Sophie Bujold: So the first example I have I. It's for, these are actually live clients, so I won't mention the name of the community, but let's talk about some of the things they're doing.
So their content mix is for a community of new private healthcare practitioners. They're brand new to their space. They have just graduated from university. The leader of this community notice that these practitioners really skilled in healthcare, but no one had taught them the business skills they needed to lead a successful practice.
So what he was seeing in his. Marketplace was a lot of defaults on student loans and this is a Canadian community, so the Canadian government was actually looking at this profession as one of the professions. They would no longer support with our student loan programs. So this was a big problem because it meant that attendance at schools would be lower and eventually the number of practitioners in the space would just not be there to support the population.
And he was a strong proponent, he was very involved in the educational space in that area, and he's they need those business skills. They need to understand that running a practice, Medicine doesn't just mean treating patients. They need the skills to set up their practice. So he set up a community for his students to get those skills very practically with instructors who had run their own practices for a long time.
He wanted that practice to be both on the health side. 'cause there's still stuff that most practitioners wonder about. Like, how do I interpret a test in this category? How do I assess a patient? And that was honestly the first draw that his members had into the community was really that's the need they thought they had.
And then from the other angle, they started talking about what does it mean to screen patients when you're intaking to make sure that you can actually help them and what does it mean to run a payroll and all those kind of practical business tips that he had. So he split his revenue in a couple ways.
The dark green is where he started. So he started obviously with membership fees. And I think I. Yeah the graph's a little bit reversed from the first one. So he started with his membership fees. Which he set at a very accessible price because these were students that had student debt and were getting into business, so he couldn't charge a huge amount.
He set his fee around $50 a month, which was a bit of a stretch for them, but also helpful in helping them understand they were making a business investment. So it, he found that was the sweet spot in terms of Helping those students feel like they needed to make the most out of their investment and taking action within the community.
From there within three months of launching his community, selling out both of his launches, he was doing limited release launches. Partners started approaching him and within those three months, he signed on six partners at about 30,000 for the year. Which he was a bit of surprise revenue for him, but he did two things with that revenue.
One was he started by subsidizing his fees, so the $49 became 25 bucks for the students; and he made sure that they knew that it was because it had been subsidized by a partner, that they were on a special program. And then those partners got to co-create some of the content that was available in the community.
So they started doing sponsored like video tours of. Supplement plants, like they were showing the whole process that goes behind creating supplements and the research and the cleanliness of the practice. All things doctors are really fascinated with. And they started really shaping, doing interviews with some practitioners and other practices and they were e able to create a really amazing program between those partners.
And the medical practitioners that were in practice. So they were bringing the questions they knew students would come up against and getting their partners to fill in the blanks and provide information. So that was not only a good revenue source, but it was a great kind of fuel. It was great fuel for the content within that community in the first year.
So he was able to focus on growing the students while the partners took care of content and also provided some financial support. From there, that spun out into some smaller sponsored content O opportunities. So he created a few ad packages that were not your typical like display ads, but they were integrated content within the community.
So again, maybe he was offering an opportunity for a q and a panel or. Things like that. But these people were paying specifically to get in front of his audience and that eventually, this was pre covid. I it's been put on hold during Covid, but they're reviving the idea now. It spun out into an annual retreat as well.
So again, that idea of bringing people together outside, this was a community where members really needed that connection because building a business can be very lonely. So adding that annual retreat was able, Was a way for him to strengthen that bond and help people start creating their professional network outside of that industry.
So for him very quickly, he went from one main revenue source to a variety. I think the only one I didn't talk about here is the other benefit, which wasn't direct revenue. Off the bat, but he was actually using the community as a way to screen for new team members in his practice. So for the students that were very impressive, they ended up getting job offers.
So that was like a side benefit and also some revenue down the line because they pay him a fee to be a part of the practice. So that was a, an opportunity for him that he hadn't thought about initially, but as he saw the students progressing, he's Ooh. This can be a really great recruitment pool for me.
So this is an example of someone who has a community that's tied to a private practice that he has and how he was able to monetize that. So I'm curious, even based on these examples which opportunities are you guys leveraging right now and which ones do you see being an opportunity for you in the future?
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