Episode
#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
1:19:53
Published: Fri Mar 12 2021
Description
MFM #160 The guys breakdown paid communities Why paid communities are good businesses: You can make them kinda fast (much faster if you have an audience) Fun to run if you like the interest Don’t need a lot of start-up capital and can have a lean team Quite profitable Cons: Churn can be high Likely can’t scale to me huge Won’t get better with size necessarily (if user content-driven, deal-driven, or otherwise, more can be better. If connection related, less is better) Seem challenging to sell if there’s a leader To make a successful community: The amount of money you’ll make is directly proportional to the amount of revenue the members will make being connected to each other multiplied by the amount of people who’d sign up. Enthusiasts of RC cars? Likely don’t make much value from it, so you can’t charge a lot. But if it’s huge (and get better with size) then can work Underdog, us vs them, united interests, info that wants to be private, highly disjointed online, Communities the guys like: Tiger21: A peer group for people above with a net worth of at least $10m. Numbers: It boasts ~850 members. They generate revenue through a $30,000 membership fee and also run ads to its members. Do an estimated $24m at least in sales Sold to private equity recently Why join?: Learn and make connections. Evanta Was known as CXO Acquisition Co. and Sports Leadership Acquisition Co...so maybe started in sports? Evanta derives most of its revenue from event sponsorship. Event sponsors pay a fee to advertise at each event with pricing dependent upon the quality and level of executive attendance. 121 Unique communities worldwide 6,500 Participating organizations 253 C-level programs across 10 countries 83% of Fortune 100 represented 18,000 Participating C-level executives 87% companies with revenue of $1B+ Sold for $275m in 2016 to CEB and then Gartner Had $17m in cash when bought 12x income...so made $23m in profit! SoleSavvy A SoleSavy membership provides you the tools and resources you need to successfully purchase the products you want for retail (starting with sneakers) Raised $2m Started as a Slack group (the waitlist for the group grows by 400 people per day) 5,000 members. They charge $33 a month so $160k MRR Cook groups. AK Chef is a big one. 2000 ish members at $50. NurseLifeRN Instagram meme page with 1.2m followers BALA (a shoe for nurses company) uses this as the main advertising channel. Shaan predicts these niche communities can launch brands and hold equity in companies who need their captive audience to grow. Inertia Shaan explains inertia: Are you doing what you are doing just because or does it make you happy and are you chasing what you actually want --------- Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. Editing thanks to Jonathan Gallegos (@jjonthan)
Chapters
The podcast discusses how people are often stereotyped based on their voice pitch and how this can affect their personal and professional lives.
00:00 - 02:14 (02:14)
Summary
The podcast discusses how people are often stereotyped based on their voice pitch and how this can affect their personal and professional lives.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The wealth management company, tiger 21, is building an exclusive network of wealthy individuals through their ideal customer model and exclusive paid versions like supercast that target 65-year-old white male insurance company owners.
02:14 - 06:49 (04:35)
Summary
The wealth management company, tiger 21, is building an exclusive network of wealthy individuals through their ideal customer model and exclusive paid versions like supercast that target 65-year-old white male insurance company owners.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
Scaling community membership is not always desirable since the value of some communities lies in the close-knit connections of their members.
06:49 - 10:55 (04:05)
Summary
Scaling community membership is not always desirable since the value of some communities lies in the close-knit connections of their members. However, logistical challenges such as credit card statements can arise when renewing membership over time.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The CIOs of major companies like Chevron, Nestle, and Delta, as well as Walmart, gathered for an online talk about how to handle remote work with only 10 attendees in total.
10:55 - 14:59 (04:04)
Summary
The CIOs of major companies like Chevron, Nestle, and Delta, as well as Walmart, gathered for an online talk about how to handle remote work with only 10 attendees in total.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
This is a short ad for the Side Hustle Pro Podcast hosted by Nikayla Matthews Okome.
14:59 - 20:28 (05:29)
Summary
This is a short ad for the Side Hustle Pro Podcast hosted by Nikayla Matthews Okome. The podcast is part of the HubSpot podcast network and provides insights and stories about building successful side hustles.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The success of a pay community is directly proportional to the amount of revenue generated by its attendees, which works well for sneakerheads and trading cards but not so much for entertainment-based communities.
20:28 - 25:03 (04:35)
Summary
The success of a pay community is directly proportional to the amount of revenue generated by its attendees, which works well for sneakerheads and trading cards but not so much for entertainment-based communities. Meanwhile, building a pay community for professionals can be the most effective strategy by creating opportunities for networking and business deals.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
Incredible Health's potential strategy includes accessing the 1.2 million engaged and trusting nurses in the community through its $25 million funding from investors like Andreessen Horowitz.
