The main way to extract value from your fanbase is through exclusivity. The problem is finding a reason for doing so and a goal to achieve for that reason. Since you’re feeling a bit curious from clicking on this video, let me explain:
You need to view social media as a basic cable network for this to work.
We’ve got to design an event around our live streams.
Finally, we need to place a value on our stream.
If you understand where I’m going, let’s hop in!
View Social Media as a Basic Cable Network
If you can view YouTube, Instagram, and TikTok as basic cable networks, then when we begin to place a price on our live streams, the idea of extracting value from the fanbase won't be a stretch. Your social media pages should be used for fans who want to engage with free stuff. However, only superfans will engage with your paid events, similar to an HBO fight back in the day or what they tried to do with Versus battles using Triller.
We Need to Create an Event
Whenever we show up live, it's got to be special and worth waiting for. Going live on TikTok or IG won't allow us to charge any premiums just yet, so we’ll need to have a live source with a pay gate. Finally, the event must be publicized to our base with urgency and exclusivity to increase demand. Now we have an event.
This Doesn't Work Without an Engaged Audience
If your audience is not engaged with you, do not try this method because it will not work.
Place a Value on the Stream
If you’re just building your fanbase, I recommend starting out with email requests. Eventually, you can get more extravagant with your live streams and charge a fee. However, emails will work for now in your beginning stages.
Make It a Prime-Time Event
You’ll want to place this event between the times people are getting off work and before bed, just like a TV network would. If you do it in the middle of the day, you’re screwing yourself. Treat yourself as a premium network would and go for prime time.
This Sounds Great, But Why Do All of This for Emails?
Well, there aren’t many things a fan will want to exchange an email for nowadays. However, if they feel like they are getting at least a $20 value for an email, they will give it to you.
What If People Don't Show?
If people don’t show, you probably did not do a great job of promoting or giving instructions to tune in on time. However, you still get their emails, and depending on your software, you can charge them a premium to watch the playback.
Realistically, This Seems Hard. What About Setup?
If you can't set things up, rent a live studio with a setup for streaming so you don't have to worry about the technicalities of everything. It will cost, but it will be worth it for your future and the fans.
Here’s What I Suggest
Give it a shot one time and switch your mindset to put a price on access to you. It will change your perspective on self-worth. I’d say it is worth it to feel the sense of self-worth so you can grow that muscle anyway because you're going to need it in this game.
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If You Pull This Off Flawlessly
The fanbase will become more connected to you.
You will more than likely develop superfans.
You’ll create a new revenue stream digitally.
If You Crash and Burn
You’ll at least know what is possible.
You’ll still have the emails.
But you may now have to do damage control for your image with your fans.
Conclusion
If you were struggling with finding a way to build connections with your fanbase and extract revenue from them at the same time, utilizing this method could make you the next coolest artist sensation that everyone is talking about.
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