclusive content. You're now having to do more and more and more and more stuff for them.

3:15That is not the goal. So you can love content. And if you build a community that is about how your members are finding and building relationships with each other, it should not be a drag on you. When you create a culture in a community, and every community has a culture, whether you've, just like every brand actually represents something to people, whether you have been explicit about it or not. When you are building the culture of your community, you want to build it explicitly so that they are able to see the value of each other. through monthly themes, a weekly calendar, and daily polls and questions or daily actions.

4:02They are finding and building relationships with each other. And if you can create that dynamic, it will not be the drag on you that it will be if you're offering coaching and you're offering brand new exclusive content absolutely every week and that it's about you having to create it all. We have a billion data points at Mighty Networks. And what we see is that we can predict with 93 % accuracy whether a community will succeed or fail based on one factor alone. It's not the amount of content a content creator produces and adds to their community or what they offer their members in terms of exclusive time with them.

4:50It is the number of relationships that have been made or contacts that have been made between members. That's the secret, the kind of obvious secret. What that means is that you can absolutely create something really valuable in a membership that can scale. But if you make it about yourself, you are absolutely going to be exhausted. And if you make it about the transition that your members are going through, that's where the magic happens, man. That is where you can create a really compelling business. That is where you are going to be able to have something that is sustainable and that you can go write a book, that you can go travel the world public speaking and decide if you just want to spend your time making content for social media.

5:44All of that is great. You don't have to rely on brand deals, but you also have a community or a membership for brand deals. And we see a lot of folks, a lot of folks who are able to get premium brand deals because of the community of 30 ,000 members they have. So things that you can get as a content creator by having a membership beyond the revenue stream and the revenue diversification that it offers is just profound. It's just profound. And so kind of coming back to where I started, don't set yourself up as the hero in your community or the most important person. You will blow yourself out and it's not fun and it will make it so you're not actually that stoked about people.

6:38The nice thing about content is that it can be very clean and like predictable and people are messy. But when you set people up with each other as the main reason that they are there, they are there to navigate a transition with each other, then it's really fun and really energizing. They're stoked you've brought them together, but it's not about you. It's about what you are creating and facilitating for your members to meet and build relationships with each other. And that is where the value is. You tap into that. And first of all, it's just really fun. I think it's like one of the most fun businesses because it's not the kind of business that, you know, you put something out and you get zero views on it.

7:22You can bring people together and what they create and the energy and even at times the gratitude is just infectious. So with that, I'm Gina Bianchini. This is People Magic. And I'll see you in the next episode.