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How To Make Money On Skool | Skool News #25 | Skool News | YouTubeToText
YouTube Transcript: How To Make Money On Skool | Skool News #25
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Video Transcript
Hello everyone and welcome to school news.
news.
>> Yes. So today we're going to cover
Kirby's mullet, a road map update, and
then we're going to do a little training
on how to monetize your school, how to
make money on school. So, first up,
let's rate Kirby's mullet >> priorities.
>> priorities.
>> Look at the sides out of 10. Zero to 10.
>> Eddie from school support did my haircut.
haircut.
>> Don't Don't do that.
>> Don't do what?
>> Don't know. Just
>> bias the results.
>> All right. Give them Have we got any
other shots, Johnny? So they they can
see it.
>> We need a mullet cam, Johnny.
>> Yeah, that's their side. look straightforward.
straightforward.
>> Yes. Yes. All right. We can tick that
one off.
>> Thank you.
>> We'll tally up their score later. Um,
road map update. So,
in progress native live streaming, it's
still in progress, but it's so close.
>> Very close.
>> We could have shipped it today without
recording, but we're like, it's pretty
important. Yep. >> So,
>> So,
>> by this time next week, it should be live.
live.
>> Let's go.
>> Yeah. We're just getting those finishing
touches including recording which is
really important I think. Um and then
subscription tiers that's like
end of September or early October. >> Nice.
>> Nice. >> Um
>> Um
>> but we got a teaser.
>> Yeah. And we'll we'll give you a little
like demo of this one today as well. And
so that's the road map. So now let's
talk about how to monetize your school.
So this is this is going to be a course
module in school 101. >> Yep.
>> Yep.
>> Yeah. So here we go. How to monetize
your school.
>> So you know there's over a 100,000
community builders on school right now
and they're collectively earning over a
billion dollars a year with their schools.
schools.
>> Insane. And the incomes range from like
500 bucks a month to $350,000
a month, which is pretty crazy. That's
like a lot of money to earn
>> with a single community. >> Yes.
>> Yes.
>> And price points range from like $1 a
month to $10,000 a month. >> Yes.
>> Yes.
>> And this module will show you everything
we've learned from like doing this for
years and observing all of this.
>> Yep. And there's people from all ages,
all categories. is the variety is
actually insane. >> Yeah.
>> Yeah.
So, let's start with business models.
So, this is probably one of the first
choices you need to make if you're
planning to monetize. So, there's these
are the different ones that you can
have. Like you can have a free
community, which is how almost everyone starts
starts
>> and it is the most common uh one. And
here's an example. It's called the Aspen
Way. It's by the UFC heavyweight
champion Tom Espanol and it's just a
free community about
uh MMA. >> Yep.
>> Yep.
>> Right. Very common type of community.
Then subscription which is just a single
price paid community. Yes.
>> Another very common one on school.
>> Here's an example. Wealthy plumber. He
charges 99 bucks a month. He's got 900 members.
members.
>> I think he's making like 60 grand a
month with plumbing stuff which is
really cool. Yep.
This is very common, a price point in
between like 10 bucks and 100 bucks a month.
month. Then
Then
>> these are two very common ones. Um, and
then with these new features that are
shipping very soon, uh, we're going to
introduce premium and tiers. >> Hello.
>> Hello.
>> And I'll show you a little demo of what
this might look like or what it will
look like. So here if you go to settings
and you go to pricing
>> what's this
>> right now most people you know just have
a free community it's free by default
pretty simple but let's say you want to
charge a subscription price just one
simple price you can set your price you
can have a monthly price or an annual
only price or a monthly and annual
option right
>> that's what people have right now free
and paid basically
and one time.
>> Yep. And we'll get to one time soon, but
then soon you'll be able to do uh premium,
premium,
>> which is where you have one free tier. >> Yep.
>> Yep.
>> And up to like two paid tiers.
>> So, here you set your price. You can set
monthly only, annual only, or monthly
and annual. >> Yep.
>> Yep.
>> And you can have an optional VIP tier, too.
too.
>> And you add your benefits. Boom. Boom. Boom.
Boom.
>> Um, so that's premium. Yeah, most people
will join for free and then you can
upsell them to the paid tier. >> Yep.
>> Yep.
