How We Built A $1M/yr Business On Skool (with A.I. Automations)
Nov 28, 2024
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Jack Roberts and Adam Luke, the dynamic duo behind a booming AI community that rakes in $100,000 monthly, share their secrets to success. They underscore the transformative power of in-person meetups for building genuine connections. The conversation dives into innovative strategies like 'Leaderboard Unlocks' to boost member engagement and how they managed to cut churn in half. With a focus on authenticity and shared values, they highlight the importance of community culture for personal and professional growth.
Building a valuable community over traditional monetization strategies significantly enhances revenue and engagement for the business.
In-person meetups create genuine connections that transform digital interactions into lasting relationships, benefiting community retention and member experience.
Focusing on member feedback and delivering exceptional value is crucial for maintaining low churn rates and fostering loyalty within the community.
Deep dives
Inception of a Business Venture
The journey of the entrepreneurs began with inspiration from a fellow content creator who was successfully generating substantial revenue. They decided to take action after seeing the potential for a similar model and initiated their own business concept half a year ago. Their early attempts at entrepreneurship included starting a fitness apparel brand, which proved challenging and involved multiple rebrands in a short span. This initial experience served as a foundational step that ultimately propelled them toward their current business success, illustrating the importance of learning from early failures.
The Power of Community in Entrepreneurship
The entrepreneurs emphasize the significance of building a community as a core aspect of their business model. They found that previous attempts to monetize content were often unsuccessful despite achieving impressive view counts on social media platforms. However, by focusing on creating a valuable community instead of merely pushing products, they noted a tremendous increase in revenue and engagement. This shift highlights the importance of relationships and community trust in converting followers into loyal customers.
Navigating the Changing Landscape of Social Media
The discussion delves into the evolving dynamics of social media, particularly how algorithms have changed user engagement. They point out that traditional subscriber models are diminishing in importance due to altered algorithms that prioritize viewer retention over direct connections between creators and subscribers. The entrepreneurs argue that fostering a community allows for more authentic interactions and helps users feel connected amidst these shifts. This perspective underscores the need for creators to adapt to these changes by seeking deeper connections within their communities rather than relying solely on surface-level metrics.
Creating Meaningful Connections Through In-Person Meetups
To enhance community engagement, the entrepreneurs prioritize in-person meetups, giving members opportunities to connect beyond a virtual space. These gatherings have proven to transform digital interactions into lasting relationships, fostering a strong sense of belonging among members. They have also discovered that many attendees share their success stories during meetups, demonstrating the tangible benefits of community support. This focus on personal connections not only aids retention but also enhances the overall experience for participants.
Commitment to Continuous Improvement and Value
The entrepreneurs discuss their strategic focus on delivering exceptional value to their community as a method to drive growth and retention. They consistently gather feedback from members to understand their needs and identify areas for enhancement, such as onboarding processes and touchpoints. Their goal is to provide a high-value experience that fosters loyalty while keeping churn rates low. This commitment to adding value serves as the foundation for their ongoing success and growth in the market, demonstrating that genuine care for community welfare leads to sustainable business practices.