25:03 - 28:56 (03:52)
Summary
Incredible Health's potential strategy includes accessing the 1.2 million engaged and trusting nurses in the community through its $25 million funding from investors like Andreessen Horowitz. This strategy can turn the Instagram page into a successful $100 million company in ten years.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The role of community is crucial in new and fringe job opportunities.
28:56 - 32:23 (03:27)
Summary
The role of community is crucial in new and fringe job opportunities. While big companies do not have a designated position for Chief Community Officer, they acknowledge the significance of community in their business.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
A transcript of a conversation discussing a video that is popular due to its goofiness, an event with store owners, and Sean Paul's shoutout to Club LTV.
32:23 - 35:48 (03:24)
Summary
A transcript of a conversation discussing a video that is popular due to its goofiness, an event with store owners, and Sean Paul's shoutout to Club LTV.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The speaker discusses the importance of perseverance in building a successful business and the potential downsides of adding too many people to a team.
35:48 - 39:46 (03:57)
Summary
The speaker discusses the importance of perseverance in building a successful business and the potential downsides of adding too many people to a team. The speaker also touches on the difficulties of managing inertia in one's professional life.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The root word of decision is "cision" which means cut, and Tim Ferriss suggests that there are ways to use our own psychology to cut through the obstacles preventing us from achieving our goals.
39:46 - 45:16 (05:30)
Summary
The root word of decision is "cision" which means cut, and Tim Ferriss suggests that there are ways to use our own psychology to cut through the obstacles preventing us from achieving our goals.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
Inertia can hinder personal growth and prevent us from making choices that lead to positive change.
45:16 - 47:42 (02:26)
Summary
Inertia can hinder personal growth and prevent us from making choices that lead to positive change. It's important to recognize when we're being driven by inertia and actively choose to make changes in our lives.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The speaker reflects on how being in a great relationship can lead to feeling less motivated, but as things progress the focus shifts onto the relationship instead of outside sources.
47:42 - 50:23 (02:41)
Summary
The speaker reflects on how being in a great relationship can lead to feeling less motivated, but as things progress the focus shifts onto the relationship instead of outside sources.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
This podcast discusses how the use of autonomous robots in the security guard industry can reduce the need for multiple guards per property and increase efficiency, potentially saving clients thousands of dollars.
50:23 - 55:43 (05:20)
Summary
This podcast discusses how the use of autonomous robots in the security guard industry can reduce the need for multiple guards per property and increase efficiency, potentially saving clients thousands of dollars.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The conversation discusses the role of humans and technology in cybersecurity and healthcare, referencing how computers can detect anomalies but require human intelligence for further analysis and how remote resources and advances in technology have allowed for more widespread access to healthcare expertise.
55:43 - 1:03:08 (07:25)
Summary
The conversation discusses the role of humans and technology in cybersecurity and healthcare, referencing how computers can detect anomalies but require human intelligence for further analysis and how remote resources and advances in technology have allowed for more widespread access to healthcare expertise.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
In this episode, the host speaks to Brian Krebs about his journey into the world of cybercrime, the evolution of hacking, and the dangers of being a journalist working in this field.
1:03:08 - 1:09:17 (06:09)
Summary
In this episode, the host speaks to Brian Krebs about his journey into the world of cybercrime, the evolution of hacking, and the dangers of being a journalist working in this field.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
Redfin's features and alerts make it a must-have tool for real estate agents and anyone interested in buying or selling a property.
1:09:17 - 1:11:23 (02:06)
Summary
Redfin's features and alerts make it a must-have tool for real estate agents and anyone interested in buying or selling a property.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The security companies in the industry are multi-billion dollar incumbent types that are slow to move and adapt to changes.
1:11:23 - 1:16:48 (05:25)
Summary
The security companies in the industry are multi-billion dollar incumbent types that are slow to move and adapt to changes. They either have to purchase a company like the speaker's or change their methods completely to make progress in the industry.
Episode#160 - Paid Communities Making $20m+ (and How to Build One), Fighting Inertia & An Interview With Dave Selinger of Deep Sentinel
PodcastMy First Million
The speaker announces plans for Q&A sessions where they will answer listener-submitted questions, which will be selected through notifications sent to the speaker's phone.
1:16:48 - 1:18:48 (02:00)
Summary
The speaker announces plans for Q&A sessions where they will answer listener-submitted questions, which will be selected through notifications sent to the speaker's phone.