And this will be good because your
your
actually I can probably just show you
what this will look like. So if you've
got a free group, uh if you're using
premium model, your group will still
appear as free,
>> right? So we'll show the lowest price on
the about page. People when they click
join group, they can select their plan.
>> Amazing. And so they could join for
free, right? Or they could join a
premium tier. >> Yep.
>> Yep.
>> Yeah. And then when they click on this,
then they get the option to pay monthly
or annual if you're doing both options,
right? And join.
>> So yeah, it just introduces tiers. And
the difference between premium and tiers
is simply like premium must have one
free tier. >> Yep.
>> Yep.
>> And tiers is just three. It can be up to
three paid tiers. Amazing.
>> Yeah. And so these will become options
very soon when we ship this uh
subscription tiers feature. Um why this
is good is you know we shared in the
previous module that the average
conversion rates for free groups are 20%
on the about pages. Paid it's four. Right?
Right?
It's really awesome to share your free
link everywhere
>> and get members with a high conversion
rate, right? >> Yes.
>> Yes.
>> But then when you go to paid, that
conversion rate drops down. You get less
members. But if you do premium, you
basically can get the best of both. You
get that high conversion rate with
members joining. But then you can work
on your mechanisms to get people to
upgrade to
>> uh to paid.
>> Yeah, it's so cool. Also, at the moment,
a lot of people have a free group and a
paid group, which is great. It crushes,
but it's quite a lot of work to manage
two groups. This allows you to have both
a free and a paid in one group, so you
only have to manage one community.
>> Yep. Yeah. This is currently done on
school actually. It's like people just
have multiple groups. Yes.
>> Yeah. And
>> some people like it, some people don't. >> Yep.
>> Yep.
>> The people who don't will like premium. >> Yes.
>> Yes.
>> But some people will still want to
separate and have two groups, and that's
totally fine. you can still do whatever
you want.
>> Um, and tiers is cool because, you know,
you might want a lower price point to
get in. Like
>> you you might want to let's say you're
charging 99 bucks. You might want to add
a lower tier like a 9. Yep.
>> Just like what we did recently. And then
you might want to add a higher tier like
999 which is more like your exclusive
coaching or mastermind or whatever, right?
right?
>> Yep. Um so these these two new things
will open up a lot of possibilities for people.
people.
>> Generally what happens in any community
there's like different segments. So for
us we had the standard people at $99 a
month but we also had these hobbyists
starting to use the platform where $99 a
month was quite a lot. So introducing
new tiers for different segments is a
way to monetize every segment of the
market and expand your reach if it's a
lower tier. >> Yep.
>> Yep.
And I'll give you a little bit more of a
a look at what tiers will look like. So
then for courses
and upgrades when you have your courses
in your classroom, you can make them
unlock when people reach a level or if
people pay a price or if they wait a
certain amount of time or just members
you select, right?
>> But there will be this extra option or
members on premium tier.
>> Very cool. So you could make it so some
course content is only available to
people on the premium tier by selecting
private and then premium. >> Yep.
>> Yep.
>> Or you could make it so that when
members get to a level like level six or
they're on premium
>> which gives you this grind or pay
mechanism which is like common in video
games. It's like hey you can just pay
and get it get this special tier or you
can just like contribute a lot and grind
your way there.
>> So cool. And how this might look in the
classroom is
so this
>> I just read the table.
>> This is a um there's
there's
>> you should buy
>> who did this?
>> Who did this?
>> Um it doesn't make any sense. There's
Pikachu. There's this description.
>> Sounds a bit strange.
>> Anyway, um this is buy now or upgrade to
premium, right? I don't know why you
would do this, but you can.
>> I think that's a flex because if your
premium's like $20 a month, price
anchoring it at a,000 a month or you can
get it with $20 a month with premium, it
makes the 20 a month seems so attractive.
attractive.
>> I shouldn't use that word when talking
about nude pics.
Um then in this option you can get to
level six or upgrade to premium or the
most common one you know the one that
most people are probably going to use
which is this which is just you unlock
this with premium. So some free members
might have access to some courses but
then premium members might have access
to other courses. >> Yes.
>> Yes.
>> So what happens when you click this?
Let's say I click on this one.
