Coaching Call: Turning free events into a profitable online business

Today I am coaching Hannah, who is passionate about bringing women together with in person and online events. The challenge Hannah faces today is how to get her clients to pay for something that is really valuable, when they've previously been getting it for free. In this episode, we talk about different ways she can turn her events into a paid membership that attracts the right people.

– Why building an email list is so important in business, rather than relying solely on social media or other platforms like Meetup.
– How creating a valuable freebie to collect email addresses can not only boost your email list, but build it with the *right* people.
– The importance of talking to your audience to understand their needs better.
– 3 ways to create, grow and sustain a membership business model.

The Challenge of Transitioning Free to Fee-Based

Today's episode delves into a common challenge among entrepreneurs: transitioning from offering free events to establishing a profitable online business. Our guest, Hannah, shares her journey of navigating this tricky terrain. She has successfully built an audience through free events but struggles to convert this audience into paying customers.

Hannah's Experience and Current Challenges

Hannah's passion is bringing women together through both in-person and online events. Originally hosting events in the United States, she now focuses on online events due to her extensive travels. While in-person events were profitable, online transitions have proven challenging, especially when attempting to monetize them. After attempting to introduce a paid membership model at a nominal fee, Hannah faced significant drop-offs in participation.

Insights from the Coaching Session

1. Perceived Value: The shift from free to paid services often leads to a reduction in participation. This happens because the perceived value of the service changes when a price tag is introduced.
2. Platform Challenges: Hannah utilized Meetup for her events, a platform predominantly used for free gatherings. The introduction of a membership fee conflicted with the established expectations of her audience.
3. Engaging the Core Audience: It's crucial to understand what draws people to your events. For Hannah, attendees valued the sense of connection and community her events provided. Recognizing this can be key to repositioning her offerings.
4. Communication and Feedback: Direct communication with attendees who chose to stay could provide valuable insights into refining the offering. Implementing tools like surveys can help gather this information effectively.
5. Building on What Works: Incorporating additional elements beyond the women’s circle, such as guest speakers or varied content, could enhance the value of the membership.

Strategic Recommendations

• Email Marketing: Building a direct line of communication through email marketing is essential. This not only aids in direct engagement but also reduces dependency on third-party platforms like Meetup.
• Diverse Platforms: Exploring various platforms for hosting online communities could be beneficial. Options like Discord or Facebook groups might offer more control and better engagement.
• Trial Offers: Introducing trial offers for the membership could help in slowly converting free event attendees into paying members, easing them into the value of the upgraded service.
• Community Feedback: Continuously engaging with the community to receive feedback and adapt the offerings accordingly ensures that the services remain relevant and valuable to the audience.

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