Learn as You Grow - People Magic: How to Build a $1M Community

Summary

Podcast Summary: People Magic – Episode: Learn as You Grow

Podcast Information:

Title: People Magic: How to Build a $1M Community
Host: Gina Bianchini, Founder and CEO of Mighty Networks & Pod People
Episode Title: Learn as You Grow
Release Date: December 5, 2024
Description: Gina Bianchini delves into the secrets of building a thriving, profitable community. In this episode, she explores the dynamic nature of communities, common challenges faced by community builders, and strategies to evolve alongside member needs to create a sustainable $1M digital business.

1. The Perfect Business Model: Communities

Gina Bianchini opens the episode by asserting the paramount importance of communities in the current and forthcoming business landscape. She states:

“[00:00] A community in this moment, in the next five years is the perfect business.”

Gina emphasizes that communities inherently guide the business forward by reflecting the collective vision and desires of their members. This symbiotic relationship ensures that the business remains relevant and continually aligned with its audience.

2. Embracing the Evolution of Communities

Early in the conversation, Gina addresses a common scenario where community leaders find their communities evolving beyond their initial expectations. She recounts an interaction with a community member:

“[00:53] B: ...my community is kind of evolving into something I wasn't really expecting. For example, my members are kind of transitioning out of what I had originally set out to do.”

Gina acknowledges this as a "high class problem," highlighting it as a positive indicator of a thriving community. She encourages leaders to view such evolution as an opportunity rather than a setback.

3. The Power of Workshopping Loops

Gina introduces the concept of "workshopping loops" as a critical mechanism for understanding and responding to community needs. She explains:

“[01:21] ...the concept of workshopping this, this opportunity to come in and see what's working, what are we learning, what are people interested in doing? It is there for these exact moments.”

These loops involve actively soliciting feedback, analyzing community interactions, and iteratively adjusting strategies to better serve members. This continuous feedback cycle ensures that the community remains dynamic and responsive.

4. Communities as Forgiving Spaces

One of the standout features of communities, according to Gina, is their forgiving nature. She shares a personal anecdote to illustrate this:

“[01:21] ...I was having technical difficulty with like my screen and my camera and my microphone and everything. And people were so supportive.”

This resilience allows community leaders to experiment and innovate without the fear of severe repercussions, fostering an environment where both leaders and members can grow together.

5. Avoiding Common Mistakes in Community Building

Gina warns against relinquishing complete control to the community, likening it to indecisiveness in a social setting:

“[01:21] ...It's a little bit like, you know, when you go out to dinner with a group of friends, but you don't know where you're gonna go yet. And everybody's like, I don't care, I'll, I'll do whatever.”

She emphasizes the importance of establishing a clear framework that guides interactions and relationships within the community. This structure can either evolve or remain consistent, but it should always provide direction and support for meaningful connections.

6. Learning from the Mighty Networks Journey

Gina draws from her experience with Mighty Networks to illustrate the importance of adaptability and co-creation with the community:

“...when we first started Mighty Networks, we had no idea that online courses were ever going to be a part of our platform. ... we built the first version of courses into a mighty network and we saw it take off and we also saw all the places where there were opportunities for it to get better and iterate.”

This iterative process, driven by community feedback, led to the development of native course features, enhancing the platform's value and aligning it closely with user needs.

7. Embracing Flexibility and Experimentation

Gina encourages community leaders to remain open to new ideas and directions, even if they diverge from the original plan:

“...you might end up, maybe it's not where you thought you would end up, but if you're open to it, it might be where the most value is...”

She highlights that flexibility allows communities to discover unexpected areas of value, fostering deeper engagement and satisfaction among members.

8. Monetizing Through Diverse Revenue Streams

A significant portion of the discussion revolves around monetization strategies. Gina outlines various avenues through which community leaders can generate revenue, emphasizing the importance of versatility:

“...monetizing it through multiple different means. From courses to memberships to challenges to events to, you know, other things you can build as well. From merchandise to coaching and everything in between.”

This multifaceted approach ensures that the community remains financially sustainable while offering valuable services and products to its members.

9. Taking the Next Step: Simple and Focused Actions

Gina concludes by encouraging leaders to take actionable, yet uncomplicated steps towards growth:

“...all you have to do is pick one thing to try next. Just the one thing that is the next, the next move, Just the next move. You don't have to overthink it.”

This philosophy promotes steady progress and prevents overwhelm, making the process of community building both manageable and enjoyable.

Conclusion:

In "Learn as You Grow," Gina Bianchini provides a comprehensive roadmap for building and sustaining a successful community-based business. By emphasizing the importance of adaptability, continuous feedback, and diverse monetization strategies, she equips entrepreneurs with the tools necessary to create a thriving, $1M community. Her insights underscore that with the right framework and mindset, building a community that is both valuable and profitable is not only achievable but also deeply rewarding.

Notable Quotes:

“[00:00] A: I truly believe a community in this moment, in the next five years is the perfect business.”
“[00:53] B: ...my community is kind of evolving into something I wasn't really expecting.”
“[01:21] ...the concept of workshopping this, this opportunity to come in and see what's working, what are we learning, what are people interested in doing?”
“[01:21] ...communities are forgiving. They are a phenomenal place to try things and to get things wrong.”
“...monetizing it through multiple different means. From courses to memberships to challenges to events...”
“...all you have to do is pick one thing to try next. Just the one thing that is the next, the next move...”

Resources:

For a deeper dive into building a $1 million community and to access additional resources, visit the People Magic website linked in the show notes. If you have burning questions about community building, there's an option to record your question for Gina to answer directly.

