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Simple strategy to make 6 figures
(2 min read) What you can learn from how Monica Banks monetized a community of Momfluencers
Avi Gandhi
November 12, 2024
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My mission is to help 1 million moms get in on the Creator Economy.
Monica Banks runs a community of 50,000 “momfluencers”, all acquired through content creation. She’s found a unique way to monetize and generate “mid-six-figures” in annual revenue.
They don’t pay her a dime.
She doesn’t serve them ads.
She’s not teaching them anything.
Instead, she brings them the thing they want most: revenue!
More and more moms were coming to me and saying, “Hey, we want to monetize our influence!”
Monica turned her community into an influencer network for brands who want to work with mom influencers in different niches!
While Monica’s business model for monetizing her content is fairly unique, her approach to building it was not - and there’s a lot to be learned from it.
Let’s get into it!
Find a common problem for your community
The people within any community tend to have similar problems. Over time, or through focused research, those problems will become apparent. For Monica, she discovered two problems that overlapped:
For momfluencers:
More and more moms were coming to me and saying, “We know we have influence and we want to monetize it.” They wanted to work with brands because they wanted to have a means of flexible income to be able to stay at home with their kids.
For brands:
What we realized was that influencers were getting more and more niche, and brands were having trouble reaching the right mom at the right stage who met certain lifestyle attributes - for example, eco-moms, or moms who exclusively pumped, those types of things. We saw that there was a real need to match brands with the right type of moms.
These are unique problems that would be very hard for someone to identify if they weren’t specifically in Monica’s position.
I imagine many of you are in similar positions - your audiences tell you, through comments and DMs, what their problems are…so much so that you know more about those problems than the people who actually solve them!
Gather insights through surveys and calls
These days, anecdotal data isn’t enough - you want to back up anecdotal information with data. Fortunately, it’s not hard to do this.
We constantly call to action on social media and in our newsletter to “Join our database, join our database!” so we can collect that data.
The type of data you collect should correlate with whatever it is you want to do with it. In Monica’s case, she wanted to pitch to brands.
Brands wanted to find moms who with specific traits, like cloth diapering, on a second baby, or active on TikTok Shop. Those are the types of questions we ask in our sign-up survey, so brands can easily find that mom they’re looking for in our community.
Think about what you need to know to solve your audience’s problems. Then, push your audience somewhere to answer those questions so you have data to help you figure out and provide a solution.
Give your community what they need
Monica’s moms wanted more brand deals, and her brands wanted to match with more niche moms. Monica served both sides of her community’s needs by being the matchmaker, and it worked; she’s built her business to the point where it’s getting pretty sophisticated.
We’re launching a sourcing service where we promote the opportunity to work with a brand to our network, and then the moms apply to work with the brands…I'm going to build a platform where this data is organized and there's a searchable frontend for the brands.
She didn’t start that sophisticated, though, and neither should you.
In the very basic scenario, we’d promote the opportunity to our moms, then give the list of whoever applied to the brand and leave it up to them.
That process is simple and requires just a few free tools:
Email your community with an opportunity
Collect info from those who are interested
Do something with that info (e.g. send to client, develop a product, pitch an offering, etc.)
You could apply this process to brand deals, but also to events, memberships, courses, merch, coaching, consulting, and more.
For example, if your audience’s main problem is figuring out how to buy a house, you could collect data on their earnings, savings rate, avg housing prices in their location, current housing status, etc. Then you could do any number of things, including:
Find a mortgage broker to partner with to give them the best personalized rates
Create a course breaking down the right approach to buying a house over the next 5 years using numbers that are most applicable to your own audience
Partner with Redfin, Zillow, etc. to get personalized homebuying opportunities in front of audience members who are ready to go
I’m just spitballing, but you get the idea. The process applies to anything.
It all starts, though, with Monica’s #1 piece of advice (something she closely follows herself):
Think about how you can help people, because whenever you help people, the money always follows.
I’d like to learn more about how I can help you. Tell me more about you and your Creator business by taking my survey here:
Poll
Do you collect data on your audience’s needs? |
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Written by Avi Gandhi, edited by Melody Song,
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