>> It would pop up like this. It would tell
me more about the course. I click
upgrade to premium.
and it will show me what my current plan
is and then I can
>> change plans.
>> Yeah, at the moment if you want to put
someone from free to paid inside of the
same community, you have to kick them
out and get then get them back in. But
this will mean that people can go from
free to paid in one community without
any weird leaving and rejoining.
>> This is a generous tier too if you look
at the benefits.
>> Cooked breakfast. I will pay your
mortgage. I will do anything you want.
Um, and then there's the calendar. >> Yeah.
>> Yeah. >> So,
>> So, [Laughter]
[Laughter]
>> that would convert. Don't mock it.
>> Wait, wait, wait. To zoom out, basically
you upgrade for a tier and most people
will allow that tier to unlock calendar
events and courses. >> Yes.
>> Yes.
>> Okay. So then here when you're like
adding a calendar event,
uh not only will you be able to do it on school
school
>> school native live streaming, but then
down here access you can make it for all
members members at a level or members on
a tier and you could select you could
click this and then select the tier or
members that are in a course. >> Yep.
>> Yep.
>> Previously we could do it through
courses but that seemed kind of messy honestly.
honestly. >> Yeah,
>> Yeah,
>> I can imagine most people are just going
to gate things by tier. Yes.
>> Like, hey, this event on the calendar
and these courses, they're available to
premium tier. Yep.
>> Right. Makes sense. Um, and then what
would it look like on the calendar for
people that aren't on the uh premium tier?
tier?
Well, they'll still see it on the
calendar, which is nice. But when they
click it, it will pop open like this.
Zoom link unlocks with premium and or
school call link. Yep.
>> And then upgrade to premium. Nice.
>> They click that and then they see the
same screen again.
>> Let's go.
>> Um, so this gives you multiple paths to
get your free members to upgrade to
premium or VIP or if you have a lower
tier like let's say it's standard
premium VIP.
>> It gives you a path to get PE you could
start lower ticket and get people to
>> uh ascend up, >> right?
>> right?
>> So cool. So, this really changes the
game on school, honestly.
And yeah, that's what it it looks like basically.
basically.
>> It's pretty cool cuz we just introduced
our first tier and saw how valuable that
can be and like pretty quickly everyone
on school will be able to do the same thing.
thing. >> Yep.
>> Yep. Then
Then
one time,
>> so you can do this, too. So, here's this
guy Eddie Abu who's like a professional weightlifter
weightlifter
and he just charges 397 bucks one time.
>> Yep. A lot of high ticket guys charge
one time.
>> Yep. Nothing wrong with doing this. I
mean, I will say most people on school
run memberships which are like recurring
revenue subscription. >> Yep.
>> Yep.
>> Right. Um but this is an option too.
>> Yep. Or this might be good for like
popup kind of events. Like let's say
you're doing just
this little popup community. It's a
one-off kind of thing. Hey, join this
thing for 100 bucks. We'll do this this
stuff. And then
>> it's like a challenge or a cohort or something.
something.
>> Yeah. Um or you might just be selling a
course honestly, but moving it onto
school instead of on some other platform
and you just want to charge a onetime
price. Yeah.
>> Um so those are the main models. You've
got free subscription which is a single
price which can be monthly or annual or
both. Premium which is one free tier and
up to two paid or tiers which is three
paid or two to three paid.
>> Let's go.
>> And one time. So those are the the
business models.
>> Very cool.
>> And on school you can also create a
custom combination of any of these.
>> Yep. So, like we said earlier, you can
have two groups or many groups. So, you
could have a free group, but then you
could also have a paid group. Then you
could have an even more expensive paid group.
group.
>> [ __ ] you could have 200 groups if you wanted.
wanted.
>> Some people have a lot of groups. >> Um,
>> Um,
so you can do that or you can also use
courses, right? Because with courses, if
I go to the classroom,
you can charge for a course. >> Yep.
>> Yep.
>> Right. Um, so you could have a free
group with just one-time purchases
inside. Yes. Right.
>> Or you could have a one-time purchase
group with some one-time purchase courses.
courses.
>> Or you could have a subscription group
with some one-time purchase courses.
Or you could have a tears group with
some one time like you can literally do
anything you want. >> Yes.
>> Yes.
