Monetize Your Dreams with Pat Flynn Part 2

Author: Adam Contos
Published: Wed 18 Jan 2023
Episode Link: https://share.transistor.fm/s/5ed36a14

Every successful entrepreneur asks the question, “How do I differentiate my product or services?” In a world where infinite information is available at the click of a button, it can seem daunting to create something new. In Pat Flynn’s experience, customers will pay for quick and easy access to information that will bring value to their lives. One of the best ways to build customer loyalty and increase retention rates is by monetizing the community as the product.

After launching a membership-based community within his company, Pat asked members to complete surveys for his market research. He was shocked by the results. Digital training content received the lowest level of interest. He discovered people valued the networking platform the most. The membership revenue ended up being the first recurring income for his business, shifting his whole profit model. Leaning into a community-centered approach takes the emphasis off those running the business and lets the magic take shape organically. Human connection and experiential learning draws lifetime customers, allowing businesses to draw in more passive income.

Main Topics

Coming from a place of giving rather than taking in business (01:25)
Reciprocity as one of the most powerful aspects of successful businesses (05:35)
Pat leans in to the power of community (07:55)
The money is in the membership (12:15)
Make the value clear for the customer through intentional messaging and positioning (16:54)
The product is the community (20:47)

Episode Links