BIG NEWS for your SKOOL communities. · Speaker Mastery Community

Marianne Hickman

Jun 20 in Growing on Skool

BIG NEWS for your SKOOL communities.

We’ve talked about the importance of having a community for your business. Whether it’s free or paid, or both.

I have both a free and a paid community.

My free community is on Facebook and my paid community is right here.

HERE’S THE BIG NEWS

Skool has unlocked a new feature. And. It’s awesome.

Paid courses within your community.

This is strait from Alex Hormozi:

Here are three paths you can follow to use it:

1) Free communities can have a paid course inside. This is the fastest path to money if you’re a beginner because:

1. Don’t have attention

2. Don’t know what to sell

3. Aren’t an expert

4. Aren’t positioned well

Alex Note: Free group + one-time solves MANY problems in one elegant solution.

→You now have a great lead magnet

→You ask the free group what to sell

→You practice your skills in your free group until you’re good enough to charge

→Because you’re the group owner, you’re automatically positioned with authority

Ex:

100 members costs $250 in ads. $2.50 per group member.

5 members buy a $200 course.

5% x $200 = $10 per group member

So you spend $2.50 per member and make $10. Scale to the moooon.

To get them to buy, you would still use the same 4-part conversion process:

1a) Weekly webinar with soft CTA at the end

1b) On-boarding call with all new members (provide value then sell)

1c) 5-Video Module VSL (Free course sits next to paid course)

1d) DM the members in your community.

How many buy will give you the economics you need to know how much you can spend to advertise.

2) You can use the paid course one time feature for more than courses. You can sell packages of calls - or - 1-on-1 consultations. Just include your private booking link inside AND whatever prepwork you want them to do with those calls (or between calls) in the case of the bundle. You can use this in a paid or free community.

Ex:

You have a community built on teaching people to make better YT thumbnails.

The community is free. You put 3 and 6 calls as your one time purchases. The 3 call course comes with your link, prep before first call, a jotform for them to fill out prior. I recommend selling more than one so you can keep the price higher - they’ll also likely want a follow up.

3) For those of you who sell via DM or over the phone, here are two new setups you can consider.

3a) First, you can have your free group with a $999 course in it. Once they buy the course, they can gain access to the paid community for $99/mo. So in essence, they pay $999 today THEN $99 per month. This requires a two group setup.

3b) Second, you can have the paid course inside the paid group. And when you’re on the phone, you have them pay $99 to get in the group, which then gives them the ability to buy the course for $999.

So they’d have paid $99 + $999 in their first month. Then, $99/mo after that.

This enables the “big head long tail” model that I’ve spoken about in both of my books. The larger the discrepancy between the one-time course price and the monthly price, the longer people will stay.

Ex:

A $999 course into a $29/mo community, is a sure way to keep people for a VERY long time. Whereas a $999 course into a $999/mo community, less so. To figure out what to price your community, you want the output of this equation to be the highest: Monthly group price / Churn %

Ex: $999 course then…

Price Test 1: $500/25% churn = $2000 ($2999 TOTAL LTV)

Price Test 2: $200/5% churn = $4000 ($4999 TOTAL LTV) PRICE TEST WINNER

Alex note: This is likely the model that people who climb up the all time leaderboard will switch to. It gives you the best of both. You can spend more money to acquire customers because you get cash up front but you also build your monthly continuity.

4) (BONUS) Done For You Small Project Work. This functions exactly the same as the 1-1 consults or packages of calls. But you can have people buy it, then simply submit whatever stuff you need to do the work. And have them pay everything up front. Then deliver the results at the end of the time period promised. FYI - you’re typically able to charge ~35% higher for a la carte purchases vs subscription. This is data that I gathered from my gym days.

You guys will think of far more ways than this, but these are three use cases I expect to see a lot of. Let me know in the comments any other ways you have that are different from the above and I’ll add them.

PS - One time course purchases do not count towards the Skool games. HOWEVER, you can use model 3 to go HAM on advertising and still stack your MRR. Just reinvest 100% of course money back into ads. So the course revenue won't count towards your MRR but it will give you up front cash you need to build it up. And keeping everyone focused on MRR is still the goal - mainly because - that's what makes your business stable.

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