Communities provide more to your business than just brand awareness, credibility, and loyalty. A branded community also offers more potential to increase your business revenue. And hey, you want to make money, right? I mean, that is part of the reason to start a business.
The possibility to increase your revenue means building a brand community is not something you should avoid or skip over, even if it sounds like a lot of work to you. It can be a lot of work, true, but the payoff is enormous if done right.
Communities offer one of the largest returns on investments and monetizing it will only provide more value to your members anyway. The more you make, the more you can give your community.
Here are five ways to monetize your brand community and increase your business revenue:
- Digital Products – Promote various digital products from eBooks, reports, templates, images, art, infographics, software, and more. If you can create it or pay someone to make it for you, and it’s digital, you should do it. Digital products are the best type because it doesn’t cost more to generate more of them. Your cost is tied up in the first creation, and that’s it. So, you can promote every single new product you create right in your group without paying for one advertisement.
- Entrance Fees or Competitions – You can actually monetize your community by making part of it members only for a fee. You can also host various competitions around your niche and ask for a fee for processing the entry – alternatively, you can ask for sponsors to pay for the competition. Be sure to read the rules of the platform and your locality before asking for contest fees, but in most areas, especially in the arts, it’s acceptable to ask for a small entrance processing fee.
- Exclusive Access Content – If you want to host a workshop, a webinar, or even private YOUTUBE videos, you can provide a special link for people to pay for entrance to view the exclusive VIP content. Using tools like Patreon and other platforms that allow you to provide access to exclusive content is key here.
- Brand Merchandise – Don’t laugh, but once your community reaches a certain point, they will want merch like t-shirts, coloring books, mugs, stickers, journals, and more that you create and offer to them because they like you that much. It really depends on your niche, of course, but if you have a great tagline and responsive members, try a t-shirt campaign first using drop-shipping instead of spending money upfront for the merch. Then, once you know you have enough interest, you can look for better options.
- Affiliate Products or Sponsored Content – A really fun way to make more money is to promote other people’s products by signing up as an affiliate or by accepting a fee upfront for sponsored content. Influencers do this all the time, and even if you don’t think of yourself that way, you are an influencer as a business owner who runs a brand community.
Choose Affiliate Promotions That Make Sense for Your Business
Overall, the potential to monetize your community is nearly endless, and the possibilities ultimately depend on your niche and goals as a business. However, these options can work for just about any industry and take your business to new earning potential. The great thing about promoting items for sale in a branded community is that customers who join these communities expect to see promotions and be offered amazing deals. They are ready to buy if you’re ready to provide them with what they want.