>> That doesn't mean you should.
>> Yeah. Most people just do subscription
>> and then soon with the option of premium
and tiers, I imagine people will be
doing premium tiers and free.
>> That's like what most people will do.
>> Yeah, I would highly recommend just
keeping your model simple.
>> Yeah, you probably just broke some
people's minds right there.
>> Well, I'm just saying that you can do
whatever you want.
>> You can't do whatever you want. Yeah.
>> Yeah. Including like ruining your life.
Um free trials. You can also layer those
in. So you could have, you know, a you
could have a subscription
group. If I go to pricing
um and you could have a free trial as
well, right?
>> Um free trials are very common actually
and a lot of people use them cuz let's
say you've just got let's say you're
using the subscription model and your
group is 50 bucks a month. pretty
simple, clean, but then you're not
getting as many people join as you want.
>> So, you're like, "Oh, what if I gave
them a 7-day free trial?" >> Yep.
>> Yep.
>> This can work. I would highly recommend
free trials if you want more people to join.
join. >> Mhm.
>> Mhm.
>> However, if you don't need more people
to join, you don't need to do free trials.
trials.
>> Yeah. Yeah. Yeah.
>> Right. So, and some people try them and
they are like revolutionary for like
their their business. They turn on free
trials, way more people join, they make
way more money, right?
>> Other people turn it on,
>> their landing page conversion rate doubles,
doubles,
>> but their free trial conversion rate is
like 50%.
>> So, they're actually just making the
same amount of money. >> Yeah.
>> Yeah.
>> But they're cycling more people through
the community. >> Yep.
>> Yep.
>> I do know what, and this is an
interesting thing, too, is like churn
does seem to be lower on free trials for
obvious reasons because the right people
join. here.
>> That makes sense.
>> But one of the trade-offs is that if you
have quite a strong community culture,
getting a lot of new people in can sometimes
sometimes
>> ruin that like Airbnb community feel,
which is like no owners, only people
passing through. And so you the me
existing members don't know who they
should be friends with cuz they don't
know if they'll be here tomorrow. Right.
>> That makes sense.
>> Yeah. Um and then you can also do
annual. I will say most people just have
a subscription price and they have a
monthly and annual option. That's
probably the most common. >> Yep.
>> Yep.
>> Um Yeah.
>> Well, free I guess is the most common,
but the most
>> of paid I'm talking about. Yeah. Cool.
>> So, business models, that's that
>> you can do anything. And if you're
listening to this and you're feeling
stressed and overwhelmed because there's
a lot of options, these are some stages
of evolution that we recommend.
>> This is what tends to happen. So, people
start free. >> Yes.
>> Yes.
and you're trying to figure it out.
>> What are you trying to figure out? Well,
what you're doing. Yep.
>> Like, what is my group about?
>> I saw a dude's group the other day and
it was called I don't know what I'm
doing, right? So, like
that. We should really figure that out.
>> You kind of kind of need that one
figured out.
>> Um then, so you're trying to figure out,
hey, what the hell is this thing that
I'm building? >> Yep.
>> Yep.
>> And who is it for? Why should someone
join? And then you're trying to grow it
like in the beginning you a lot of
people are just stoked to get someone to
join for free. >> Yep.
>> Yep.
>> That's actually a good milestone. >> Yeah.
>> Yeah.
>> And then getting them to engage once you
get them to join will they like engage
with your content? Say something. >> Yep.
>> Yep.
>> And then do they come back?
>> Like do they come back tomorrow or like
in a week or whatever?
>> Yes. Once you achieve these things like
you know what you're doing, you're able
to get members, people are engaging,
people are coming back. >> Y
>> Y
>> you have like the start of like
>> well you've got like product market fit
in a way. Now it's just like are people
willing to pay money
>> for something in here. Yep.
>> Right. But this has to come first unless
you are already established and you have
an audience and you already know people
are going to pay money. >> Yes.
>> Yes.
>> Yeah. So if you don't know, start free.
And if you can just get a bunch of
people together about a topic, then
monetization becomes so much more simple
because they'll literally tell you what they want.
they want.
>> They'll tell you what they want. Yeah.
>> Then with then I imagine people are
going to go to premium next. >> Yep.
>> Yep.
