Marketing Against The Grain

How To Build A $20k/month Community Business (Beginner’s Guide) | Greg Isenberg (#187)

Jan 2, 2024

Greg Isenberg, CEO & Co-Founder at Late Checkout, joins to discuss integrating community into business, effective community growth strategies, the difference between audience and community, turning customers into raving fans, and the importance of community equity. They explore monetizing and positioning exclusive communities like Rapha and Soho House, the commoditization of online communities, and the challenge of building successful community businesses.

38:59

Episode guests

Greg Isenberg

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Quick takeaways

Building a successful community requires more than just superficial audience building, it involves creating a sense of togetherness, rituals, member identity, and belonging.

Differentiated experiences, exclusive rituals, and spaces are crucial for successful communities, attracting and retaining members while maintaining a sense of exclusivity and camaraderie.

Deep dives

The Importance of Community in Business

Building a successful community is crucial for any business. It is not just a matter of using the word 'community' for marketing purposes. A true community creates a sense of togetherness, rituals, member identity, belonging, and engagement. This requires a thoughtful and intentional approach that goes beyond superficial audience building. An example of a community that stands out is Raffa, a high-end cycling apparel company that matches cyclists in specific areas, creating a sense of exclusivity and camaraderie. The power of community lies in its ability to build brand equity and create raving fans who contribute to the success of the business.

The Tribe Framework for Community Based Products

01:24

Balancing Community Differentiation and Commonality

01:26

Friction in Joining Successful Communities

01:43

Introduction

3min

Understanding the Difference Between Audience and Community

4min

Monetizing and Positioning Exclusive Communities

11min

Commoditization of Online Communities and the Importance of Differentiation

5min

Building Successful Community Businesses

14min

AI is going to kill so many different brands and level up so many community based brands.

Kipp and Kieran are joined by Greg Isenberg (CEO & Co-Founder at Late Checkout) to dive into how to integrate community into your company. Learn more on effective strategies for growing a business through community, the TRIBE framework, why there’s a difference between audience and community, how to turn customers into raving fans, and why community equity is more important than brand equity.

About Greg Isenberg

Greg Isenberg is the Co-Founder of Late Checkout, a web3 and community product studio and agency that designs, creates, and acquires internet communities. He is also a growth advisor at TikTok and a venture partner at Indicator Ventures, a tech venture fund. Previously, Greg was the Head of Product Strategy at WeWork, the founder/CEO of Islands, a messaging/community app acquired by WeWork, and the Founder/CEO of 5by, a leading video discovery app acquired by StumbleUpon. He helps build marketing and web3 strategies, communities, and technology products for brands like TikTok, FedEx, NASCAR, TechCrunch, and WordPress.

Connect with Greg!

Twitter https://twitter.com/gregisenberg

LinkedIn https://www.linkedin.com/in/gisenberg/

Podcast https://podcasts.apple.com/us/podcast/where-it-happens/id1593424985

Late Checkout https://latecheckout.studio

Mentions

Squid Game https://www.netflix.com/title/81040344

Soho House https://www.sohohouse.com/

Rapha https://www.rapha.cc/fr/fr/

David Spinks https://davidspinks.com/

Dharmesh Shah https://www.linkedin.com/in/dharmesh/

Ramp https://ramp.com/welcome