Transcript

A (0:00)

I truly believe a community in this moment, in the next five years is the perfect business. Because what your community is doing, by the very nature of being a community powered by People Magic, is that they are showing you the path forward for where they want to go next. So what's actually really cool is, number one, communities are really forgiving. They're a phenomenal place to try things and to get things wrong. Woo. Hi, I'm Gina Bianchini and this is People Magic, where I am going to show you the absolute easiest way to create a $1 million community.

B (0:53)

Hey, Gina. I created my community almost a year ago. Yay. The connections people are making are really, really wonderful. In fact, my community is kind of evolving into something I wasn't really expecting. For example, my members are kind of transitioning out of what I had originally set out to do. Totally understandable. I just, I'm kind of in uncharted waters territory as far as what I do with them next.

A (1:21)

Well, so first of all, congratulations. This is what is known in the world of communities, in the world of People Magic, a high class problem. So what I'm hearing you say is I went through People Magic profit. I've used the nine steps, it's working. And now I'm starting to see my members wanting more. I'm starting to see all of these ideas and opportunities for where I can take my community. And I don't know the best way to think about how to get there. So here's the beautiful thing. The whole concept of workshopping this, this opportunity to come in and see what's working, what are we learning, what are people interested in doing? It is there for these exact moments. So that work shopping loop is there for these moments. What also makes me really happy to hear from what you're describing is that it is a great example of where I truly believe a community in this moment, in the next five years is the perfect business. Because what your community is doing, by the very nature of being a community powered by People magic, is that they are showing you the path forward for where they want to go next. So what's actually really cool is, number one, communities are really forgiving. They're a phenomenal place to try things and to get things wrong. Because, you know, my favorite is recently I was, I was in a live stream and my, I was having technical difficulty with like my screen and my camera and my microphone and everything. And people were so supportive. I think I had one person basically say, why are we spending all this time on Gina's AV equipment? Which I appreciated, it was a fair point. But communities are forgiving. Which means that not only can you listen for and get inspired by what your members are hungry to go do next, hungry to get from you, but you can also take and apply it in the ways that are going to work for you. So for example, one of the things that I see that is the anti pattern, the way not to do this is I'm going to let the community decide everything. It's a little bit like, you know, when you go out to dinner with a group of friends, but you don't know where you're gonna go yet. And everybody's like, I don't care, I'll, I'll do whatever. It's like, at a certain point that's not helpful. So you don't wanna be the kind of host who's like, I don't know, what do you guys wanna do? Like that sounds great. Like, sure, whatever. I'm gonna let you guys decide. People get very uncomfortable with that in a community. They want to have someone who is creating the framework for them to build relationships with each other. Now, again, that framework can evolve over time. It can also stay perfectly the same. Either one can work. The key thing is that you are creating that workshopping loop. You are, you are listening, you are adjusting, you are finding those light bulb moments. You're thinking about it because it's fun. It's fun. Fun and energizing to see what people want out of not just a community that you're creating, but a business that you're creating. Because it turns out people tend to know what they want to go pay for next, what value they want created next. So I'll just give you my own example of this, which is when we first started Mighty Networks, we had no idea that online courses were ever going to be a part of our platform. And they weren't for the first year. And what happened was, as we put out just the earliest, earliest version of what has evolved into people magic. This ability to take and have automation and AI and advanced software to make connections between people that are the most valuable to them and evolve those relationships. So more and more people are getting value from more people in that community, in that network. What we found was that we were attracting course creators and we were attracting people who were stuck with content businesses that wanted to evolve those content businesses into both a content and community business, a people magic business, so that people were connecting with each other to go and consume or apply those frameworks or apply those courses. So the first thing we Did. We were like, okay, cool. Well, why don't we, you know, make it really seamless to integrate or connect online course platforms that exist out there. And so we did that first and our hosts, as we call them at Mighty Networks were like, that's great, Gina. But no, we want actually courses built in natively. It's. They were, they were, they were great. They were like, it's not that hard, just go build it. So we were like, okay, that's actually really interesting. So we built the first version of courses into a mighty network and we saw it take off and we also saw all the places where there were opportunities for it to get better and iterate. And iterate. We're now on our sixth version of courses within a mighty network. And the ways that you get to them and the different things that you can use them for has evolved as well because we've continued to have these kinds of workshopping loops with the people we're co creating with, with some of the best creators in the world, as well as folks that are just getting started. So I think that just this opportunity to stay open to where and how you can try things next, this is a high class problem. This is something to embrace and celebrate. And because a community is so forgiving, you can try new things, you can try new things and then you just keep learning from them, you keep workshopping. It's really that easy. And where you might end up, maybe it's not where you thought you would end up, but if you're open to it, it might be where the most value is, where people that you couldn't imagine serving and knowing and learning from and being energized by where they and you ultimately end up together. And that's one of the really magical pieces of this kind of business. Creating a community with people magic and monetizing it through multiple different means. From courses to memberships to challenges to events to, you know, other things you can build as well. From merchandise to coaching and everything in between. There are so many tools that you have in this people magic toolbox to be able to experiment and explore and create together. It's exciting. And all you have to do is pick one thing to try next. Just the one thing that is the next, the next move, Just the next move. You don't have to overthink it. You don't have to think about everything, you don't have to have everything worked out in advance. Just what is that next move? And that is why this is such an incredible kind of business to build. I'm Gina Bianchini thanks for tuning in. This is People Magic. Woo. Thank you for being a part of People Magic. If you want more of a deep dive into how to build a $1 million community so valuable that people will pay for it, we have a website. The link is in the show notes. And if you've got your own burning question about building a business fueled by this thing we call People Magic, I want to answer it. So there is another link in the show notes to record a question. I cannot wait to hear from you. So thank you and thank you for being a part of People Magic and I really look forward to your questions.