>> And at this stage, you want to figure
out what people will pay for and then
you want to add a paid tier. >> Yes.
>> Yes. >> So
>> So
we've seen people start with a free
group. they figure out what people want
and then they create another group and
they make it paid, right? But with tiers
and premium, you won't need to do that
extra group, right? You could just do it
in the same one.
>> Um, and then you can put those benefits
on the paid tier. >> Mhm.
>> Mhm.
>> And that way you still keep your free
conversion rate, which is like, you
know, 20% plus
>> and then you still get your paid. So
it's the best of both worlds. >> Yes.
>> Yes.
>> And there is some nice synergy between
the two. >> Mhm.
>> Mhm.
>> Yeah. And that's probably better than
just flipping your free group to a paid
group because then you lose your flow
that's coming through the free group. >> Yeah.
>> Yeah.
>> But you can do that if you want to as well.
well.
>> Yep. Then subscription. And this is when
you don't want any free members. You
only want paid.
>> Y. So some people if they've like let's
say you've got a million person audience
or a huge audience even 100,000 200,000
person audience you'll probably just go
straight to subscription charge a price
send people straight there and they'll
buy and
>> yeah fine
>> your like YouTube channel is kind of
like your free group that's the thing
that you're using to warm people up get
people to know you and you can go
straight to paid if you want to
>> yeah and sometimes when you know when
you get bigger and more established you
actually have the problem of too many members.
members. >> Yeah,
>> Yeah,
>> too many people are trying to join my
community, which seems like a luxury to
a lot of people, but it happens
eventually. So, that's when you might
just go subscription, like you don't
have a free option, right?
>> Um, and then there's tiers, which is you
have a ladder of three membership options.
options.
>> And I forget if I've got a like this one
could be, what's a good example of this?
So I could say like this could be 9.9 99
and then let's say this is 999, >> right?
>> right?
>> And this wouldn't say free, it would say
like standard. >> Yes.
>> Yes.
>> And so here you would
you would have some set up like this
where people might get I think Samuel
Herp's a great example of this actually.
>> Yeah. Yeah.
>> He actually has a free group.
>> This is Samuel Sam's Art School. I don't
have a link but people can find it. Um then
then
so he has a free group. Then he has a
low ticket group which is like 10 bucks. >> Yeah.
>> Yeah.
>> And then he also does one-on-one
coaching which is about a grand a month. >> Yep.
>> Yep.
>> And he gets on Zoom with people and he
actually coaches them how to paint. >> Yes.
>> Yes.
>> Like he's like you know I don't know
what he says
point paint point paint point paint
point paint point paint there or paint
there or whatever. Um, and so, you know,
he could achieve all of this in one,
which would be pretty cool. >> Yes.
>> Yes.
>> Yeah. And so these are the stages of
evolution we tend to see.
>> Yep. One thing I will say though is that
it's hard enough to just get one tier or
one price working well. Don't feel like
you have to go from zero to three tiers
straight away. Like even school was just $99.
$99.
>> It's hard enough to figure out what the
[ __ ] you're doing, honestly. Yeah. Like
that even took me a while like
>> um like figuring out what you're doing
>> and get like where do I get members
from? How do I get them to join? How do
I get them to say something? >> Yes.
>> Yes.
>> That's most people's first step. >> Yes.
>> Yes.
>> And that's a big one. Yes.
>> And it all starts there. Then we'll your
paid tier will come. >> Yes.
>> Yes.
>> And don't even worry about the other ones.
ones.
>> Yes. Just start with one.
>> Yeah. Unless you're more advanced and
you're ready to go straight there. Yeah.
So now people might be wondering, well,
okay, cool. What should I sell?
Well, what do people want? And you might
be wondering, how do I know that? Um,
well, if you have a community and you've
figured out what you're doing and people
are showing up and talking, it should be
pretty damn obvious.
>> Yeah. Listen to them, read the
community, speak with them, you'll
figure it out.
>> Yeah. If you show up daily and hang out
with this group of people and give it
some time, it will be obvious. >> Yep.
>> Yep.
>> If it's not obvious, you're probably not
doing that.
>> Yeah. And then you can also get ideas by
looking at what other people are
selling. This could be in your
particular market. >> Mhm.
>> Mhm.
