$33.3K/month Mighty Network: 3-Year Review
with Tad Hargrave & Bradley T. Morris
We are gonna kickstart your week with a whole lot of clarity and inspiration that came from my in-person conversation with Tad Hargrave from Marketing for Hippies.
Last week, Tad came to Studio Majik on Saltspring Island, where we mapped out ways to collaborate for the year ahead. At the end of our day, we pulled out the lights, camera and mic and did a 3-year review since we helped him build & launch his Mighty Network.
When we launched it, we did about $120,000 in pre-sales, which we were all quite delighted about. But Tad has gone and grown the heck out of his membership, generating an average of $30,000 - $40,000/month!
In this conversation, Tad and I discuss our experiences and insights around building and nurturing your online community space (whether it's in Mighty Networks or not).
This discussion is especially relevant for anyone engaged in or considering developing a membership-based online community in 2024.
Make time to WATCH or LISTEN to this generous conversation!
Key Highlights and Takeaways:
Transition to Online Communities: Hargrave discussed his transition from a mentorship program to an online community. His revenue saw a substantial increase from around $6,000 a month to $30,000 - $40,000 a month over the last three years. This shift highlights the potential financial benefits of online communities.
Community Growth: The growth of Hargrave's community from 150 to over 300 members demonstrates the scalability of online communities -- and the need for connection.
Simplifying Membership Tiers: Initially adopting a two-tier system, Hargrave eventually simplified to a single tier. This change made the offering clearer to potential members and reduced administrative complexity. However, I countered his approach with what I have experimented with the last year and a bit. You decide!
Content Strategy: Hargrave emphasized the importance of clarity and simplicity in content offering. He suggested that too many events or options can overwhelm members, advocating for a balance between quantity and quality. More isn't always better, eh!
Member-Led Initiatives: Encouraging member-led calls and events fostered engagement and allowed members to contribute actively to the community. More value with less work.
Marketing Strategies: For marketing, Tad highlighted the effectiveness of personal outreach, email marketing, and highly recommended every single person reading this has a signature workshop as their #1 strategy in 2024. These strategies create personal connections and grow the community organically.
Financial Considerations: He also discussed the financial implications of different membership models, including the impact of offering lifetime memberships and the importance of being prepared for tax implications. Doh!
Community Engagement: We both also stressed the importance of tracking attendance and engagement in community events to ensure that offerings remain relevant and valued.
Membership Retention: We both shared top strategies for increasing membership retention, including delivering consistent value, simplifying the member experience, and creating custom tracks or paths within the community to guide members.
Experimentation and Feedback: We encouraged continuous experimentation and responsiveness to member feedback to refine and improve the community experience.
Conclusion:
You are going to gain some valuable and potentially game-changing insights from this comprehensive, in-depth and honest conversation.
The emphasis on simplification, member engagement, strategic marketing, and financial prudence offers valuable lessons for both new and existing community builders.
The interview underscores the dynamic and evolving nature of online communities and the importance of adapting strategies to meet members' needs and expectations.
I hope you love this one and if you do, share it, send me a message and let me know your top take-aways.
Let's make majik on the internet this year!!