#213 - How to Build a Community

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 25 August 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode Shaan (@ShaanVP) and Sam (@theSamParr) break down community businesses and different ways you can build a community. They also talk about the law of reciprocity, the ad Sam wrote that competitors have stolen, and the importance of user generated content for digital ads. They end the episode talking about how technology will change construction sites and share a few Instagram accounts worth following. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * 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. --------- Show notes: * (1:00) The law of reciprocity * (6:51) What is Friends with Benefits * (12:56) Why communities can be great businesses * (14:58) How big can token backed communities be? * (17:33) Soho House went public * (19:45) Should MFM make a social token? * (22:46) Set your data free * (29:36) Communities of communities can be big businesses * (30:54) User generated content & Sam's great ad copy * (36:45) The hot girl side hustle * (46:33) The future of construction sites * (53:41) Remote arcade games * (57:02) Some accounts to spice up your Instagram feed * (1:00:01) The man behind Telegram

Transcript

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0:00.0	All right, QuickBag to tell you about another podcast that we're interested in right now.
0:04.4	Hosepot just launched a Shark Tank rewatch podcast called Another Bite.
0:08.9	Every week, the host relived the latest and greatest pitches from Shark Tank, from Squatty
0:13.1	Potty, to the Mention a Bench, to Ring Doorbell, and they break down why these pitches were
0:18.6	winners or losers, and each company's go-to-market strategy, branding, pricing, valuation, everything.
0:24.2	Basically, all the things you want to know about how to survive the tank and scale your
0:28.4	company on your own.
0:29.6	If you want to give it a listen, you can find another bite on whatever podcast that you
0:32.9	listen to, like Apple or Spotify, or whatever you're using right now.
0:36.2	All right, back to the show.
0:38.1	The dominant way to advertise is not super high production value, finely produced content.
0:45.1	What we call selfie content, right?
1:00.0	All right, let's do it.
1:01.2	We're here.
1:02.2	What's going on?
1:03.2	What's up, man?
1:04.2	Okay.
1:05.2	You want to jump in?
1:06.2	A little bit of chat.
1:07.2	How you want to do it?
1:08.2	I want to tell you a quick story.
1:10.0	So our friend, the guy who emailed hotels and asked for discounts.
	...

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