>> Like hobbies or music or whatever, but
you can also look at other markets.
>> Looking at other markets is really a
good idea, honestly.
>> And like stealing the insights and
bringing them to your market.
>> Well, yeah. just like, hey, look at
these kinds of benefits that people are
offering in finance and no one's doing
that in music. What would happen if I
did that in music?
>> It's like a gap.
>> Yeah. Well, it's just,
>> you know, sometimes people get into like
a little bubble or echo chamber and
everyone in music is doing the same
thing, but you can get these
breakthroughs by looking at other other categories.
categories.
>> Yeah, that's good.
>> Yeah. Um, and what we've seen is paid
memberships typically include a
combination of these things. So, there's
community and this is like an exclusive
club or membership.
>> Like, hey, if you uh pay nine bucks a
month, you get access to this club basically.
basically.
>> Yep. Higher quality than elsewhere.
>> Yeah. And this alone is like can be a
reason for joining a paid thing.
>> Yeah. Some people have no courses and no
calls, just the community.
>> Yeah. They only have that. >> Yep.
>> Yep.
>> Yep. And then courses. So, this is like
tutorials that share how to achieve a
transformation or something
>> like how to play this slayer song or how
to paint this mullet um whatever. Then
calls and this is like calendar events.
This could be to like hang out as a
group and meet other people. It could be
a Q&A session with the creator or maybe the
the
>> maybe the group owner has arranged for
some expert to come in. >> Yep.
>> Yep.
>> Right. That's common too. And everyone
gets to ask the expert questions and
they record it and stuff. >> Um
>> Um
it could also just be some fun hangout
call. Honestly,
>> drink some beers.
>> I'm waiting for someone to do a happy
hour call on school. That would be
pretty fun. >> Yeah.
>> Yeah. >> Um
>> Um
or access to
to
>> experts or other amazing people.
>> Yes. Or something else. Um I don't know
Then events. So this could be virtual or
in person. Um you could have a special
event like you could show up and watch someone
someone
do something.
>> What is happening? this episode.
>> Yeah, my example wasn't very good.
>> You could have a mastermind. You could
hang out and play football.
>> Yep. Um
could be what's an example of a virtual event.
event.
>> Well, like some game that you play together.
together.
>> Is doing some of these right now?
They're called workshops or something.
>> Yeah. He has like a presentation that
you run people through.
>> Yeah. He like teaches people for a few
hours like here's how to solve this
problem or here's how to do this.
>> Yeah. People even call up and you can
speak with them back and forth.
>> Yeah. Or it could be inerson events. >> Yes.
>> Yes.
>> This is very common, too. Like this
could be really cool if you put this on
like your VIP tier.
>> Oh, inerson meetups.
>> Yeah. Like once every 90 days, you might
get these VIPs together in person.
>> People pay a lot of money for meetups.
>> That that really differentiates a high
tier. It's like, oh, I'll get to hang
out with these people. We'll get to do something.
something.
>> Yep. and you can get pictures there and
it feels real instead of just online.
>> Um, services.
>> Yeah, this is a big one. A lot of people
when they get started, if you're not
able to sell like co like a course or
something cuz a lot of people are
experts when they create a course, you
can just do work for people inside of
the community. Like if you have a
YouTube group, you can make thumbnails
for people. Or if you have a knitting
group, you could knit things for people.
>> Yeah, that's a lot easier to sell. It's
common like with Samuel Herp, the Samuel
Herp's art school example, his high
tier, which is like a thousand bucks, he
teach he literally gets on Zoom and
shows you how to paint.
>> Or you can pay 11 bucks and look at
videos of him telling you how to paint. >> Yes.
>> Yes.
>> Like it's it's a it's a coaching or >> Yeah.
>> Yeah.
>> It's not quite done for you. He's not
painting your painting, but >> Yes.
>> Yes. >> Um
>> Um
>> although he could literally sell
paintings and that is done for you.
>> Yes. Like if people are in your group
and they're doing something and they're
struggling with that thing, they're not
very good at doing that thing, you could
just do it for them and charge for that.
>> Yep. And that's very common actually. So like
like
>> some people have training on how to run
like ads, like Facebook ads, but then
there's a higher tier where it's like
I'll do it for you. Yes.
