How to monetize your community with recurring payments 

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I know ‘community’ is such an overused buzzword, so to make sure we’re on the same page, here’s what I mean by community:

‘on social media, a group of people who have similar interests or who want to achieve something together’.

Every business now wants to build a community, and after hearing the above definition, it’s a no brainer as to why.

After all, a community is sort of like your fanbase.

It’s the group of people who are, to varying degrees, in love with what you do, your interests, and what you’re working to achieve.

For them, there are tons of intangible benifits, including the sense of belonging with like-minded people, the chance to learn from other members, and also a place to feel valued from the input they offer to the group.

Let’s look at a real-life example of someone who recently built an enormous community doing what they’re passionate about:

Joe Wicks.

If you’re in the UK, you probably had this guy on your tv every morning for a couple of months as he held his live ‘PE with Joe’ workouts for families during lockdown.

What you may not have realised is that Joe increased his YouTube subscribers by 1,000,000 and also saw a huge rise in his Instagram following.

So how does having this massive following help Mr. Wicks?

Once he had this audience of fans, or community, he then had to make them aware of his 90 day paid plan, which is exactly what he did. This awareness is the very first step of the sales funnel.

The result?

£1.2 million in six weeks, from 13,000 people buying his diet and work out regime.

How?

So how can you build your community and make a killing doing what you love?

1. Go Niche

Pick a small topic and go deep into it.

The saying ‘Jack of all trades, master of none’ applies to the vast majority of people on social media.


Stand out by being a master of a niche topic. This will add a lot more value to your followers and in turn, will gain much more engagement.

2. Be Consistent

Post regularly. Make yourself a content diary or use a platform like monday.com to make sure that you are getting content out frequently.

As Joe Wicks showed up every morning on Youtube, so you should do the same for your audience.

Not necessarily on YouTube, or dancing about your living room, but on whatever platform you’re on, with relevant content.

3. Engage

Don’t just post- engage. Have conversations with your followers. Get to know them, and use this to make your content even more valuable to them.

4. Don’t be too ‘salesy’

Your audience isn’t following you to be sold to. Instead, the majority of your content should be there to help and add value to your followers.


If you get the ratio of engaging content:sales wrong, you will lose followers.

5. Frictionless Sales funnel


You could have 30 million followers, but if you don’t have a strong sales funnel, you will never make any money.


The word frictionless is key because you don’t want your followers to have to go out of their way to buy into whatever you're selling.

Instead, drop the ‘Pay’ button right in front of them with a Payhere storefront: A one-page payment website that connects seamlessly to your social media pages.

Check out how one Instagram influencer used Payhere to be the last piece of the sales funnel to convert their followers to sales. If you want to find out more about how to sell on social media with Payhere, check out this blog post.

6. Recurring payments makes the world go round

If there's one thing that creates loyalty, it's a consistent buy-in.

Instead of charging your community a substantial one-off payment to access exclusive and premium aspects of your service, use a subscription model.

This is made incredibly simple, also using Payhere.

All you need to do when creating your payment link is to check the subscription option and choose how frequently the payment will occur.

Wow! How can I sign up for Payhere?

If you feel inspired to take recurring payments, then make sure to check out Payhere before you go.

It's completely free to create payment links and a one-page webiste to make your own frictionless sales funnel from social media.

you'll only be charged a small transaction fee if you take a payment!

I hope this has been helpful, and good luck building your community.

Cheers,

Joel

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