>> Or my team will make your video
thumbnails or whatever.
>> My team will actually clip your videos
into shorts. >> Yes.
>> Yes.
>> Or we can teach you how to clip it into shorts.
shorts.
>> And when you're getting started, it's
easier to do it than it is to teach it.
People will pay you with less
credibility to do the thing than to
teach the thing.
>> Yeah. Cuz often people that have the
money, they're just like, "Oh, screw
this. I'm not going to watch this video.
Can I just get you to do it?" >> Yeah.
>> Yeah.
>> Um, so yeah, you can come up with a nice
kind of balance. You could just have you
could have like free training which
covers the basics, a paid tier that's
lower ticket which shows you how to do
it, and then a higher one, which is like
I'll do it for you. >> Yes.
>> Yes. >> Yeah.
>> Yeah.
Um, and then exclusivity.
So, you know, you could get exclusive
merch drops if you're on the paid tier.
>> Um, I've seen this with musician
communities and music communities. It's
like, hey, if you're in our membership,
like you
>> get access to exclusive merch. So, this
isn't on our normal merch store. Like,
you get access to this exclusive stuff. >> Y,
>> Y,
>> it might be physical products, too. >> Mhm.
>> Mhm.
>> And concert tickets. So you get like you
might get your concert tickets included
or you might get first
>> they you might be able to buy them days
before others can to make sure you get
it or you might get a discount or maybe
it's a you get to sit in a separate part
or something, right?
>> Um these paid memberships typically
include a combination of these things.
You do not need all of them.
Um again
like we're trying to show you everything
you can do. That doesn't mean you should
do everything. >> Yes.
>> Yes.
>> Like just start with free and see what
people want and then just give them
that. Don't give them more than that. >> Mhm.
>> Mhm.
>> Because you want them to pull it from
you instead of you overwhelming them
with [ __ ] they don't need.
>> That way you'll end up with a really
nice thing. >> Mhm.
>> Mhm.
>> Yeah. Um and they will pull it from you
if you're sparing in what you give to
them. Yeah.
But if you if you don't let them pull it
from you and you just give them a whole
bunch of [ __ ] you won't actually know
what they like and don't like.
>> Yes. And it's way harder to remove things
things
>> and then you'll just keep adding. Yeah.
>> Trying to fix the problem
>> and then you get a migraine.
>> Well, then it will just suck. Yeah. Um,
so how much should you charge?
Well, we can tell you that the average
price for memberships on school
platformwide is about 50 bucks a month, >> right?
>> right?
But some people are charging like 4,000
a month. Some are charging $1 a month. >> Yeah.
>> Yeah.
>> Um, you know, so that that's
interesting. Then generally higher price
equals lower conversion rate on the
about page
>> and higher churn,
>> but not always.
>> So like luxury communities, the higher
the price. Well, I've seen, you know,
$100 communities have
>> better conversion rates than $10 communities.
communities. >> Yes.
>> Yes.
>> And I've seen them have churn that's
better than a $10 community. So, just
cuz your price is a hundred bucks a
month and someone else is 10 doesn't
mean your like their conversion rate
will be better. >> Yep.
>> Yep.
>> But in general, we see this trend, right?
right? >> Um
>> Um
>> Yeah. Because you know, like think about
it. If you're getting this bill every
month for like a grand,
>> you're going to notice that. Yeah.
>> And then whereas if it's like 10 bucks, Yeah.
Yeah.
>> makes sense.
>> Screw it.
>> Um look at what other people are
charging in your market.
>> Yeah. And you can go to the school games
and then click all time and you can see
what the top earners in your category
are earning.
>> Yeah. There's a few things you could
probably do if you went to like You
could go and have a look at discovery.
So you click this, you click discover,
browse around here, like look at what
people are doing in different categories.
categories. >> Yep.
>> Yep.
>> You can see what kind of things pe what
kind of benefits people are uh offering
on their about pages, right?
>> Um then there's also within schoolers,
you can go to the games, which is what
Kirby was talking about, and you can
look at the leaderboards.
>> Mhm. And you can see the highest earners
in different categories. And you can
look at quarterly or you can look at all time.
time. >> Yes.
>> Yes.
>> And get an idea of what people are
offering. Like here's someone doing dog
training, which is pretty cool.
>> And I think the top earner, if you
scroll down, is $97 a month, but there's
also people in the top five earners that
are like $30 a month, but there's also
people that are like six grand. So
there's a huge variety. You can make any
price work. Yeah. Yeah. The number one
and the number two. This guy's a 100
bucks. He's making 330 grand. This guy's
a,000 bucks. He's making 300 grand. >> Yep.
>> Yep.
>> 10 times.
>> Nick's 200. School of Hard Knocks is
like 50. And then course is like six
grand or >> 29.
>> 29.
>> Yeah. So there's a huge variety. All crushing.
crushing.
>> Yep. And then you also want to think
like how do you want to be positioned in
the market? If you look at what
everyone's offering,
>> you could be the cheapest.
>> You could be the same or you could be
luxury, like the Gucci community, basically.
basically. >> Yep.
>> Yep.
>> Um, and then what feels fair? Like if
you just sit down and just feel it. >> Yep.
>> Yep.
>> Like I'm not even joking. This is like
how do you come up with a price
sometimes? You just sit down. You're
like, "Oh yeah,
>> you have to guess. You just have to pick something."
something."
>> Well, you just feel it basically. I think
think
>> it's been a weird
>> If I sold you a hundred bucks for a
sandwich, does that feel fair fear? >> No.
>> No.
>> Exactly. So, you know, you can feel it
out a bit.
>> 10 bucks? Yeah, probably normal. 20
bucks luxury.
>> Ooh, luxury sandwich. I'm hungry.
>> But 100 bucks.
>> Oh, no. >> Yeah,
>> Yeah,
>> come on now. Don't be silly.
>> It depends, I guess. What's in that
sandwich? Um,
>> some gold flakes.
>> I I don't know.
Um, so that you can start low and build
up over time.
>> A lot of people do this.
>> The worst thing that can happen here is
too many people join your community and
you make more money than you thought you
were going to make and then you just
increase the price. >> Yep.
>> Yep.
>> And you've got a lot of members. You're
making money.
>> You ended up with the higher price and
all of your legacy members will love you.
you.
>> They love you
>> because they got a sick deal.
>> And when they go to cancel, we have a
popup that says if you leave now and
rejoin, you'll have to pay a lot more.
So churn is lower.
>> Yeah. They're less likely to cancel now
because we automatically grandfather
everyone. So this is a good topic to
cover. It's like if your price is 10
bucks and then you raise it to 100
bucks. Y everyone that was paying 10
will continue to pay 10. >> Yes.
>> Yes. >> Right.
>> Right.
>> They're way less likely to cancel
because they know if they want to join
again, they got to pay 100. >> Yes.
>> Yes.
>> So that's good for churn. >> Yep.
>> Yep.
>> It also is just rewarding like your
loyal founding members.
>> Yep. Um,
>> this is an elite strategy.
>> Yeah. And then with this new tiers
feature, um, it also gives people the
option like let's say you started free
and then you moved to paid, it will give
them the option to actually move up to a paid
paid >> Mhm.
>> Mhm.
>> like uh tier without having to leave the
group and come back again. And also if
you started on 10 bucks but now you're
100 bucks and you want to eventually
move your 10 to your 100
>> with this t feature now they'll be able to
to
>> which is
>> like really like actually a huge deal
for everyone that's been using school
cuz right now they had to leave and join again
again
>> now they'll just be able to click change
plan and upgrade. Yeah.
>> And then another thing just do the math
like how much do you need to make? Like
I don't know what your goals or
aspirations are with your school, but
let's say you want to go full-time, your
job pays you like um I don't know 100
grand a year or something. Then if you
want to replace your income, well, you
know, if you have a 100 people paying
you 100 bucks a month, that's like 10
grand a month. >> Yep.
>> Yep.
>> That some easy math. >> Yep.
>> Yep.
>> Right. And then if your conversion rate
on your about page is like 2% or
whatever, now you can figure out how
many people need to visit that. Yep.
>> To hit these numbers and then you need
to factor in things like churn and stuff
too. But that's what this next module is.
is.
>> Oh, the open loop. Wow, that was advanced.
advanced.
>> Yep. Thank you.
Um, so yeah, that's it for this module.
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